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ONGC Q4 Oil, Gas Output Slips From Year-Ago Levels as Sales Ease

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Oil and Natural Gas Corp. reported Q4 earnings Tuesday, showing total production of 10.43 million metric tons of oil equivalent, down from 10.94 mmt a year earlier, as crude oil and gas output weakened.

ONGC produced 4.95 mmt of crude oil for the quarter ended March 31, compared with 5.26 mmt a year earlier.

Total gas production fell to 4.88 billion cubic meters from 5.01 bcm, according to the company.

Condensate production declined to 0.23 mmt in Q4 from 0.26 mmt a year earlier, according to ONGC.

LPG production slipped to 212,000 metric tons in Q4 from 225,000 metric tons a year earlier, while naphtha production edged down to 213,000 metric tons in Q4 from 216,000 metric tons a year earlier, the company said.

ONGC reported Q4 total sales of 8.93 million metric tons of oil equivalent, down from 9.34 mmtoe a year earlier, as crude oil and gas sales weakened.

The company sold 4.58 mmt of crude oil in Q4, compared with 4.81 mmt a year earlier.

Total gas sales fell to 3.76 bcm for the quarter from 3.88 bcm a year earlier, the company said.

LPG sales slipped to 212,000 metric tons in Q4 from 224,000 metric tons a year earlier, while naphtha sales rose to 214,000 metric tons from 210,000 metric tons, the company added.

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