{"id":617036,"date":"2023-11-13T16:08:24","date_gmt":"2023-11-13T10:38:24","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=617036"},"modified":"2023-11-13T16:08:24","modified_gmt":"2023-11-13T10:38:24","slug":"indias-ongc-posts-20-drop-in-quarterly-profit-on-lower-crude-prices","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/indias-ongc-posts-20-drop-in-quarterly-profit-on-lower-crude-prices\/","title":{"rendered":"India&#8217;s ONGC posts 20% drop in quarterly profit on lower crude prices"},"content":{"rendered":"<p>India&#8217;s state-run Oil and Natural Gas Corp (ONGC) on Friday posted a more than 20% drop in second-quarter profit, dragged down by lower prices for crude oil.<\/p>\n<p>Crude prices have fallen more than 35% from their peak in the September quarter last year amid economic uncertainties and easing concerns over supply.<\/p>\n<p>The company&#8217;s profit fell to 102.16 billion Indian rupees (USD 1.23 billion) for the quarter ended Sept. 30, compared with 128.26 billion rupees a year earlier.<\/p>\n<p>Crude oil price realisation, or the price at which it sells the product, was down 11.2% at USD 84.84 per barrel in the latest quarter, compared with USD 95.50 a year earlier, while realisations in its joint ventures fell 16.4% to USD 79.41, the country&#8217;s top explorer said in a statement.<\/p>\n<p>ONGC&#8217;s total crude oil production fell 2.1% to 5.25 million metric tons (MMT), while total gas production dropped 2.8%.<\/p>\n<p>Oil India reported a more than 80% drop in second-quarter profit on Wednesday as it set aside 23.63 billion rupees for an ongoing litigation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India&#8217;s state-run Oil and Natural Gas Corp (ONGC) on Friday posted a more than 20% drop in second-quarter profit, dragged down by lower prices for crude oil. Crude prices have fallen more than 35% from their peak in the September quarter last year amid economic uncertainties and easing concerns over supply. The company&#8217;s profit fell to 102.16 billion Indian rupees (USD 1.23 billion) for the quarter ended Sept. 30, compared with 128.26 billion rupees a year earlier. Crude oil price realisation, or the price at which it sells the product, was down 11.2% at USD 84.84 per barrel in the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-617036","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/617036","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=617036"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/617036\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=617036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=617036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=617036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}