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ONGC Q1 FY’12 net up by 11.9%
28 July, 2011

 
   



l.
ONGC Q1 FY’12 net up by 11.9%.
ll.
ONGC notifies two new Discoveries, one each in Assam & Assam Arakan Basin and Western Onshore Basin.
Dated: 28th July, 2011
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I)
ONGC in its 221st Board Meeting held on 28th July 2011 approved the financial results for Q1 FY’12 detailed as under :
a)
Financial
   
Details
Q-1; 2011-12
Q-1;
2010-11
%
variation
FY 2010-11
Sales Revenue
( in Crores)
16,268
13,710
18.7
66,152
Net Profit
( in Crores)
4,095
3,661
11.9
18,924
Subsidy Discounts
( in Crores)
12,046
5,515
118.4
24,892
Gross Realization (US$/bbI)
121.29
80.80
50.1
89.41
Net Realization (US$/bbI)
48.76
48.04
1.5
53.77
Gross Realization
(/bbI)
5,426
3,690
47.0
4,075
Net Realization
(/bbI)
2,181
2,194
(0.6)
2,451
b) Production Highlights :
  Q1: FY’12: ONGC standalone (Excluding JVs)
  Against MOU Target
Details
Q-1; 2011-12
Target
Actual
%
Crude Oil (MMT)
5.801
5.933
102.3
Natural Gas (BCM)
5.477
5.605
102.3
Gas Sales (BCM)
4.287
4.379
102.1
VAP Production (MMT)
0.819
0.720
87.9
   
  Q1: FY’12: ONGC with share in domestic PSC JVs
  Against MOU Target
Details
Q-1; 2011-12
Target
Actual
%
Crude Oil (MMT) Prodn.
6.577
6.758
102.8
Natural Gas (BCM) Prodn.
5.977
6.162
103.1
Gas Sales (BCM)
4.746
4.878
102.8
   
Reasons for shortfall :
  Value Added Products
1)
Less production of VAP at Uran due to revamping work of c2-c3 cooling tower.
2)
Production at Ankleshwar affected due to GEB power shutdowns. One gas turbine taken for overhauling by OEM.
   
Production Highlights: June 2011
Crude Oil
  Against MOU Target
 
Crude oil production during June’2011 was 1.972 MMt against the month’s target of 1.942 MMt (101.6%). The cumulative production as on 30.06.2011 was 5.933 MMT (102.3% of YTD target of 5.801 MMT) against the annual target of 23.735 MMt (25%).

Natural Gas Production
  Against MOU Target
 
Natural Gas production during June’2011 was 1,839 MMm3 against the monthly target of 1,836 MMm3 (100.1%). The cumulative production as on 30.06.2011 was 5,604 MMm3 (102.3% of YTD target of 5,477 MMm3) against annual target of 23,457 MMm3 (23.9%).

Gas Sales
  Against MOU Target
 
Gas sales during June’2011 was 1,436 MMm3 against the month’s target of 1,434 MMm3 (100.2%). The cumulative gas sales as on 30.06.2011 was 4,387 MMm3 (102.3% of YTD target of 4,287 MMm3) against annual target of 18,531 MMm3 (23.7%).

VAP Production
  Against MOU Target
 
VAP production during June’2011 was 235 KT against the month’s target of 271 KT (86.9%). The cumulative production as on 30.06.2011 was 741 KT (90.4% of YTD target of 818.8 KT) and annual target of 3,358 KT (22.1%).

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II) New Pool Discoveries
1.
Well Geleki # 334, in Namti PML Block, North Assam Shelf, A&AA Basin:
 
Exploratory well Geleki #334 in Namti PML Block, A&AA Basin was drilled to a depth of 3,680 m. Interval 2877–2868 m in Tipam formation (TS-3B) of Mio–Pliocene Age on testing produced oil @ 107 m3/day, gas @11,314 m3/day through 6 mm bean. The oil produced is of 32.650 API. This is a new pool discovery in Geleki Field. This new discovery opens up the area South west of Geleki main field for exploration of TS-3 sands. Another zone in the interval 2810–2804 in Tipam formation (TS-3A) of Mio–Pliocene Age, also, on testing produced oil @ 72 m3/day and gas @ 12,706 m3/day through 6 mm bean.

