NEW DELHI : State-owned Oil and Natural Gas Corp (ONGC) on Friday reported halving of its December quarter net profit after it faced the double whammy of falling oil and gas prices and a drop in production. Standalone net profit in October-December at ₹4,152 crore was 49.8% lower than ₹8,263 crore net profit in the same period of the previous fiscal, the company said in a statement. Lower oil prices led to revenues dropping 14.4 per cent to ₹23,710 crore in the third quarter of current fiscal. ONGC said oil production was 1 per cent lower at 4.82 million tonnes in the October-December quarter, while gas output saw 8.4% reduction at 5.875 billion cubic metres. The discoveries include oil and gas finds in Mumbai High and a gas discovery in KG Onland block.

Source: Mint February 14, 2020 15:22 UTC