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ONGC profit down on lower crude prices

Indian state giant sees bottom line slightly fall with production also down

India's Oil & Natural Gas Corporation (ONGC) posted a marginally lower profit in the first quarter of its financial year due to lower realised crude oil prices.

Net profit at the state-owned giant during the April to June quarter stood at $832 million, a 3.9% year-on-year drop from the $861 million taken a year earlier.

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Revenues were lower by 2.4% at $3.75 billion, it said.

ONGC realised $66.3 for every barrel of crude oil produced, 7.3% lower than its net crude price realisation last year.

However, its gas price realisation increased to $3.69 per million British thermal units, the company said.

ONGC’s oil production declined by almost 5% to 4.8 million tonnes (34.31 million barrels) during the most recent financial quarter, mostly due to lower production from its ageing fields.

Gas production, however, went up by 4% to 6.15 billion cubic metres during the same period, the company said.

ONGC added that it has made four hydrocarbon discoveries during the first quarter, which included an onshore gas discovery in Tripura.

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