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ONGC Q3 FY’18 Results: Net Profit INR 5,015 crore, up 15.2% QoQ

Dated: 09 February 2018 06:48:01 PM

Highlights:

  • Standalone Production registers upswing in 9 month period: Natural Gas up 7.7%; Crude Oil up 1.2% and VAP up 4.9% in FY’18 against same period in FY’17
  • Notifies 10 discoveries so far in FY’18
  • Gross Revenue INR 22,996 Crore, up 14.9 % Q-o-Q
  • Net Profit INR 5,015 Crore, up 15.2 % Q-o-Q

In its 303rd Board Meeting held on February 9, 2018, ONGC presented the Quarterly results for the third quarter ended 31 December 2017.

1. Financial Results

  Q3 9 Months Actual
FY’17
FY’18 FY’17 % Var FY’18 FY’17 % Var
Gross Revenue (INR Crore) 22,996 20,014 14.9 61,034 56,194 8.6 77,907
Net Profit          (INR Crore) 5,015 4,352 15.2 14,030 13,559 3.5 17,900
Crude Oil Price-Nominated
Realization (US$/bbl) 60.58 51.80 16.9 54.29 48.65 11.6 50.27
Realization (INR/bbl) 3,922 3,495 12.2 3,501 3,265 7.2 3,372
Crude Oil Price-JV
Realization (US$/bbl) 53.78 46.59 15.4 48.58 42.62 14.0 44.09
Realization (INR/bbl) 3,482 3,143 10.8 3,133 2,860 9.5 2,959
Gas Price
Price on GCV basis ($/mmbtu) 2.89 2.50 15.6 2.62 2.86 (8.4) 2.77

2. Dividend

The Board deferred the decision on 2nd interim dividend, if any to the next meeting of Board.

3. Production Performance (ONGC + Share in JVs):

  Q3 9 Months Actual
FY’17
FY’18 FY’17 % Var FY’18 FY’17 % Var
Crude Oil – ONGC(MMT) 5.196 5.263 (1.3) 15.811 15.631 1.2 20.886
Crude Oil – JVs (MMT) 0.778 0.796 (2.3) 2.343 2.494 (6.1) 3.285
Condensate (MMT) 0.365 0.348 4.9 1.080 1.018 6.1 1.363
Total Crude Oil (MMT) 6.340 6.406 (1.0) 19.234 19.143 0.5 25.534
Gas – ONGC (BCM) 5.997 5.737 4.5 17.685 16.420 7.7 22.088
Gas – JVs (BCM) 0.281 0.288 (2.4) 0.847 0.905 (6.4) 1.182
Total Gas (BCM) 6.277 6.025 4.2 18.533 17.326 7.0 23.270
Value Added Products (KT) 868 835 4.0 2,504 2,386 4.9 3,235

4. Exploratory Performance

ONGC has notified total 10 discoveries so far in FY’18. The details of the latest discovery are as under:

New Prospect Discovery: Mattur West-1(MTW-1, MTAN) in L-II PML Block (7 year, Nomination), Mattur-Pundi Area, Cauvery Basin

The Exploratory well MT-14(MTAN) renamed as Mattur West-1(MTW-1) in L-II PML (7 year), Mattur-Pundi Area, Cauvery Basin (Onland) was drilled to a depth of 1292 m. Two objects have been tested in this well and both were proved to be oil bearing. Object-I (1068-1292m) in Basement gave cumulative influx of 3.7 m3 of oil and Object-II (959-964 m) in Sand (Upper Nannilam Formation, Upper Cretaceous) flowed oil @ 33 m3/d and gas @ 3500 m3/d through 6 mm bean.

The New Sand interval (959-964 m) has been encountered for the first time in Mattur Field, which is an older sand layer in Upper Nannilam Formation.

The success in this well has helped in establishing the Nannilam Play (Sand) to be of commercial interests at a very shallow depth for further exploration in addition to the known Basement play in the Mattur-Pundi area and declared as a New Prospect Discovery. Commercial oil & gas flow in the well will facilitate the conversion of the L-II PML (7 year PML) into long term/regular PML.

 

Issued By:
Corporate Communications,

Oil and Natural Gas Corporation Ltd
Deendayal Urja Bhawan, 5, Nelson Mandela Marg
Vasant Kunj, New Delhi -110070
Ph: 011-26754013