New Delhi: State-run Oil and Natural Gas Corporation today said its net profit for fiscal 2006-07 jumped eight per cent to Rs15,643 crore, despite a subsidy payout of Rs17,024 crore during the year.
The company had posted a net profit of Rs14,431 crore in the 2005-06 fiscal.
Turnover in FY’07 increased by 18% to Rs56,904 crore and the company declared a dividend of 310% to its shareholders.
“ONGC’s gross realisation in crude sales was $66 a barrel, but company had to shell out a discount of $22 to refiners toward subsidised fuel sales. The net realisation for ONGC in 2006-07 was $44 dollar a barrel,“ its chairman R S Sharma said.
He said the ONGC group will invest Rs121,318 crore in 11th Plan period (2007-012) compared to Rs75,380 crore in the previous plan period.
OVL, the overseas investment arm, will inject Rs45,334 crore in the five years to 2012, compared to Rs25,052 crore in the 10th Plan. Group company MRPL will invest Rs8,316 crore compared to Rs765 crore in the previous plan.