New Delhi: State-owned Oil and Natural Gas Corporation (ONGC) on Saturday reported a nearly sevenfold jump in third-quarter net profit after higher oil and gas prices offset a drop in production.

Net profit of Rs 8,764 crore in October-December 2021 rose 596.7 percent from over Rs 1,258 crore net profit in the same period a year back, the company said in a statement.

The nation's top oil and gas producer got $ 75.73 for every barrel of crude oil is produced and sold in the third quarter of the current fiscal year as compared to $ 43.20 a barrel realization in the same period of 2020-21.

Gas prices rose to $ 2.90 per million British thermal units in October-December 2021 as against $ 1.79 a year back. This spurt in prices more than made up for the fall in production. Oil production fell 3.2 percent to 5.45 million tonnes, while gas output was 4.2 percent lower at 5.5 billion cubic meters.

"The production of crude oil and gas has declined during the current year, mainly due to restrictive conditions created by cyclone Tauktae and Covid, delay in mobilization of mobile production unit Sagar Samrat to WO 16 Cluster project (in western offshore), modification work at Hazira and reservoir issues in S1 Vashistha fields in eastern. offshore," the statement said.

Revenue in the quarter under review was up 67.3 percent to Rs 28,474 crore.

Source: PTI