Oil and Natural Gas Corporation, India's leading oil exploration company, announced a 26% increase in third-quarter profit thanks to increasing gas and crude prices. The state-run company's profit increased from 87.64 billion rupees a year earlier to 110.45 billion rupees ($1.33 billion) during the quarter that ended on December 31. Indian gas prices in September increased by 40% to a record $8.57 per million metric British thermal units
(mmBtu). Gas costs have almost tripled since last year. The realisation of crude oil per barrel increased by 15.1% to $87.13 from $75.73 a year earlier, while the realisation as per joint venture increased by 12.2% to $84.99.
As economic activity increased following the epidemic, there was a further increase in demand for crude and natural gas, which led to an increase in operating revenue of 35.5% to 385.83 billion rupees. However, overall crude oil production decreased 1% to 5.396 million metric tonnes (MMT) and total gas production decreased 3.8% from a year earlier, the business reported in an announcement.
The Russia-Ukraine conflict, according to the business, "has significantly hampered the production of crude oil and gas due to uncertainties and limits across the global supply chain." A second state-run oil exploration company, Oil India Ltd, also announced a better-than-anticipated gain in third-quarter profit last week, aided by higher output and greater price realisation.
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