Oil and Natural Gas Corporation Limited (ONGC) reported an increase of 102 percent in consolidated net profit for the first quarter of the financial year 2023-24. The company reported at Rs 17,383 crore net profit in Q1 FY24, compared to Rs 8,581 crore in the year-ago period.

However, the company’s standalone net profit tanked 34 per cent to Rs 10,015 crore in the quarter, from Rs 15,206 crore in last year.

Revenue from operations declined 10 per cent to Rs 1.63 lakh crore in the June quarter, as against Rs 1.82 lakh crore in the same period last year, ONGC said in a stock exchange filing.

The crude oil output of the oil marketing company (OMC) declined 3.3 per cent to 5.311 million metric tonnes (MMT), compared to 5.495 MMT in the year-ago period. Similarly, the gas output was 3 per cent lower in the June quarter at 5.221 BCM, compared to 5.383 BCM last year.

The company said that the output in the June quarter declined on account of shutdown in Panna-Mukta offshore platforms and cyclone Biparjoy. “The reduction in ONGC's production output in Q1 FY 2023-24 was due to shutdown in Panna-Mukta offshore platforms for commissioning of new crude oil pipeline to modernise its evacuation facilities, post taking over from JV Partners,'' ONGC said n its statement.

To counter the decline in production from some of the matured and marginal fields, ONGC is taking proactive steps by implementing well interventions and advancing new well drilling activities. The current decline in production is temporary. The same will be compensated in upcoming quarters with commencement of additional production from new projects; especially by crude oil production commencement from KG 98/2 in Q3 2023-24.