Oil and Natural Gas Corporation recently reported a 23 per cent jump in its profit at Rs 3,053.58 crore in the third quarter ended December 31, 2009, against Rs 2,474.81 crore in the same period a year ago. Addressing a press conference, ONGC Chairman and Managing Director RS Sharma said the surge in profit was mainly because it realised higher price for oil it produced and paid less fuel subsidy.
Sharma said ONGC paid 28.6 per cent less fuel subsidy at Rs 3,497 crore to state retailers to make up for the losses they incurred on selling petrol and diesel below cost.
Upstream firms ONGC, Oil India and GAIL give discounts on crude oil and petroleum products such as LPG they sell to Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation to make up for their losses on fuel sales.
“ONGC gave a discount of $18.97 a barrel to realise $57.69 a barrel in the third quarter,” he said. The corporation’s subsidy payout this fiscal was lower than Rs. 4,899 crore it paid in the October-December period of last fiscal. That year, it realised $33.99 a barrel after giving a discount of $25.03 a barrel. The turnover was up 23.6 per cent at Rs 15,506.14 crore in the third quarter of current fiscal.
Sharma said ONGC wrote of 37 dry wells amounting to Rs 2,480 crore. Last year, the company had amortised Rs 607 crore. The company had in all drilled 86 exploratory wells and 202 development wells this fiscal, he said.
The crude output declined by 3 per cent to 6.7 million tonnes while gas production was almost flat at 6.457 billion cubic metres. Sharma said ONGC made seven new discoveries during this period.
In another development, ONGC bagged the Best Overall Performance Award amongst the upstream Sector Oil Companies for the oil and gas conservation programmes during the year 2009.
The Award was received by CMD ONGC from Murli Deora, Minister of Petroleum and Natural Gas, at the inaugural function of Oil & Gas conservation Fortnight (OGCF) 2010 organised by Petroleum Conservation Research Association(PCRA) under the Ministry of Petroleum and Natural Gas and State Level Coordinator, Delhi on behalf of the Oil Industry.
PHHL dividend
ONGC received an amount of Rs 2.45 crore from Pawan Hans Helicopters Ltd (PHHL) towards dividend payment for FY 2008-09 on Jan 18,2010 in New Delhi. Pawan Hans has an Equity Capital of Rs 113.76 crores with ONGC equity aggregating to Rs 24.50 crores (21.5%) and GOI equity of Rs 89.26 crores (78.5%).
Receiving the cheque, CMD ONGC said, “We look forward to cement and consolidate our business and operational synergies with PHHL by way of a collaborative effort. ONGC while congratulating PHHL in its silver jubilee year looks forward looks to a safe and secure logistical support from PHHL for its various critical offshore operations.”
Recently Hemophilia Federation (India) (HFI), and ONGC have come together with a vision to transform lives of Children with Hemophilia (CwH) through education, with the formal launch of Project HEAT. The ONGC-funded and HFI-implemented Hemophiliacs Education and Transformation (HEAT) project will benefit 1000 CwH in its first year of operations.
AB Chakraborty, Chief CSR, ONGC recently signed the formal MoU with Rtd Wg Cdr SS Roychoudhury, Chief Executive Officer, Hemophilia Federation (India). Eminent film personality Shatrughan Sinha (Member of Parliament and Former Union Minister of Health and Family Welfare) inaugurated the function.
Sharma said ONGC paid 28.6 per cent less fuel subsidy at Rs 3,497 crore to state retailers to make up for the losses they incurred on selling petrol and diesel below cost.
Upstream firms ONGC, Oil India and GAIL give discounts on crude oil and petroleum products such as LPG they sell to Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation to make up for their losses on fuel sales.
“ONGC gave a discount of $18.97 a barrel to realise $57.69 a barrel in the third quarter,” he said. The corporation’s subsidy payout this fiscal was lower than Rs. 4,899 crore it paid in the October-December period of last fiscal. That year, it realised $33.99 a barrel after giving a discount of $25.03 a barrel. The turnover was up 23.6 per cent at Rs 15,506.14 crore in the third quarter of current fiscal.
Sharma said ONGC wrote of 37 dry wells amounting to Rs 2,480 crore. Last year, the company had amortised Rs 607 crore. The company had in all drilled 86 exploratory wells and 202 development wells this fiscal, he said.
The crude output declined by 3 per cent to 6.7 million tonnes while gas production was almost flat at 6.457 billion cubic metres. Sharma said ONGC made seven new discoveries during this period.
In another development, ONGC bagged the Best Overall Performance Award amongst the upstream Sector Oil Companies for the oil and gas conservation programmes during the year 2009.
The Award was received by CMD ONGC from Murli Deora, Minister of Petroleum and Natural Gas, at the inaugural function of Oil & Gas conservation Fortnight (OGCF) 2010 organised by Petroleum Conservation Research Association(PCRA) under the Ministry of Petroleum and Natural Gas and State Level Coordinator, Delhi on behalf of the Oil Industry.
PHHL dividend
ONGC received an amount of Rs 2.45 crore from Pawan Hans Helicopters Ltd (PHHL) towards dividend payment for FY 2008-09 on Jan 18,2010 in New Delhi. Pawan Hans has an Equity Capital of Rs 113.76 crores with ONGC equity aggregating to Rs 24.50 crores (21.5%) and GOI equity of Rs 89.26 crores (78.5%).
Receiving the cheque, CMD ONGC said, “We look forward to cement and consolidate our business and operational synergies with PHHL by way of a collaborative effort. ONGC while congratulating PHHL in its silver jubilee year looks forward looks to a safe and secure logistical support from PHHL for its various critical offshore operations.”
Recently Hemophilia Federation (India) (HFI), and ONGC have come together with a vision to transform lives of Children with Hemophilia (CwH) through education, with the formal launch of Project HEAT. The ONGC-funded and HFI-implemented Hemophiliacs Education and Transformation (HEAT) project will benefit 1000 CwH in its first year of operations.
AB Chakraborty, Chief CSR, ONGC recently signed the formal MoU with Rtd Wg Cdr SS Roychoudhury, Chief Executive Officer, Hemophilia Federation (India). Eminent film personality Shatrughan Sinha (Member of Parliament and Former Union Minister of Health and Family Welfare) inaugurated the function.
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