ONGC posts Q4 net profit of Rs 6,734 crore; shares gain

Net realisation during Q4FY21 improved by 18.4 percent to $58.05 a barrel as compared to $49.01 a barrel, YoY, led by rising oil prices.

“Despite countrywide lock-down due to COVID-19 pandemic, ONGC has almost reached last year's production levels in case of crude oil from its operated blocks. The shortfall in natural gas production is primarily due to less offtake by customers due to the COVID-19 pandemic. This has resulted in a production shortfall of condensate and value-added products (VAP) as well,” ONGC said in a release.

The company had declared a total of 10 discoveries (3 in onland, 7 in offshore) during FY21 in its operated acreages. Out of these, 6 are prospects (1 in onland, 5 in offshore) and 4 are pools (2 in onland, 2 in offshore), it said.

“With the monetization of Ashoknagar-1 discovery, the Bengal basin became the eighth sedimentary basin of India from which hydrocarbon has commercially been produced. This has resulted in up-gradation of Bengal basin to Category-I basin as per the new three-tier category -classification of sedimentary basins of India,” ONGC said.

The company also recommended a final dividend of Rs 1.85 per equity share, taking the total dividend for FY21 to Rs 3.60 per share.

At 10:05 am, the shares of ONGC were trading 0.04 percent higher at Rs 122.10 apiece on the BSE.