As oil costs double, ONGC internet soars 772 p.c

State-owned Oil and Natural Gas Corp’s (ONGC’s) internet revenue soared by almost 800 per cent within the first quarter of the present fiscal after greater than doubling of oil costs compensated for a fall in manufacturing.
Net revenue in April-June at Rs 4,335 crore was 772.2 per cent increased than Rs 497 crore in Q1 of earlier fiscal when demand in addition to worth had plummeted resulting from coronavirus-related lockdown, the corporate stated. The agency bought $65.59 for each barrel of crude oil it produced and offered within the first quarter of the 2021-22 fiscal, in comparison with $28.87 per barrel realisation within the year-ago quarter.
Gas worth was decrease by 1 / 4 at $1.79 per million British thermal unit.
The firm produced almost 5 per cent much less crude oil at 5.4 million tonnes within the quarter whereas pure fuel output was 4.3 per cent decrease at 5.3 billion cubic metres.
Of the oil manufacturing, ONGC produced 4.6 million tonnes from fields it operates and one other 0.55 million tonnes from these in joint ventures with different companions.