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ONGC notifies three more discoveries while releasing an impressive Annual Performance Highlights
30 May, 2011

ONGC Media Service
 
   



ONGC notifies three more discoveries while releasing an impressive Annual Performance Highlights
Dated: 30th May, 2011

In its 219th Board Meeting on 30th May, 2011, while ONGC declared three new discoveries, it also presented an impressive Annual Financial Result for FY’11.

Three new notified discoveries are:

  i)
Well GS-70 # 1, GS-15/23 PML Block, KG Shallow Offshore Basin: Exploratory well GS-70 # 1 in GS-15/23 PML Block, KG Shallow Offshore Basin was drilled to a depth of 3770 m. Interval 3696 – 3703 m in Vadaparu Shale Formation of Middle Eocene age on testing produced oil @ 69.10 m3/day and gas @ 78,000 m3/day with a little water through 6 mm choke. The oil produced is of good quality with a gravity of 40.80 API. This new discovery will encourage the development plans for GS-15/23 ML area.

  ii)
Well BH#67, BOFF-123 PEL, Western offshore Basin: Exploratory well BH-67 in BOFF-123 PEL, Western Offshore Basin was drilled to a depth of 2120 m. Interval 2066 – 2064 and 2062.5 – 2059.5 m in Basal Clastics, on conventional testing flowed gas @ 1,30,000 m3/day with condensate in minor quantities. This is the first discovery of gas from Basal Clastics in this area and will promote further exploration of this play.

  iii)
Well Periyakudi # 1, L-II PEL, Cauvery Onshore Basin: Well Periyakudi # 1 in L-II PEL block of Cauvery Onshore Basin was drilled to a depth of 5216m. Several interesting zones were encountered in the well between 3850 – 4800m of lower cretacious. Five objects were identified for testing. On testing, object III A in the interval 4350 – 4273m flowed oil @ 3.34 m3/day and gas @ 5500 m3/day through 6 mm choke. The production potential is envisaged to improve significantly after stimulation by hydro fracturing. The discovery at Periyakudi # 1 has given an impetus to exploration for deeper / synrift plays in a big way in Cauvery Basin.

Highlighting the physical performance of ONGC Group, a Press release was issued on 27th April, 2011; however, a consolidated highlight including physical and financial is presented below:

Performance Highlights FY’11

Total 24 Discoveries made in FY’11 which include 15 New Prospects (4 offshore,11 Onshore) and 9 New pools (5 offshore, 4 onshore).
ONGC’s ultimate reserve accretion of 83.56 MTOE from domestic acreages is highest in last 2 decades.
Domestic Crude production increases by 3%, from 26.46 MMT to 27.28 MMT. Natural Gas production decreases by 1.1%, from 25.59 BCM to 25.32 BCM
Net Profit of Q4 FY’11 decreases 26%, from 3,776 Crore to 2791 Crore due to higher discount to OMCs to meet their under-recoveries.

Annual net profit of ONGC increases 13%, from 16,768 Crore to 18924 Crore in FY’11.
Discount to OMCs to meet their under-recoveries increased to 12,136 Crore as compared to 4,999 Crore in Q4FY’10. For FY’11 this was 24,892 Crore as compared to 11,554 Crore in FY’10.
Dividend: Recommended payout of 0.75 per share on number of shares enhanced due to split and issue of bonus shares (including special interim dividend 32 per share) aggregating to 35 per share based on pre-split and pre-bonus number of shares. Total dividend payout is 7486 Crore (FY’10 - 33 per share aggregating to 7,058 crore), an increase of 6.1% over FY’10.

ONGC Exploration & Production (E&P) Highlights:
B.1 Exploration

1 Total 24 Discoveries made in FY’11 which include 15 New Prospects (4 offshore, 11 Onshore) and 9 New pools (5 offshore, 4 onshore).
2 ONGC’s ultimate reserve accretion of 83.56 MTOE from domestic acreages is highest in last 2 decades.
3 Reserve Replacement Ratio of 1.76 (against RRR of 1.74 in FY’10) is the 6th consecutive year of maintaining Positive reserve replacement.

B.2 Reserve Accretion in 2010-11

  Ultimate (MTOE)
Domestic 83.56
JV Domestic 0.29

B.3 Reserve Replacement ratio of ONGC-operated domestic areas

Year Ultimate Reserve Accretion (MTOE)

Production

MTOE
Reserve Replacement Ratio
2006-07 65.56 48.49 1.35
2007-08 63.82 48.28 1.32
2008-09 68.90 47.85 1.44
2009-10 82.98 47.78 1.74
2010-11 83.56 47.51 1.76

B.4 Aggregate (Ultimate) Reserves (MTOE) as on 31.03.2011

  ONGC JV OVL Total
1P 723.56 34.80 202.91 961.27
2P 985.58 39.16 401.51 1426.25
3P 1211.99 41.30 435.01 1688.30

C. Production
Production Performance – FY’11


  FY’11 FY’10
Crude Oil – ONGC (MMT) 24.42 24.67
Crude oil – JVs – (MMT) 02.86 01.79
Total Crude Oil – (MMT) 27.28 26.46
Gas – ONGC (BCM) 23.09 23.11
Gas – JVs (BCM) 02.23 02.49
Total Gas (BCM) 25.32 25.60
Total VAPs ( MMT) 03.13 03.40

