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ONGC improves Q2 Net by 5.9%
Notifies Five New Discoveries in Q2; and Four more in Oct’09 |
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October 29, 2009 |
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1. ONGC Board in its 197th Meeting held on 29th October 2009 approved the FY 10 Q2 financial results. Details of FY10 Q2 results are as under:
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1. Highlights
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A. Financial
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Subsidy:
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B. Production
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2. ONGC made Five new discoveries during Q2 of 2009-10 and Four more in October’09: (All these discoveries have been notified to DGH).
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Discoveries during Q2
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1.North Kural-1 in Kural PEL block of Western Onshore Basin (Oil)
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2.Kasomarigaon-2 in Merapani PEL block of Assam & Assam Arakan basin (Oil & Gas)
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3.Nannilam-3 in Nannilam-I ML block of Cauvery Basin (Oil)
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4.Sundulbari-4 in Large Area PEL of Assam & Assam Arakan Basin (Gas)
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5.East Rangapuram-3 in PEL-1B block of Krishna Godavari Basin (Gas)
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Discoveries during October’09:
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6.GS-69-1 in GS-15/23 ML block of KG Shallow Offshore basin (Oil & Gas)
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a.PER-1 in BOFF-123 PEL block of Western Offshore Basin (Oil & Gas)
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7.Well PER-1, BOFF-123 PEL, Western Offshore Basin
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8.Well SD-1-5 in BOFF-123 PEL of Western Offshore Basin (Oil & Gas)
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9.Well BF-1 in South Bassein ML of Western Offshore Basin (Gas)
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Legend – ML: Mining Lease; PEL: Petroleum Exploration License
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3. Budget approval
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ONGC Board also approved Plan Investment of Rs. 24,720 Crore and Rs. 26,523 Crore for RE 2009-10 and BE 2010-11 respectively. The year-wise plan investment is as under
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The company targets to accrete 72.65 MTOE and 76.17 MTOE of ultimate oil and gas reserves as per RE 2009-10 and BE 2010-11 respectively; against actual of 68.90 MTOE during 2008-09.
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A number of capital schemes for enhancement of production of Oil and Gas from both Offshore and Onshore Assets, such as – New Mumbai High North Complex, Mumbai High (South) redevelopment plan (Ph-II), Mumbai High (North) redevelopment plan (Ph-II), redevelopment of B series, B-22 series, B-193 and C series fields, Heera redevelopment, Neelam-Heera reconstruction, Assam Renewal Plan, development of East Coast Hub etc. are lined up.
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4. ONGC registers Fifth CDM project with UNFCCC
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ONGC's pursuit towards sustainable management is well documented and has earned ONGC many laurels. The latest feather in the cap is the registration of the fifth Clean Development Mechanism (CDM) project with the United Nations Framework Convention on Climate Change (UNFCCC) on September 22, 2009. The project, Energy Efficiency of Amine Circulation Pumps at Hazira' involves enhancing energy efficiency achieved in the amine circulation pumps of Hazira Plant. The project will fetch an estimated Certified Emission Reduction (CER) of 4043 per year for a period of 10 years. With this ONGC achieves a total annual CER of about 1.24 Lakh is achieved.
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5. Future plans
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1.East Coast Hub - Eastern Offshore Asset has been put in place with an aim of putting East Coast discoveries on production 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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2.Exploration Acreage - ONGC has the largest exploration acreage in the country. ONGC has bagged 17 blocks in NELP- VIII (14 blocks as operator and 3 as partner). The total number of blocks with ONGC as on date is 99 NELP blocks (86 as operator) besides 69 nomination blocks. Exploring and monetizing these blocks is being taken up on priority.
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6. Accolades
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1.ONGC bags four National Safety Awards in Oil Mines Category: ONGC has bagged four National Safety Awards in Oil Mines Category for year 2007. This is fourth consecutive years that ONGC has bagged these awards, instituted by the Ministry of Labour & Employment, Gov. of India to motivate, appreciate and recognize the extraordinary performance in the area of mines safety. These awards were given away by the Hon’ble Vice President of India in New Delhi on 23 October, 2009. These awards are based on Longest Accident Free Period (LAFP) and Lowest Injury Frequency Rate (LIFR) and were judged by jury of Director General of Mines Safety, Management Representatives and Trade Union representatives.
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ONGC has won in the following categories:
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2. Oil Industry Safety Directorate Awards 2008-09: ONGC combined with its subsidiary MRPL, bagged awards in seven out of the eight categories at the coveted ‘Oil Industry Safety Awards 2008-09’ function held by Oil Industry Safety Directorate (OISD). The awards were adjudged based on least penalty points (fatality, man hours lost, property loss and operational loss), implementation of HSE Management system and implementation of external safety audit (ESA) by OISD recommendations.
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3. Dainik Bhaskar India Pride Awards: ONGC has recently bagged the coveted Gold Award in the Oil and Gas Category of the "Dainik Bhaskar India Pride Awards for Excellence in PSUs" organized by the Dainik Bhaskar Group. The award was presented for recognizing the PSUs, who have excelled in their areas of operations and made significant contributions to the development of Indian economy.
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7. Sports
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Petroleum Sports Promotion Board Annual Awards: ONGC won the Petroleum Ministers Trophy 7th time in succession for the highest contribution from their sports people who have excelled in various games. ONGC won the Excellence Trophy for the year 2007-08 in the Petroleum Sports Promotion Board Annual Awards. ONGC managed to get the 1st position with 154 points followed by IOC with 97 points thus maintaining its supremacy. 48 sports person from ONGC were awarded for their outstanding performance in International / National performance in various sports.
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Mr. R S Sharma, CMD, ONGC expressed total satisfaction on the quarterly results as well as on the new discoveries. He further stated that conversion of all the new discoveries into producing assets at accelerated pace shall be a major professional challenge.
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As regard the budget, he explained, ‘Our perspective for 2009-10 is well placed with aggressive foray into Exploration & Production in proven fields as well as new and marginal fields.’
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‘You can see that our RE 2009-10 has been increased by about Rs. 4000 crore compared to its BE and 2010-11 BE is still higher by almost Rs. 2000 crore.’ Mr. Sharma added while emphasising his vision of growth.
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Corporate Communications
New Delhi
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