ONGC posts 9 per cent increase in profit

New Delhi, Apr 16 (UNI) Oil and Natural Gas Corporation Ltd (ONGC) today said it had posted a nine per cent increase in its profits at Rs 14,175 crores in 2005-06 as compared to the same period last year.

Speaking to newspersons, Chairman and Managing Director Subir Raha said the Corporation posted profits ''despite paying out a record subsidy of Rs 11,958 crores.'' The company posted a turnover of Rs 50,900 crores an increase of 9 per cent from Rs 46,712 crores. Earnings per share was also up eight per cent at Rs 99.

The company produced 24.4 million metric tonnes (MMT) of crude oil in financial year 05-06 which is 92 per cent of the target of 26.6 MMT. The lower production is due to the accident at Bombay High North (BHN) platform in July 2005.

Mr Raha said a Floating Production System (FPSO) is scheduled to be in place in the next two months to augment production from BHN to 270,000 Barrels Per Day (BPD) as prevailing before the accident.

He said the company has a target to restore the offshore production to pre-accident level by August 2006 and then step up production upto three lakh BPD on sustained basis in 2006-07.

The production of natural gas was 22.6 billion cubic metres (BCM) which was higher than the target of 21.4 BCM by 106 per cent. Gas sales was also up from the target of 17.1 BCM at 18.2 BCM.

UNI RT PV GC1503