ONGC net slips 20% to Rs 10,216 crore in Q2 on crude price fall

Flagship explorer ONGC recorded a 20% decline in its second quarter net profit at Rs 10,216 crore compared to Rs 12,826 crore a year ago as a drop in global oil prices coincided with marginally lower production during the July-September period. Company director (finance) Pomila Jaspal said lower crude prices reduced earning from each barrel to $84.8 against $95.5 in the year-ago period. She expected the situation to reverse in the December quarter with the KG-DWN-98/2 block off the Andhra coast coming onto production this month.