|• ONGC 2009-10 Q3 Net up by 23.4 % • Notifies 7 New Discoveries in Q3; and 2 more in Jan ’10 • Investment Approvals|
22 January, 2010
1. ONGC Board in its 200th Meeting held on 21st January 2010 approved the FY10 Q3 financial results. Details of FY10 Q3 results are as under:
2. ONGC made 7 new discoveries during Q3 of 2009-10 and 2 more in January 2010: (All these discoveries have been notified to DGH).
Discoveries during Q3:
• GS-69-1 in GS-15/23 ML block in KG shallow water in KG-PG Basin - oil and gas
• Well PER-1 in B-OFF-123 PEL block in Western Offshore - oil and gas
• Well GK-28-1, Kutch Offshore Block- I Extension PEL, Western Offshore Basin- gas
• Well Kammapalem-1, 1B PEL block of KG-PG Basin – gas
• SD-1-5 in B-OFF-123 PEL block in Western Offshore - oil and gas
• Well B-121-7, B-119/121 ML block in Western Offshore – gas
• Well BF-1, South Bassein ML block in Western Offshore – gas
Discoveries during January 2010:
• Well Pennugonda - 1A, 1B PEL in KG-PG Basin – gas
• Well North Geleki-1, Sibsagar District PEL Block, A&AA Basin
Legend - ML: Mining Lease; PEL: Petroleum Exploration License
3. Investment Approvals
a. The Board approved an investment of Rs. 2163.65 crore for Integrated Development of D1 marginal field in Mumbai offshore. The project will be completed within 27 months from the date of award. Peak envisaged oil production from D1 field is expected to be about 36,000 barrels of oil per day (bopd) during 2012-13, with incremental oil production of 8.296 MMt over the base production profile.
b. The Board also approved investment of Rs. 723.64 crore for acquisition of a new Multi Support Vessel (MSV). ONGC presently have a fleet of 4 MSVs, out of these 2 MSVs are owned by ONGC and 2 MSVs are hired. The scheduled date of commissioning of this MSV is September, 2012.
c. ONGC Board approved the draft of the Memorandum of Understanding (MOU) to be entered with Bharat Petroleum Corporation Limited (BPCL) for wide ranging cooperation in Gas and LNG business. The proposed MOU aims for mutual cooperation between the two state owned PSUs in the area of gas/LNG business, CGD/ pipeline network and C3 & C4 off-takes etc.
4. ONGC agrees to support restoration of Ahom Kings' monuments in Assam
A Memorandum of Cooperation (MoC) was signed between National Cultural Fund (NCF) - a trust under Ministry of Culture, Government of India and ONGC to take up various projects for conservation and restoration of art, culture and heritage. Under this MoC, the first project proposed to be taken up is conservation, renovation and restoration of the monuments of Ahom Kings in and around the operational areas of ONGC in Sibsagar, Assam. The other identified sites Ranghar Ruins, Karenghar, Garhgaon and group of maidams at Charaideo in Sibsagar, Assam.
5. ONGC receives Rs. 2.45 Crore dividend from Pawan Hans for FY'09.
ONGC received a dividend of Rs. 2.45 Crore from Pawan Hans Helicopters Ltd. (PHHL) for the year 2008-09. PHHL have been regularly paying dividend to the Govt. of India and ONGC since last 17 years.
6. ONGC bags Best Overall Performance PCRA Award for oil and gas conservation
ONGC bagged the Best Overall Performance PCRA Award amongst the upstream Oil Companies for the oil and gas conservation programmes during the year 2009.
7. FinanceAsia ranks ONGC No 1 among Indian Blue Chips
ONGC has been ranked as Number-1 Top Blue Chip of India in the FInnace Asia 100 list for 2009 with the highest aggregate net profit of US $ 13,764 million over the period 2006-2008. As per the ranking of 2009, ONGC has been ranked at 10th position in Asia and at the 1st position among 19 Indian companies which are in the FA 100 list on aggregate profit. FA100 is the investors' annual guide to Asia's blue chip companies published by Finance Asia, Hong Kong.