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| AGM approves Dividend for FY'09 at Rs 32 per share, at par with last year |
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September 23, 2009 |
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Highlights: FY'09 |
ONGC retains its position as the highest dividend paying company in India; dividend of Rs. 32 per share (320%), as in FY'08, with total payout of Rs. 6,844 Crore.
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Highest level of Initial In-place hydrocarbons accretion in last two decades from domestic fields.
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Highest accretion of Ultimate reserves in last 18 years from domestic fields;
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Reserve Replacement Ratio of more than 1 for the 5th consecutive year;
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Turnover and Net Worth recorded new highs;
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Retained its position as the highest profit making company in the country, in Private or Public sector;
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The Net Profit of Rs. 16,126 Crore, marginally lower than the previous year (Rs.16,701 Crore), was despite supporting downstream PSUs with the highest level of subsidy discount of Rs. 28,225 Crore.
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Twenty eight new oil & gas discoveries in FY'09.
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Seven new oil & gas discoveries during current fiscal FY'10.
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Production from Imperial Energy increased to 11,500 bopd from 6,000 bopd within six-seven months of acquisition by OVL (a 100% subsidiary of ONGC).
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Economic Times in its Delhi edition reported on 21st Sept 2009 that ONGC topped the list of stocks that have bested their two year performance since Sept'2007 through increasing Investors' wealth by Rs.55,483 Crore.
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Dividend payout
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ONGC shareholders approved a dividend payment of Rs 14 per share (140%) at the 16th Annual General Meeting held today (23rd September 2009) at New Delhi which along with the interim dividend of Rs 18 per share (180%) totals to Rs 32 per share (320%). In absolute terms this amounts to Rs 6,844 Crore. This payout is at par with last year dividend and highest ever dividend paid by any Indian Corporate.
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Dividend payout during the last five years
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*pre- bonus
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ONGC Dividend payout ratio has been consistently higher than 40% in the last 5 fiscal years as against Government of India guidelines of 30%. Dividend payout, along with dividend tax, accounts for 49.66%.
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Highest Reserve accretion |
Total 28 Discoveries made in FY'09 which include 13 New Prospects (2 Deep waters, 1 Shallow water, 11 Onshore) and 15 New pools.
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In place hydrocarbon volume of 284.81 MTOE accreted by ONGC during FY'09 is highest in two decades.
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ONGC's ultimate reserve accretion of 68.90 MTOE from ONGC operated domestic acreages is highest in 18 years.
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Besides, OVL accreted ultimate reserve of 135.08 MTOE.
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Reserve Accretion (both In-place & Ultimate) in 2008-09
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IOR/ EOR schemes
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IOR/ EOR schemes, being implemented by ONGC since 2001, helped in improving recovery factor of the fifteen major fields from 27.5% in 2000-01 to 33% in 2008-09; besides arresting production decline in the matured fields.
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As per PFC Energy memo (5th February 2009) aging oil fields which were producing in 2000, in Non OPEC countries registered a decline rate of 9.4% in 2008. On the contrary, defying global trends, 15 major fields of ONGC with a vintage of 25-30 years registered 1.6% increase in production.
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Financial Highlights
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Highest-ever Sales Income (Turnover) Rs. 63,949 Crore (up 6% from Rs. 60,137 Crore in FY'08). The Compounded Annual Growth Rate (CAGR) of Turnover in last 5 years is 14.49 %.
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Excluding Turnover from Trading of products, 71% of ONGC's Turnover was derived from sale of Crude Oil; 14% from sale of Natural Gas; 15% from sale of Value-Added-Products (VAPs) viz. LPG, Naphtha, etc.
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Net Profit of Rs. 16,126 Crore (down 3% from Rs. 16,702 Crore in FY'08) despite highest ever subsidy discount of Rs 28,225 Crore (up 28% from Rs 22,001 Crore in FY'08).
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ONGC continues to be almost a zero debt Company.
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Despite recession and poor global economic outlook, ONGC registered Capital Expenditure (CAPEX) of Rs 21,820 Crore for its domestic activities; the highest-ever, more than 94% being on the core activity Exploration and Production (E&P) of hydrocarbons. OVL invested Rs. 16,105 Crore, again the highest-ever, towards overseas projects during FY'09.
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Subsidy Impact on Profit (Rs. in crore)
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Production Highlights - Domestic
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ONGC Videsh Limited (OVL) in FY'09 |
OVL has 40 projects spread over 16 countries.
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Production from Imperial Energy fields situated in Western Siberian province of Tomsk increased to 11,500 bopd from 6,000 bopd within 6-7 months of acquisition by OVL.
