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ONGC net drops 67% to Rs 1,378 crore in Q3, to float gas biz subsidiary – Times of India

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NEW DELHI: Flagship explorer ONGC’s December quarter net revenue dropped 67% from a 12 months in the past to Rs 1,378 crore from Rs 4,2226 crore a 12 months in the past as a pointy decline in home gas costs and better statutory levies offset the profit of a rebound in costs.
Undaunted, the corporate board on Saturday accepted formation of an entirely-owned subsidiary for gas and LNG enterprise, the brand new development space in the oil sector because the world goes by means of vitality transition.
The firm realised $43.9 per barrel on crude in the quarter beneath evaluate towards $58.24 a barrel in the earlier corresponding interval, the corporate mentioned in a press release.
“The company (subsidiary) is being formed with the objective of sourcing, marketing and trading of natural gas, LNG business, hydrogen enriched CNG (HCNG), gas to power business, bio-energy/ bio-gas/ bio methane/ other biofuels business, etc,” the assertion mentioned.
ONGC mentioned its board has additionally accepted acquisition of 5% in Indian Gas Exchange Ltd (IGX) as strategic funding.
“As an important stakeholder in the gas sector, it would be critical for ONGC to participate at the gas exchange for development of the gas sector. ONGC’s interests towards realizing maximum value from its gas marketing efforts may be substantiated through this first gas trading platform in the country,” the corporate mentioned.
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