MUMBAI (NewsRise) -- State-owned Oil & Natural Gas Corp. reported a better-than expected 65% jump in third-quarter net profit, as higher gas production helped India's biggest energy explorer offset the impact of weak oil prices.
The company's gas output hit a record high in the quarter on the back of a string of new projects and discoveries. The surge in output is in line with the government's move to increase the share of clean burning natural gas to 15% from 6% in a bid to cut down pollution. The gains in gas production also helped ONGC tide over a 40% slump in crude oil prices from their peak in October.
