Oil and Natural Gas Corp (ONGC) Ltd said its net realisation on crude oil sales rose by over 11% in the quarter ended 31 December 2010, an indicator that the state-owned firm will post higher net profits for the period.
"Our gross billing in October-December quarter was $89.13 per barrel, compared to $76.66 a barrel in the corresponding quarter of the last fiscal," a company official said.
After accounting for payments to ameliorate the fuel subsidy burden of state-run oil marketing companies, ONGC's net realisation was over $64 per barrel of crude oil in Q3, compared to $57.69 per barrel in October-December, 2009, he said.
Besides the higher net realisation on crude oil sales, ONGC will also benefit from the price of natural gas it produces more than doubling to $4.20 per million British thermal units.
On Monday, ONGC ended 3.05% up at Rs1,138.70 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.76% to 19,151.28 points.
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