ONGC Sees Net Profit Surge Amid Rising Crude Oil Prices

State-owned Oil and Natural Gas Corporation (ONGC) saw its net profit more than double in the June-end quarter, thanks to a significant increase in net crude price realisations. The company's net profit rose by over 112% on a year-over-year basis to ₹17,034 crore.

The increase in net crude oil price realisations was particularly notable, rising 50.4% to $99.45 per barrel. This led to an increase of 45.2% in gross revenues to ₹46,460 crore.

However, ONGC's standalone production of crude oil and natural gas remained nearly flat compared to the same period last year, at 4.452 million metric tonnes (MMT) and 4.756 billion cubic metres (BCM), respectively.

The company expressed confidence in reversing this decline through strategic projects such as Daman Upside Development Project, TSP, and DSF.