Indian state-owned Oil and Natural Gas Corp (ONGC) saw second-quarter profits fall by more than 20% on Friday due to lower crude oil prices.
Crude oil prices have fallen more than 35% from their peak in the September quarter last year on economic uncertainty and waning supply concerns.
The company’s profit fell to 102.16 billion Indian rupees ($1.23 billion) for the quarter ended September 30, from 128.26 billion rupees a year earlier.
Crude oil price realization, or the price at which the product is sold, fell 11.2% to $84.84 per barrel in the latest quarter, compared to $95.50 a year earlier, while realization in its joint ventures fell 16.4% to $79.41, the country’s largest explorer said in a statement.
ONGC’s total crude oil production fell 2.1% to 5.25 million tonnes (MMT), while total gas production fell 2.8%.
Oil India on Wednesday reported a more than 80% drop in second-quarter profit as it set aside 23.63 billion rupees for an ongoing legal case.
($1 = 83.2223 Indian rupees)