NEW DELHI: Flagship explorer ONGC’s December quarter net revenue dropped 67% from a yr in the past to Rs 1,378 crore from Rs 4,2226 crore a yr in the past as a pointy decline in home gas costs and better statutory levies offset the advantage of a rebound in costs.
Undaunted, the corporate board on Saturday accredited formation of a wholly-owned subsidiary for gas and LNG enterprise, the brand new progress space in the oil sector because the world goes by means of power transition.
The firm realised $43.9 per barrel on crude in the quarter underneath evaluation in opposition to $58.24 a barrel in the earlier corresponding interval, the corporate mentioned in an announcement.
“The firm (subsidiary) is being fashioned with the target of sourcing, advertising and marketing and buying and selling of pure gas, LNG enterprise, hydrogen enriched CNG (HCNG), gas to energy enterprise, bio-energy/ bio-gas/ bio methane/ different biofuels enterprise, and so forth,” the assertion mentioned.
ONGC mentioned its board has additionally accredited acquisition of 5% in Indian Gas Exchange Ltd (IGX) as strategic funding.
“As an vital stakeholder in the gas sector, it could be vital for ONGC to take part on the gas trade for growth of the gas sector. ONGC’s pursuits in direction of realizing most worth from its gas advertising and marketing efforts could also be substantiated by means of this primary gas buying and selling platform in the nation,” the corporate mentioned.