India's ONGC reports sharp jump in profit in Oct-Dec

Indian state-run energy company ONGC on February 12 reported a 220% year/year jump on consolidated net profit in the three months to December 31 (Q3), owing to the rebound in oil and gas prices.

The company’s consolidated net profit during the quarter came in at 116.37bn rupees ($1.5bn) compared with 36.37bn rupees in the same period last year. The standalone profit was 87.64bn rupees, up 597% yr/yr. The average realised oil price in Q3 was $75.76/barrel, up 72.5% yr/yr. Average gas price was up 65% yr/yr, ONGC said.

ONGC has declared total of three discoveries, two onshore and one offshore, since April 1. The two onshore discoveries have been already monetised by ONGC.