Expect Oil Production To Rise In FY16: ONGC

ONGC reported a weak set of second quarter earnings with net profit declining 31 percent to Rs 4,842 crore and revenue falling 9.4 percent to Rs 20,679 crore. AK Srinivasan, Director-Finance said that realizations were lower in the Q2 at USD 49 per barrel. The company loses close to USD 530 crore every year due to fall in dollar, he added. He expects oil production to cross 26 million tonnes this year. Last financial year, the company clocked in production of 25.94 million tonnes. However, gas production will be lower than the target and is expected to improve only in FY17, he said.