ONGC notifies 6 Oil & Gas Discoveries in 3rd Quarter FY’13 II. Declares results of Q3 FY’13; PAT decreases by 17.5% (Q3-to-Q3)

Dated: February 11,2013 01:48:48 PM

ONGC Board, in its 240th Meeting held on 11th February, 2013 approved the financial results for 3rd quarter (Q3).

Major Highlights

Six New Discoveries in 3rd Quarter FY’13 :

Well Name Basin Type Acreage
MBS051NBA-1 Western Offshore New Prospect MB-OSN-2005/1
Pandanallur-7 Cauvery Onland New Prospect CY-ONN-2004/2
Mandapeta West-12 KG Onland New Pool 1B PEL
Anklav-9 Western Onland New Pool Anklav Extension-I PML
Motera-36 Western Onland New Pool Motera Extension-II PML
Motera-36 Western Onland New Pool Charada-Mansa Extension-II PEL

Till 30th September, 2012 (first half of FY2013), the following ten discoveries were made:


Well Name Basin Type Acreage
Phulani-1 A&AA New Prospect Merapani PEL
Koravaka-1 KG Onland New Prospect Adavipalem-Ponnamanda PML
Vadatal-5 Western Onland New Prospect CB-ONN-2004/1
Bantumilli South-1 KG Onland New Prospect 1B PEL
C-39-14 Mumbai Offshore New Pool BOFF-1/2/3 PEL
Aliabet-4 Gulf of Cambay New Pool CB-OSN-2003/1
Madanam-3 Cauvery Onland New Prospect CY-ONN-2002/2
Mukkamala-1 KG Onland New Prospect 1B PEL
BH-68 Mumbai Offshore New Pool BOFF-1/2/3 PEL
D-1-D#1 Mumbai Offshore New Pool D-1 Field PML

ONGC’s Physical Performance

Production of Oil, Gas and Value-Added Products:

ONGC’s Standalone Performance for Q3 FY’13 & 9-Months FY’13 compared to Q3 FY’12 & 9-Months FY’12 figures:


Q3 9 Month
2011-12 2012-13 %
increase
2011-12 2012-13 %
increase
Crude oil production (Million Metric Tonnes) 6.244 6.055 (-3.02) 18.912 18.095 (-4.35)
Condensate receipt (MMT) 0.498 0.529 6.22 1.427 1.559 9.25
Natural gas production (MMSCM) 6,402 6,344 (-0.90) 18,951 19,120 0.90
Gas sales(MMSCM) 5,026 5,023 0.06 14,974 15,210 1.58
VAP production (KT) 831 822 (-1.00) 2,387 2,366 (-0.88)

Reasons for shortfall in Q3 2012-13:

Crude oil :

  • InEastern Offshore Asset production has been restricted due to high GOR & forbetter reservoir management. In Ahmadabad Asset and Cambay production affecteddue to increase in water cut power shutdowns. At the same time Akholjoni fieldin Cambay is showing decline in production.

Natural gas production :

  • Naturalgas production was affected in Mumbai High and Cauvery assets due to lessoff-take by the consumers. While lack of consumers affected gas production inTripura.

Financial Highlights:

Financial results for 3rd quarter (Q3) and 9-Months (9M) for fiscal 2012-13 (FY-13) as detailed below:


Details Q2
2012-13
Q3 % 9 Month 9 Month % FY'12
2011-12 variation 2012-13 2011-12 variation
Sales Revenue
(Rs. Crore)
21,089 18,199 15.9 61,090 57,154 6.9 76,130
Net Profit
(Rs. Crore)
5,563 6,741 (17.5) 17,537 19,479 (10.0) 25,123
Under recovery Discount
(Rs. Crore)
12,433 12,536 (0.82) 37,108 30,296 22.5 44,466
Gross Realization (US$/bbl) 110.16 111.48 (1.2) 109.72 116.01 (5.4) 117.40
Net Realization (US$/bbl) 47.97 44.71 7.3 46.90 58.38 (19.7) 54.71
Gross Realization (Rs./bbl) 5,964 5,686 4.9 5,984 5,470 9.4 5,629
Net Realization (Rs./bbl) 2,597 2,280 13.9 2,558 2,753 (7.1) 2,624

Under Recovery Discount- Impact on Profit (Rs. crores)


Details Q3 9 Month FY'12
2012-13 2011-12 2012-13 2011-12
Gross Discount 12,433 12,536 37,108 30,296 44,466
Impact on Statutory Levies 1,686 1,920 5,264 4,647 6,667
Impact on Profit Before Tax 10,747 10,616 31,844 25,649 37,799
Impact on Profit After Tax 7,260 7,172 21,512 17,327 25,535

Corporate Highlights

a. Two more CDM projects registered with UNFCCC

ONGC’s two CDM (Clean Development Mechanism) projects - Green Building at Mumbai (UNFCCC ref no 7578) and Green Building at Dehra Dun (UNFCCC ref no 7634) - have been registered with the United Nations Framework Convention on Climate Change (UNFCCC) in January’ 2013 (on 2nd and 4th Jan) with expected annual accruable CER of 544 and 735 respectively for a period of 21 years. With these, ONGC gets 8 of its CDM projects registered with UNFCCC.

b. ONGC ranked at 386 in Newsweek Green Ranking 2012

ONGC has been ranked at 386 in the Newsweek Green Rankings 2012 Global 500 list [15th among Global Energy majors] published by the international magazine Newsweek. The rankings provide cross-industry framework for comparing the environmental commitment and performance of major companies. The ranking methodology uses publicly disclosed environmental data from sources such as company's Sustainability Report etc.

Among 13 Indian companies featured in this list ONGC is placed at 9th position. However, most of the companies ranked above ONGC are mostly from IT and banking sector which have lesser environmental footprint and impacts. Among global petroleum companies ONGC (global#386) has been ranked at 15 behind Petrobras (global#309), Shell (global#348), and BP (global # 371). While Energy majors Chevron and Conoco Philips are ranked at # 409 and # 425 respectively.

c. ONGC wins 3 PSE Excellence awards instituted by ICC

ONGC won three PSE Excellence Awards 2012 for "Best Financial Performance", "Best Corporate Governance" and "Environmental Excellence & Sustainable Development" instituted by the Indian Chamber of Commerce (ICC). The awards were given on 20th Dec 2012 at New Delhi.

ssued By
Oil and Natural Gas Corporation Ltd.
Corporate Communications, New Delhi,
Phone: +91-11-23320032, 23301406;
Tele-Fax: 011-23357860
Mail: ongcdelhicc@ongc.co.in