Lower crude oil prices have affected ONGC's Q2 FY21 revenue and profitability numbers, the company has registered a net profit of Rs. 2,878 crore, down by 30.9% and gross revenue of Rs. 16,917 crore, down by 54.6% during Q2 FY21. 

 

During this period ONGC produced 5.686 MMT of crude oil and 5.880 BCM of natural gas. The revenue and PAT for Q2 and H1 of FY21 have declined as compared to the corresponding period of FY20 mainly due to lower crude oil price realization. 

 

Lower gas prices also contributed to lower topline and bottom line. The company has also recognized as an exceptional Item towards impairment loss of Rs. 1,238 crore in Q2 FY21 to factor into estimated future crude oil and natural gas prices. This impairment loss may be reversed in future as and when there is an increase in crude oil and gas price. However, PAT for Q2 FY21 has increased by 480% i.e. from Rs. 496 crore in Q1 FY21 to Rs. 2,878 crore in Q2 FY21 due to recovery of crude oil price.

 

ONGC has notified one new prospect discovery BS-17-1 in West of Bassein ML Block, Mumbai Offshore Basin. Exploratory well BS-17-1 in the West of Bassein ML block, Mumbai Offshore Basin was drilled. Three intervals were tested - flowed gas @ 1,56,688 m3/day and condensate @326 BPD; flowed oil @ 272 BPD and gas @ 1,98,514 m3/day; and flowed gas @1,98,023m3/day and condensate @279 BPD. 

 

The presence of commercial hydrocarbons in multi-layered reservoirs within Bassein, Mukta and Heera Formations has opened up a new area to explore hydrocarbons in the adjoining area. With this notification, ONGC has notified a total seven hydrocarbon discoveries till date during FY 2020-21.