ONGC sees better volumes in FY16: AK Srinivasan

“We had a good realisation compared, but that was definitely not very good as compared to Q1. My realisation was something about 48.83 in the second quarter. However, we had certain expenses also, and that has brought down our profits to some extent. And we look forward that in the coming year, if the crude remains around stable, then we should be able to move forward in a better way”, said AK Srinivasan, Director-Finance, ONGC.

ONGC announced a net profit fall of 11.3 percent to Rs 4,842 crore in Q2FY15 against Rs 5,460 crore qoq and the decline in revenue of 9.4 percent to Rs 20,679 crore. Also, The EBITDA fell 17 percent to Rs 8,775 crore qoq. The gross realisations were around 20,000 whereas the net realisations were USD 48.93 per barrel in Q2FY15. ONGC shared about Rs 596 crore in the form of subsidy in the current quarter. The overall oil and gas production volume reached to 5.66 percent in the second quarter which is a positive rise in volume. The realisation for the first half of the year calculated 53.72 per dollar.

“We had a good realisation compared, but that was definitely not very good as compared to Q1. Our realisation was something about 48.83 in the second quarter. However, we had certain expenses also, and that has brought down our profits to some extent. And we look forward that in the coming year, if the crude remains around stable, then we should be able to move forward in a better way”, said AK Srinivasan, Director-Finance, ONGC said to a television channel.

Srinivasan added that the offshore volumes grew at a faster pace than the on-shore volumes this quarter with crude oil production being up by 1.9 percent and gas volumes up by 0.44 percent. He expects more than 26 million metric tonnes (MMT), volume production in FY16 in which joint venture shares will also be included.