ONGC reports Q4 profit at Rs 6,734 crore, realisation increases 18.4%

In the full year, FY21, ONGC registered a 16.5 percent decline in profit at Rs 11,246 crore and 29.2 percent fall in gross revenue at Rs 68,141 crore, compared to the previous year.

"Despite country wide lock-down due to COVID-19 pandemic, ONGC has almost reached last year's production levels in case of crude oil from its operated blocks," said the company.

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The company further said, "The shortfall in natural gas production is primarily due to less offtake by customers due to COVID-19 pandemic. This has resulted in a production shortfall of condensate and value added products (VAP) as well."

ONGC said it had declared a total 10 discoveries (3 in onland, 7 in offshore) during FY21 in its operated acreages. "Out of these, 6 are prospects (1 in onland, 5 in offshore) and 4 are pools (2 in onland, 2 in offshore)."

With the monetization of Ashoknagar-1 discovery, "the Bengal basin became the eighth sedimentary basin of India from which hydrocarbon has commercially been produced. This has resulted in up-gradation of Bengal basin to Category-I basin as per the new three tier category -classification of sedimentary basins of India," said ONGC.

ONGC said it had recommended a final dividend of Rs 1.85 per share, taking the total dividend for FY21 to Rs 3.60 per share.