New Delhi, Feb. 12 -- Oil and Natural Gas Corp (ONGC) faced a 14 per cent year-on-year decline in profit, totalling Rs 9,536 crore during the October-December quarter.
This dip in profitability was attributed to a combination of reduced production and declining oil and gas prices.
Gross revenue also took a hit, falling by 10 per cent to Rs 34,789 crore during the same period, reported ET.
Crude oil production for ONGC decreased by 3 per cent, amounting to 5.2 million metric tonnes, while gas output witnessed a 4 per cent decline to 5.1 billion cubic meters.
This production drop is not a new challenge for ONGC, as natural decline from mature fields has been a persistent issue over the years.
Additionally, factors such as the shutdo...