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Oil & Gas Q3 Results Preview - Revival Seen For Upstream, Oil Marketing Companies: ICICI Direct

On the crude oil front, oil prices declined in Q3 FY23 amid demand concerns from China.

<div class="paragraphs"><p>(Source: <a href="https://unsplash.com/@mantasos">Tasos Mansour</a>/Unsplash)</p></div>
(Source: Tasos Mansour/Unsplash)

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ICICI Direct Report

Domestic gas prices were revised from October 1 onwards from $6.1/metric million British thermal unit to $8.57/mmbtu on a gross calorific value basis for Oil and Natural Gas Coporation Ltd.

Similarly, the ceiling price for Reliance Industries Ltd. was increased from $9.92/mmbtu to $12.46/mmbtu (GCV basis). Thus, net gas realisations of upstream companies are estimated to improve QoQ.

On the crude oil front, oil prices declined in Q3 FY23 amid demand concerns from China. Average crude oil prices declined by $10.8/barrel of oil QoQ to $88.3/bbl.

On a closing basis, crude oil prices were around $84.97/bbl. Fall in crude prices along with windfall taxes would cap the net oil realisation of upstream companies such as ONGC at ~$75/bbl.

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ICICI Direct Oil&Gas Q3FY23 Results Preview.pdf

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