Top India Oil Producer Beats Profit Estimate on Price Surge

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessTop India Oil Producer Beats Profit Estimate on Price SurgeOil and Natural Gas Corp.’s first-quarter profit exceeded estimates as higher crude oil and natural gas prices, along with a weaker rupee, offset lower production.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Oil and Natural Gas Corp.’s first-quarter profit exceeded estimates as higher crude oil and natural gas prices, along with a weaker rupee, offset lower production.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe New Delhi-based explorer’s net income more than doubled in the quarter ended June to 170.34 billion rupees ($1.8 billion), according to a stock exchange filing. That compares with 152.67 billion rupees average of estimates compiled by Bloomberg. Revenue jumped 45% from a year earlier to 464.60 billion rupees.The state-run oil and gas producer’s earnings mirror bumper profits posted by global energy supermajors as they reaped gains from the biggest supply disruption in history caused by the US-Iran war. Benchmark Brent crude prices in the June quarter averaged almost 50% higher year-on-year as the US-Iran war choked most of the Persian Gulf flows.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againStronger earnings are crucial for ONGC as it needs to ramp up spending on high-risk exploration to help reverse India’s declining domestic oil and gas production. The company is central to the government’s efforts to curb India’s growing reliance on imports, which meet almost 90% of oil demand and about half of gas consumption. Acute shortages of cooking fuel during the Middle East war had further exposed that vulnerability.The firm, which accounts for two-thirds of India’s oil and over half of gas output, has been struggling to stem the decline in production from its ageing fields, while new assets have been slow to contribute. ONGC’s standalone oil and gas production declined 3.4% on year to 9.4 million tons of oil and equivalent gas.ONGC is investing more than 400 billion rupees ($4.2 billion) in projects across its Western Offshore assets to reverse the production decline, it said in a statement. The company has also hired BP Plc as a technical services partner to boost output from these fields.“We expect their benefits to progressively materialize from FY 2027-28 onwards, leading to enhanced production, improved recovery, and sustained value creation in the years ahead,” ONGC said.The company’s earnings on every barrel of crude oil sold in April-June was 50.4% higher than a year earlier. Earnings from gas produced from old legacy fields were up 5.4% but that from new deepwater acreage rose 61.5% on year.—With assistance from Abhay Singh.(Updates with the company’s plans to boost output in 6th and 7th paragraphs.)This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.