Oil & Natural Gas Corporation Ltd.

State-run explorer Oil and Natural Gas Corp (ONGC) is likely to tie up with global companies to boost its domestic deep-water hydrocarbons hunt. The company has won 19 oil and gas acreages, including the East Coast ultra-deepwater gas discovery of the company through domestic licensing rounds.

ONGC has started communication with 13 independent mid-sized companies mainly from the US and Australia, for a proposed partnership. ONGC aims to complete the process by the second quarter of the next fiscal.

The July-September quarterly net profit of the company is surged by 60.36% at Rs 8,642 crore against Rs 5,389 crore for the corresponding period last year. Total income for the quarter under review increased by 24.4% to Rs 24,058.33 crore against Rs 19,336.46 crore in Q2, FY’11.

ONGC sells crude to government-owned refiners at a discount to compensate them for selling diesel, kerosene and cooking gas below international rates.