Oil and Natural Gas Corporation (ONGC) has reported a net profit of INR 11,665 crores for the third quarter of the financial year 2022-2023 (Q3 FY 23), which is a marginal increase of 0.2% compared to INR 11,637 crores in the same period of the previous financial year.

In the preceding quarter, that is Q2 FY 23, the Indian state-owned oil and gas firm had a net profit of INR 12,826 crores.

The gross revenue of ONGC during the reported period was INR 1,69,213 crores, which is an increase of 16.2% compared to INR 1,45,673 crores made in Q3 FY 22.

ONGC’s board has approved second interim dividend of 80%, which translates to INR 4 on each equity share of INR 5. The total payout on the account will be INR 5,032 crores, said the Indian energy company.

During FY 2022-23, ONGC has so far announced a total of seven hydrocarbon discoveries in its operated acreages, of which four are onshore and the remaining three are offshore.

Recently, ONGC commissioned its Sagar Samrat offshore drilling rig as a mobile offshore production unit (MOPU), which commenced producing from the WO-16 cluster in the Arabian Sea.

  India, Oil and gas industry news, Oil and gas news, Oil and Natural Gas Corporation, ONGC