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ONGC declares results for Q3 FY’17

Dated: 01 February 2017 10:04:02 AM
  • Declares second interim dividend of 45%
  • Notifies 16 discoveries so far in FY’17
  • Approves FDP of NW B-173 A field with investment of   Rs 474.15 crore

In its 289th Board Meeting held on January 31, 2017, ONGC presented the Quarterly results for the quarter ended December 31, 2016.

Dividend

ONGC Board has approved 2nd interim dividend of 45%, i.e. Rs 2.25 on each equity share of Rs 5. The total payout on this account will be Rs 2,887 Crore. Government of India will receive Rs 1,973 crore on its 68.34% shareholding. In addition, dividend distribution tax of Rs 588 Crore would also be paid to the Government. The Record date for distribution of dividend has been fixed for 8th February, 2017 which has been intimated to the stock exchanges.

1. ONGC Performance Highlights : Q3 FY’17

Q3 FY’17 Gross Revenue Rs 20,014 Crore (against Rs18,364 Crore in Q3 FY’16)
Net Profit Rs 4,352 Crore in Q3 FY’17 as against Rs 1,466 Crore in Q3 FY’16.
16 oil and gas discoveries notified so far in FY’17; 1 since last press release on 27.10.2016

2. Production Performance (ONGC nominated blocks + Share in JVs):

  Q3 9 Months Actual
FY’16
FY’17 FY’16 % Var FY’17 FY’16 % Var
Crude Oil – ONGC (MMT) 5.253 5.295 (0.8) 15.611 15.880 (1.7) 21.081
Crude Oil – JVs (MMT) 0.805 0.886 (9.1) 2.513 2.708 (7.2) 3.567
Condensate (MMT) 0.347 0.346 0.3 1.018 0.999 1.9 1.279
Total Crude Oil (MMT) 6.405 6.527 (1.9) 19.142 19.587 (2.3) 25.927
Gas – ONGC (BCM) 5.737 5.434 5.6 16.420 16.272 0.9 21.177
Gas – JVs (BCM) 0.288 0.337 (14.5) 0.905 1.018 (11.1) 1.353
Total Gas (BCM) 6.025 5.771 4.4 17.326 17.290 0.2 22.530
Value Added Products (KT) 835 758 10.2 2,387 2,078 14.9 2,770

3. Sales Performance (ONGC nominated blocks ):

  Q3 9 Months Actual
FY’16
FY’17 FY’16 % Var FY’17 FY’16 % Var
Crude Oil – (MMT) 4.985 4.922 1.3 14.678 14.823 (1.0) 19.842
Gas – (BCM) 4.449 4.159 7.0 12.592 12.402 1.5 16.075

4. Financial Results

  Q3 9 Months Actual
FY’16
FY’17 FY’16 % Var FY’17 FY’16 % Var
Gross Revenue (Rs Crore) 20,014 18,364 9.0 56,194 61,504 (8.6) 77,741
Net Profit  (Rs Crore) 4,352 1,466 196.9 13,559 11,515 17.8 16,111
Under recovery Discount (Rs Crore) - - - - 1,096 - 1,096
Crude Oil Price-Nominated
Gross Realization(US$/bbl) 51.80 44.34 16.8 48.65 52.98 (8.2) 48.26
Net Realization (US$/bbl) 51.80 44.34 16.8 48.65 51.46 (5.5) 47.14
Gross Realization (Rs/bbl) 3,495 2,923 19.6 3,265 3,432 (4.9) 3,159
Net Realization (Rs/bbl) 3,495 2,923 19.6 3,265 3,334 (2.1) 3,086
Crude Oil Price-JV
Realization (US$/bbl) 46.59 36.61 27.3 42.62 46.44 (8.2) 42.39
Realization (Rs/bbl) 3,143 2,414 30.2 2,860 3,009 (5.0) 2,775
Gas Price
Price on GCV basis ($/mmbtu) 2.50 3.82 (34.6) 2.86 4.38 (34.7) 4.24


5. Discoveries:

ONGC has notified 1 more discovery since last press release on 27th October 2016.

Additional Discovery notified in Q3 2016:

New Prospect Discovery:

i. B154N-1(B-154N-A) in Bombay Offshore 7 Year PML, Western  Offshore Basin

The Exploratory well B154N-1(B-154N-A) was drilled in Shallow water in Bombay Offshore PML to a depth of 3417 m in Western offshore basin. A clastic interval (Object-I: 3211-3217 m) in Panna  Formation (Late Paleocene-Early Eocene) on conventional testing flowed Oil @ 72 BPD and 16147 m3/day  of gas through 1/4” choke. This lead has opened up scope for future exploration in the area North of B154 and also facilitate in conversion of 7 Year PML to long-term regular PML.

With this, ONGC has notified 16 discoveries (8 new prospects and 8 new pools) so far in FY’17 (7 in Q1, 4 in Q2 and 5 in Q3).

6. Investment:

ONGC Board approved Field Development Plan (FDP) of NW B-173A field under Neelam & Heera Asset of Western Offshore

ONGC will be investing USD 66.05 Million (Rs 474.15 crore) towards development of North West B-173A field to enhance production from its Western Offshore. The investment decision has been approved by the ONGC Board in its 289th Meeting here today. NW-B-173A field is located 5 km northwest from B-173A field which is about 25 km north of Neelam field at an average water depth of 55 m. In April 2014, B-173A-8 exploratory well was drilled in NW B-173A field, which produced oil at the rate of 2,246 bopd on conventional testing from Mukta pay, resulting in declaration of discovery of this field.

The production is expected to commence from February 2019 and peak production rate of 2870 BOPD of oil and 56,350 M3/Day of gas is expected to be achieved in 2019-20. The cumulative production till 2031-32 is pegged at 0.760 MMt of oil & 0.213 BCM of gas. The oil and gas will be evacuated through existing Neelam Process facilities. The project envisages installation of one Well Head Platform, associated pipelines and drilling of 3 wells. The project is scheduled for completion by May 2019.

 

Issued By
Oil and Natural Gas Corporation Ltd.
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Mail: ongcdelhicc@ongc.co.in