India’s
Oil
&
Natural
Gas
Corporation
(ONGC)
has
reported
a
17.5%
drop
in
profits
for
the
final
three
months
of
2012
to
$1.03
billion.
The
profit
drop,
which
came
even
though
sales
were
up
15.9%
to
$3.93
billion.
Sales
revenues
rose
by
6.9%
over
the
last
nine
months
of
2012
to
$11.39
billion,
but
profit
declined
by
10%
to
$3.27
billion.
The
company
pointed
out
that
selling
crude
at
discounted
rates
had
cost
it
$1.35
billion
in
lost
profits
in
the
final
quarter
of
2012
and
$4.01
billion
over
the
nine-month
period.
Under
a
government
order,
the
explorer
must
sell…
