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The emblem of Oil and Natural Gas Corp’s (ONGC) is pictured alongside a roadside in Ahmedabad, India, September 6, 2016. Picture taken September 6, 2016. REUTERS/Amit Dave/File Photo Acquire Licensing Rights
BENGALURU, Nov 10 (Reuters) – India’s state-run Oil and Natural Gas Corp (ONGC) (ONGC.NS) on Friday posted a greater than 20% drop in second-quarter revenue, dragged down by decrease costs for crude oil.
Crude costs have fallen greater than 35% from their peak within the September quarter final yr amid financial uncertainties and easing issues over provide.
The firm’s revenue fell to 102.16 billion Indian rupees ($1.23 billion) for the quarter ended Sept. 30, in contrast with 128.26 billion rupees a yr earlier.
Crude oil worth realisation, or the worth at which it sells the product, was down 11.2% at $84.84 per barrel within the newest quarter, in contrast with $95.50 a yr earlier, whereas realisations in its joint ventures fell 16.4% to $79.41, the nation’s prime explorer stated in an announcement.
ONGC’s whole crude oil manufacturing fell 2.1% to five.25 million metric tons (MMT), whereas whole fuel manufacturing dropped 2.8%.
Oil India (OILI.NS) reported a greater than 80% drop in second-quarter revenue on Wednesday because it put aside 23.63 billion rupees for an ongoing litigation.
($1 = 83.2223 Indian rupees)
Reporting by Sethuraman NR and Nishit Navin in Bengaluru; Editing by Anil D’Silva
Our Standards: The Thomson Reuters Trust Principles.
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