Oil and Natural Gas Corp Ltd on Saturday posted a 48 per cent jump in net profit at Rs 6,077.70 crore during the April-June quarter and said it is likely to sign a MoU with the Japan's Mitsui for a LNG project by this month.
"We are in the process of signing an MoU with Mitsui, which has been approved by the Board in the last meeting.
Hopefully, by this month we will sign the same,"
ONGC Chairman Sudhir Vasudeva said after the announcement of first quarter results.
"This covers the entire value chain of LNG. After that, we will discuss the possibility of doing more work," he added.
State-owned Oil and Natural Gas Corp's (ONGC) revenue increased to Rs 21,216.24 crore in the quarter ended June 30, 2012 from Rs 17,128.89 crore for the same period a year ago.
Commenting on the results, Vasudeva said that the company has been able to post a healthy profit on the back of price variation and rupee depreciation.
ONGC has set aside Rs 33,063 crore as the capex for this year, of which it has already spent around Rs 5,784 crore in the first quarter of the current fiscal on exploration activities, ONGC Director (Finance) A K Banerjee said.
Vasudeva said the company is going to retender CBM (Coal-Bed Methane) blocks and this time it will be internationally competitive bidding.
"We will be coming out with tenders shortly," he said.
ONGC holds four coal-bed methane blocks - Bokaro, Karanpura (North Karanpura and South Karanpura) and Jharia blocks in Jharkhand and Raniganj block in West Bengal.
On the proposed initial public offering (IPO) of ONGC Videsh Ltd (OVL), the chairman said the proposal has been discussed at the board.
"We are studying these observations. Timing of the listing is also one of the considerations. So, with all that we will go to the board and then will take a decision accordingly," Vasudeva said.
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