ONGC Quarterly Profit Doubles to ₹17,034 Crore

ONGC reported a net income of ₹17,034 crore for the quarter ended June, more than doubling its profit as higher crude and natural gas prices offset a 3.4% decline in production.

Revenue surged 45% year-on-year to ₹46,460 crore, supported by a 50.4% increase in earnings per barrel of crude sold and a 61.5% jump in earnings from newer deepwater gas fields.

The company plans to construct a 13-million-barrel storage facility at Mangaluru to bolster India's strategic reserves, which currently cover only about eight days of national demand.