D. Financials

( in Crore)
Particulars Q4FY’11 Q4FY’10 % Var FY’11 FY’10 % Var
Sales Income 15,554 14,778 5 66152 60,206 10
Net Profit 2791 3,776 (26) 18924 16,768 13

1 68% of the Turnover derived from sale of Crude Oil, 19% from sale of Natural Gas, 13% from sale of Value-Added-Products (VAPs) viz. LPG, Naphtha etc
2 ONGC continues to be a zero debt Company

E.1    Subsidy Impact on Profit

( in Crore)

  2010-11 2009-10 2008-09 2007-08 2006-07
Gross Discount 24,892 11,554 28,225 22,001 17,024
Impact on Statutory Levies 3,558 1,629 4,292 1,942 1,448
Impact on Profit before tax 21,334 9,925 23,933 20,059 15,576
Impact on Profit after tax 14,247 6,551 15,798 13,241 10,333

E.2    Impact of Discount on Rate of Crude Oil:

Particulars FY 2010-11 FY 2009-10
  Q4 FY Q4 FY
A. In USD per Bbl        
Pre Discount Rate 108.90 89.41 79.15 71.65
Discount 70.15 35.64 27.74 15.71
Post Discount Rate 38.75 53.77 51.42 55.94
B. /USD Ex. Rate 45.26 45.58 45.92 47.42
C. In per Bbl        
Pre Discount Rate 4,929 4,075 3,635 3,397
Discount 3,175 1,625 1,274 745
Post Discount Rate 1,754 2,451 2,361 2,653

F. Consolidated Group Results of ONGC
Group consisting of:


1. Oil and Natural Gas Corporation Ltd
Subsidiaries:
2. ONGC Videsh Ltd (Consolidated)
3. Mangalore Refinery and Petrochemicals Ltd (Consolidated)
4. Joint Venture Entities:
i

Petronet LNG Ltd

ii Petronet MHB Ltd
iii Mangalore SEZ Ltd
iv ONGC Mangalore Petrochemicals Ltd
v ONGC Petro Additions Ltd
vi ONGC Tripura Power Company Ltd (consolidated)
vii ONGC TERI Biotech Ltd
viii Dahej SEZ Ltd (unaudited)

5. Associate:
i Pawan Hans Helicopters Ltd

1 Group Turnover of 122,764 Crore (up 16% from 106,175 Crore in FY’10) due to increase in international prices of refined petroleum products of MRPL and crude oil prices of OVL & ONGC.
2 Net Profit of the Group 22,456 Crore (up 16% from 19,404 Crore in FY’10)

F.1 ONGC Videsh Ltd. (OVL) in FY’11

1 Production of 9.448 MTOE of O+OEG, as compared to 8.87 MTOE in FY’10
2 Profit after tax 2,691 Crore, up 29% over 2,090 Crore in FY’10 (increase average crude oil prices in the international market)
3 OVL led Consortium acquired 11% participating interest in Carabobo one project in Venezuela.
4 OVL has 33 projects spread over 14 countries with 10 producing assets in 7 countries namely Sudan, Russia, Vietnam, Syria, Brazil, Columbia and Venezuela.

F.2 Mangalore Refinery & Petrochemicals Ltd. (MRPL) in FY’11

1 Highest ever Crude Thru’put 12.64 MMT, up from 12.50 MMT in FY’10
2 Capacity utilization 105%.
3 Highest ever Turnover of 43,800 Crore, up 21% from 36,141 Crore in FY’10.
4 Profit-after-tax 1,177 Crore, down 6% 1,112 Crore in FY’10

G.      Dividend payout during the last five years

( in Crore)

Year PAT Dividend Tax on Dividend Payout %
    % in crore Including Dividend Tax Excluding Dividend tax
2006-07 15,643 310 6,631 1,012 48.86 42.39
2007-08 16,702 320 6,844 1,163 47.95 40.98
2008-09 16,126 320 6,844 1,163 49.66 42.44
2009-10 16,768 330 7,058 1,187 49.17 42.09
2010-11 18,924 350* 7,486 1,241 46.12 39.56

*Based on number of share before split of shares and issue of bonus shares.

Declaring the audited financial results and overall annual results of ONGC Group for FY’11 to the media on 30th May 2011, soon after the ONGC Board meeting, CMD Shri. A.K. Hazarika said, ‘Prudent reservoir management and sound financial management have always been ONGC’s focus areas.’ While he complimented employees for an all round impressive performance, he also thanked all shareholders for understanding various compulsions of the company and yet having tremendous confidence and faith in its management.


For further information, please visit our website www.ongcindia.com


Conversion Rates:
INR/1 USD: 45.58 (average for the Year FY’11)
INR/1 USD: 47.42 (average for the Year FY’10)

Listing references (as on 30 th May, 2011):
ONGC: BSE – 278.40
         NSE – 276.90

MRPL: BSE – 72.95
         NSE – 73.35


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


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