From The Motley Fool. June 10, 2013
India’s leading oil and gas explorer Oil and Natural Gas Corp, or ONGC, has recently reported a steep decline in quarterly earnings as it sold its output at significant discounts. The company has been suffering from aging fields as the exploration-related write downs rose by one-third from the same quarter last year to $850 million while depreciation charges doubled to $423 million in the same period. Moreover, Brent crude prices also did not help, and averaged $112.64 during the quarter, showing a decline of 5% from last year.
On the other hand, Reliance Industries, the owner of the world’s largest refinery located in western India, has posted a 32% increase
