Zee Media Bureau
New Delhi: State-owned Oil and Natural Gas Corporation (ONGC) on Wednesday reported a rather disappointing net profit of Rs 4,782 crore for the quarter ending June compared to the Rs 4,016 crore profit it gained in the same period a year ago.
Net sales of the company for the first quarter of the financial year 2014-15 stood at Rs 21,747 crore.
During the first quarter ending June, the company notified five oil and gas discoveries, ONGC said.
In the fourth quarter which ended March, ONGC had reported a 44 percent profit jump to Rs 4,889 crore from Rs 3,387 crore a year ago mainly as foreign exchange gains and lesser write off on drilling of unsuccessful wells made up for a steep rise in subsidy outgo.
Earlier in June, the company said it will invest over Rs 5,700 crore in redevelopment of its giant Mumbai High (North) oil and gas field off the west coast.
The project will yield an incremental 6.997 million tonnes of crude oil and 5.253 billion cubic metres of gas by 2030, it had said in a statement.
On July 19, a gas leakage was reported at its prime Mumbai High fields where the company claimed that it was losing 1,000 barrels of oil production and 0.11 million standard cubic meters of gas output per day due to a gas leak.
With Agency Inputs