2. Well Aliabet#3, NELP Block CB-OSN-2003/1, Western Onshore Basin:
 
Exploratory well Aliabet#3 in NELP Block CB-OSN-2003/1, Western Onshore Basin was drilled to a depth of 2,450 m. Interval 2,184.5–2,183m and 2,181–2,176 m in GS-8 sand of Hazad member on conventional testing flowed gas @ 39,954 m3/day and condensate @ 11 m3/d through 6 mm bean. This discovery has proved the existence of multiple pay sands in Hazad member in this area and will facilitate exploration in the entire block area for these sands.

III) Other Highlights
a) ONGC signs MOU with SSCL
 
ONGC and Singareni Collieries Company Limited (SCCL) inked a MoU for cooperation in the areas of service, operation, process development and research related to Underground Coal Gasification (UCG), Surface Coal Gasification (SCG) and Coal Bed Methane (CBM) on 18th July, 2011 at New Delhi.
The MOU was signed by Shri K S Jamestin, Director (HR) & I/c BD&JV on behalf of ONGC and Shri B. Ramesh Kumar, Director (Planning & Projects) on behalf of SCCL. The ceremony was also graced by Shri Sudhir Vasudeva, Director (Offshore), ONGC.
SCCL has indicated readiness to provide requisite coal linkage with due approval of the Ministry of Coal (MoC). The MOU aims at promoting clean coal technology to utilize high ash content indigenous coal in an environment friendly manner.
b) CMD visits Palatana and apprise CM, Tripura about the progress of OTPC Project
 
CMD ONGC and Chairman OTPC, Shri A K Hazarika visited the OTPC Power project site at Palatana. He reviewed the progress of the project in presence of the CMD and Director (Finance) of BHEL. Later in the evening, CMD, ONGC; CMD, BHEL; Director (Finance), BHEL; Director (HR) and I/c BD &JV, ONGC; MD, OTPC and other senior officers from ONGC and OTPC met the Chief Minister of Tripura and Power Minister of Tripura, and apprised them the progress of the Project. Tthe first phase of the project would be completed by February 2012.

c) ONGC bestowed with “Most Attractive Employer” Award
 
ONGC bagged the Randstad Award 2011 for being the "Most Attractive Employer". The award was handed over by Dr. Bimal Jalan, Former RBI Governor, Shri K S Jamestin, Director- HR ONGC on 29th June 2011 at New Delhi. The Randstad Award is instituted by Randstad globally, to encourage best practices and building the "Employer Brand". The award is being brought to India for the first time by Ma Foi Randstad.

d) ICWAI excellence award to Ankleshwar Asset
 
The Institute of Cost & Works Accountants of India (ICWAI) conferred Award for Excellence in Cost Management to ONGC's Ankleshwar Asset in the category 'Public Sector-Manufacturing-Large'. Dr. (Shri) M. Veerappa Moily, Hon'ble Union Minister of Corporate Affairs handed over the award on 18th July 2011 at New Delhi in the presence of Shri R.P.N. Singh, Hon'ble Union Minister of State for Corporate Affairs and Shri D.K. Mittal, IAS, Secretary, Ministry of Corporate Affairs. The award was received by Shri A K Banerjee, GGM-Chief Corporate Finance and Shri S K Rajput, GM (F&A)-Head Corporate Accounts on behalf of ONGC.

e) Best CFO Award to Director (F)
 
Shri D.K. Sarraf, Director (Finance) was bestowed with the Best CFO award in PSU category; the award has been instituted by Business Today. Hon’ble Finance Minister Shri Pranab Mukherjee handed over the trophy to
Shri Sarraf on 5th July 2011 at Delhi.

f) Director (HR) gets Asia’s Best Employer Awards
 
Shri K S Jamestin, Director (HR), has been conferred with the prestigious ‘HR leadership Award’ by the Asia's Best Employer Brand Awards, distinguishing ONGC as Best Employer. The award recognizes the contribution of Director (HR) and his Leadership initiatives in the domain of HR.

g) IDT gets Golden Peacock Award for Occupational Health & Safety
 
Institute of Drilling Technology (IDT), Dehradun won the Golden Peacock Award for Occupational Health & Safety-2011. Hon'ble Home Minister of India, Shri P. Chidambaram handed over the award to Shri Shailendra Dutta, ED, Head-IDT on 24th June, 2011 at New Delhi.

Reviewing the quarterly result, Shri A K Hazarika, CMD, ONGC complimented the ONGC Team for exceeding MOU targets resulting in increase in net profit inspite of higher subsidy payments.


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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