ONGC reported 19.5 per cent drop in net profit to Rs 3,935 crore for the quarter ended March 31, 2015, mainly due to higher operating cost and write-off on dry wells drilled. The net profit of Oil and Natural Gas corp in January- March was lower than Rs 4,889 crore in the January-March period of the previous fiscal, 2013-14, ONGC Chairman and Managing Director Dinesh K Sarraf told reporters here. While the company realised $55.63 for every barrel of oil produced as compared to $44.87 per barrel in the fourth quarter of the previous fiscal, operating cost rose by Rs 1,278 crore, impacting the profit. The company wrote off Rs 291 crore of exploration expense for drilling wells that did not result in any discovery. Besides, revenue from value added products (VAP) was down 35 per cent to Rs 1,866 crore.
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