NEW DELHI: Flagship explorer ONGC\u2019s December quarter net profit dropped 67% from a year ago to Rs 1,378 crore from Rs 4,222.6 crore a year ago as a sharp decline in domestic gas prices and higher statutory levies offset the benefit of a rebound in prices.
\nUndaunted, the company board on Saturday approved formation of a wholly-owned subsidiary for gas and LNG business, the new growth area in the oil sector as the world goes through an energy transition. The company realised $43.9 per barrel on crude in the quarter under review against $58.24 a barrel in the previous corresponding period, a company statement said.
\n\u201cThe company (subsidiary) is being formed with the objective of sourcing, marketing and trading of natural gas, LNG business, hydrogen enriched CNG (HCNG), gas to power business, bioenergy\/ bio-gas\/ bio methane\/ other biofuels business, etc,\u201d the statement said.
\nONGC said its board has also approved acquisition of 5% in Indian Gas Exchange Ltd (IGX) as strategic investment. \u201cAs an important stakeholder in the gas sector, it would be critical for ONGC to participate at the gas exchange for development of the gas sector. <\/p>\n","protected":false},"excerpt":{"rendered":"
NEW DELHI: Flagship explorer ONGC\u2019s December quarter net profit dropped 67% from a year ago to Rs 1,378 crore from Rs 4,222.6 crore a year ago as a sharp decline in domestic gas prices and higher statutory levies offset the benefit of a rebound in prices. Undaunted, the company board on Saturday approved formation of a wholly-owned subsidiary for gas and LNG business, the new growth area in the oil sector as the world goes through an energy transition. The company realised $43.9 per barrel on crude in the quarter under review against $58.24 a barrel in the previous corresponding […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,219,137],"tags":[],"class_list":["post-400451","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/400451","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=400451"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/400451\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=400451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=400451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=400451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}