India's ONGC Reports Higher 4Q Profit
Indian state-owned ONGC May 30 reported a net profit of rupees 59.15bn ($880mn) during January-March (4Q2018), up 36.3% year on year thanks to higher oil and gas prices.
Gross revenue during 4Q was rupees 239.7bn, up 10.4% year on year. Average realised oil price during the quarter was $66.71/b, up 21.5% year on year, it said. Average gas price during 4Q was $2.89/mn Btu, up 15.6% year on year.
For the year April 2017-March 2018, net profit was almost rupees 200bn, up more than 11% year on year. Average realised oil price during the year was $51.47/b, up 16.7% year on year while average gas price was $2.69/mn Btu, down 2.9% year on year.
Natural gas production in 4Q was a little over 6bn m3, up 2.2% year on year while for the full year gas output stood at 24.6bn m3, up 5.8% year on year.