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Production from BC-10 block ion Brazil also commenced from July 2009; with these new production streams, OVL has now nine producing assets.
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Production of 8.78 MTOE of O+OEG, as compared to 8.80 MTOE in FY'08
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Gross revenue Rs. 18,503 Crore, up 9% over Rs. 16,934 Crore in FY'08
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Profit after tax Rs. 2,807 Crore, up 17% over Rs. 2,397 Crore in FY'08
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Mangalore Refinery & Petrochemicals Ltd. (MRPL) in FY'09 |
Highest-ever Refinery Crude Thruput 12.59 MMT, up from 12.55 MMT in FY'08
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Capacity utilization of 130%
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Highest-ever Turnover Rs. 42,719 Crore, up 14% from Rs. 37,339 Crore in FY'08
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Profit-after-tax Rs.1,193 Crore, as compared to Rs.1,272 Crore in FY'08.
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Consolidated Group Results of ONGC |
Highest ever Turnover of Rs 109,394 Crore (up 7% from Rs. 101,835 Crore in FY'08);
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Net Profit of the ONGC Group Rs 19,795 Crore (down 0.4% from Rs. 19,872 Crore in FY'08)
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Seven new Discoveries in 2009-2010
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Future plans |
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Envisaged growth |
Crude oil production likely to go up 29 MMT by 2012-13 from current production of 25.4 MMT (2008-09).
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Natural gas production likely to be 72 mmscmd by 2012-13 and envisaged to be 100 mmscmd by 2015-16 from present production level of about 62 mmscmd,
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East Coast Hub - Eastern Offshore Asset has been put in place with an aim of putting East Coast discoveries on a fast track basis through an integrated East Coast hub. The oil discoveries in G-4-6, GS-29-1 and G-4-5 discoveries in KG-DWN-98/2 planned to be put on production in 2012-13.
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Exploration Acreage - ONGC has the largest exploration acreage in the country. ONGC has bagged 19 blocks in NELP- VII (18 blocks as operator) and with these the total number of blocks with ONGC as on 30.06.2009 is 82 NELP blocks (72 as operator) besides 79 nomination blocks. Exploring and monetizing these blocks is being taken on priority.
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Accolades |
Global Rankings - ONGC has been ranked at 152 (up 46 notches than last year's rank of 198th position) in the Forbes Global 2000 list 2009 of the world's biggest companies released on 8th April 2009. Ranking is based on Sales (US$24.04 billion), Profits (US$4.95 billion), Assets (US$35.35 billion) and Market Capitalization (US$28.91 billion). 47 Indian companies find place in the list among which ONGC has been ranked at no. 3. However, ONGC retains number One rank as per profit among Indian companies and has been ranked at 81 among the global 2000 biggest companies.
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Petrofed Awards - Secured three out of eight Petrofed Awards 2008, instituted by Petroleum Federation of India (Petrofed), for performance during 2007-08 |
Leading Oil & Gas Corporate of the year
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Exploration & Production Company of the year
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Project management (above Rs 2000 Crore) - Company of the year for the year 2008
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SCOPE Awards - Received the Golden Trophy for "SCOPE Meritorious Award for Good Governance 2006-2007" (awarded in November 2008).
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Amity Leadership Award for Corporate Excellence in the Oil & Gas Industry - Mr. R.S. Sharma, CMD was conferred 'Amity Leadership Award for Corporate Excellence in the Oil & Gas Industry' by Amity Business School during the 5th Annual Global Leadership Summit held at NOIDA on September 19, 2009.
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Sports |
World Billiards Championship - ONGC Sportsman Pankaj Advani, won the World Professional Billiards Championship. He, a Padmashri awardee, also has the distinction of holding the International Billiards and Snooker Federation's World Billiards titles.
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Arjuna Awards - ONGCians Pankaj Advani and Ms. Chitra K Soman were conferred with Arjuna Award in 2008 in recognition of their achievements in the respective fields. This year, two more ONGCians ace athlete Ms. Sinimole Paulose and eminent Cricketer Mr. Gautam Gambhir have been bestowed with Arjuna Award
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ONGC Nehru Cup International Football tournament - ONGC revived the ONGC Nehru Cup in 2007 and organized two events in 2007 & 2009 participated by 5 countries on each occasion. India emerged as Champions in both the tournaments.
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Talking after the Annual General Meeting, Mr R. S. Sharma, CMD said that the perspective for 2009-10 is well placed with number of development projects, better economic outlook and better pricing of products.
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Corporate Communications, New Delhi
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