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ONGC improves Q2 Net by 60.4%
04 November, 2011

 
   



l.
ONGC improves Q2 Net by 60.4%
ll.
Notifies one more discovery in Oct’11 totaling 9 in the year
Dated: 04th November, 2011
-------------------------------------------------------------------------------
Highlights:
1)
ONGC Board in its 224th Meeting held on 4th November 2011 approved the financial results for Q2 FY’12 and H1FY’12 detailed as under:
   
Details
Q-2
2011-
12
Q-2
2010-
11
%
vari
ation
H1 2011-
12
H1 2010-
11
%
vari
ation
FY
2010-
11
Sales Revenue
( in Crores)
22,687
18,239
24.4
38,955
31,949
21.9
66,152
Net Profit
( in Crore)
8,642
5,389
60.4
12,737
9,050
40.7
18,924
Under
recovery Discount
( in Crore)
5,713
3,019
89.2
17,760
8,534
108.1
24,892
Gross Realization (US$/bbl)
116.94
79.21
47.6
119.06
79.99
48.8
89.41
Net
Realization (US$/bbl)
83.70
62.75
33.4
66.52
55.73
19.4
53.77
Gross
Realization
(/bbl)
5,351
3,683
45.3
5,389
3,687
46.2
4,075
Net
Realization
(/bbl)
3,830
2,918
31.3
3,011
2,569
17.2
2,450
   
2)
Production Performance
Details
Q2
2011-12
Q2
2010-11
H1
2011-12
H1
2010-11
FY 11
(A) Crude Oil – (MMT)
Nominated Block
6.04
6.15
11.97
12.20
24.42
JVs
0.80
0.70
1.63
1.25
2.86
Total Crude oil
(A)
6.84
6.85
13.60
13.45
27.28
(B) Gas – (BCM)
Nominated
Block
5.83
5.80
11.43
11.56
23.09
JVs
0.56
0.45
1.12
1.10
2.23
Total Gas (B)
6.39
6.25
12.55
12.66
25.32
(C) Total
Value Added Products
(MMT)
0.80
0.75
1.52
1.52
3.13
   
3) Under Recovery Discount- Impact on profit
( in Crores)
Details
Qtr ended on
Half year ended on
For the FY
30.09.11
30.09.10
30.09.11
30.09.10
2010-
11
2009-
10
2008-
09
Gross
Discount
5,713
3,019
17,760
8,534
24,892
11,554
28,225
Impact on
Statutory
Levies
796
442
2,660
1,232
3,558
1,629
4,292
Impact on Profit
Before Tax
4,917
2,577
15,100
7,302
21,334
9,925
23,933
Impact
on Profit
After Tax
3,322
1,721
10,201
4,876
14,247
6,551
15,798
   
4) ONGC made 3 new discoveries during Q2 of 2011-12 and one more in October’11 totaling 9 discoveries (5 in Q1’12) so far in this fiscal. All these discoveries have been notified to DGH.
   
Discoveries during Q2’12:
   
1. Well Geleki # 334, in Namti PML Block, North Assam Shelf, A&AA Basin
2. Well Aliabet#3, NELP Block CB-OSN-2003/1, Western Onshore Basin
3. Well Chandrika South # 1, NELP Block KG-OSN-2004/1 in KG Shallow Offshore Basin
 
New discovery in October’11:
MDW # 13, NELP Block NEC-DWN-2002/2 in NEC deep Offshore:
 
Well MDW#13 in NELP Block NEC-DWN-2002/2, NEC deep Offshore, operated by ONGC with 100% PI, was drilled to a depth of 4,904 m at a water depth of 1,171 m. Sands interesting from hydrocarbon point of view were encountered in Middle to Late Miocene section. Straddle packer open hole MDTs were carried out at five places, all of which yielded gas.

This Miocene discovery is in geographical and geological contiguity of the earlier discoveries made in blocks MN-OSN-2002/1 and MN-DWN-98/3.
 
5) Gas Production commences from BS-13A-A structure in B-22 Cluster on 27th Sep’11
 
BS-13 is one of the marginal fields with around 1.7 BCM in place Gas Reserves. After successful drilling and completion in Bassein pay, the well BS-13A-2H has been connected to BPB platform as the first well of the development scheme. Currently, BS-13A-2H is producing gas @ 2.0 lakh SCMD with a bean size of 32/64", THP of about 130 kg/cm2.



Issued By
Oil and Natural Gas Corporation Ltd.
Corporate Communications, New Delhi,
Phone: +91-11-23320032, 23301302;
Tele-Fax: 011-23357860
Mail: ongcdelhicc@gmail.com
  Issued By :- Corporate Communications, Oil and Natural Gas Corporation Ltd. New Delhi


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