Oil & Natural Gas Corporation Ltd.

Flagship explorer Oil and Natural Gas Corp (ONGC) is planning to spend Rs 33,065 crore in 2012-13 in exploration and production of oil and gas, a 5 percent increase over capital expenditure in 2011-12. The company will be funding all the expenditure by its internal resources.

The company reported its first decline in net profit in the last three quarters as a 197 percent rise in fuel subsidy outgo offset one-time gains it made from Cairn India's Rajasthan oilfields. Net profit in the October-December period of 2011, or the third quarter of the ongoing fiscal, stood at over Rs 6,741 crore, marking a decline of almost 5 percent decline from Rs 7,083.23 crore in the year-ago period.