ONGC declares results for Q2 FY’16

Declares interim dividend of 90%

In its 275th Board Meeting held on November 6, 2015, ONGC presented the Quarterly results for the second quarter ended on September 30, 2015.

Dividend

ONGC Board has approved an interim dividend of 90%, paying INR 4.50 per equity share of INR5 each.The total payout on this account will be INR 3,850 Crore out of which the Government of India will receive INR 2,654 Crore on its shareholding. In addition, dividend distribution tax of INR 784 Crore would   also be paid to the Government.

The Record date for distribution of dividend has been fixed for 13th November, 2015 which has been intimated to the stock exchanges. The payment of interim dividend to the shareholders shall start from 16th November, 2015.

1. ONGC Performance Highlights : Q2 FY’16

 

Q2 FY’16 Gross Revenue INR 20,732 Crore(against INR 20,512 Crore in Q2 FY’15)

Net Profit INR 4,842 Crore in Q2 FY’16 as against INR 5,445 Crore in Q2 FY’15.

Three more hydrocarbon discoveries (2 new prospect and 1 new pool) have been notified since last Board meeting on 14th September, 2015:

1.    B-127N-1, BOFF PML, Mumbai Offshore Basin, Western Shallow Offshore.

Exploratory well B-127N-1 in BOFF PML in Mumbai Offshore Basin, Western Shallow Offshore was drilled to a depth of 3235 m. On conventional testing 3 zones in Panna formation of Paleocene age produced oil & gas. On conventional testing 14 m sands in the interval 2960-2940 m, produced oil @ of 102 bopd and gas @ 138,749 m3/day. Two other shallower objects in Panna formation also produced oil & gas on testing. This new prospect discovery will augment oil potential of B-127 cluster.

2.    KGOS041NAML#1 (Malhar#1), NELP block KG-OSN-2004/1, Krishna Godavari Shallow Offshore.

Exploratory well KGOS041NAML#1 (Malhar#1) in NELP block KG-OSN-2004/1 in Krishna Godavari Shallow Offshore was drilled to a depth of 2617 m. On conventional testing 15.5 m sands in the interval 1917 – 1958.5 m in Godavari Clay formation of Pliocene age, produced gas @ 280,611 m3/day through 24/64” choke.

This 7th new prospect discovery in the south western part of the block will add to the development potential of the block.

3.    Rokhia-62, Konaban nomination PML, A&AA Onland Basin, Tripura State.

Exploratory well, Rokhia#62 in Konaban nomination PML of Tripura State part of A&AA Onland Basin, was drilled down to a depth of 3356 m. Interval 2440-2437 m in Middle Bhuvan formation of Miocene age, on testing produced gas @ 63100 m3/d through 6 mm bean. This new pool discovery will augment ongoing production from Rokhia field. The discovery in the Rokhia field is about 14 Km South West of Agartala town in the state of Tripura.

With this, ONGC has so far notified 10 new discoveries (5 new prospect and 5 new pool) so far in FY16.

ONGC’s Crude Oil, condensate and natural gas production increased from 12.793 MMToe in Q2 FY’15 to 12.976 MMToe in Q2 FY’16, an increase of 1.4%

Subsidy INR 596 Crore in Q2 FY’16 as against INR 13,641 Crore in Q2 FY’15.

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

  Q2 H1 Actual
FY’16
FY’17 FY’16 % Var FY’17 FY’16 % Var
Crude Oil – ONGC (MMT) 5.199 5.359 (3.0) 10.359 10.585 (2.1) 21.081
Crude Oil – JVs (MMT) 0.855 0.912 (6.3) 1.708 1.821 (6.2) 3.560
Condensate (MMT) 0.338 0.307 10.1 0.670 0.653 2.6 1.279
Total Crude Oil (MMT) 6.392 6.578 (2.8) 12.737 13.059 (2.5) 25.927
Gas – ONGC (BCM) 5.511 5.356 2.9 10.683 10.837 (1.4) 21.177
Gas – JVs (BCM) 0.296 0.346 (14.5) 0.618 0.682 (9.4) 1.353
Total Gas (BCM) 5.807 5.702 1.8 11.301 11.519 (1.9) 22.530
Value Added Products (KT) 798 696 14.7 1,552 1,320 17.6 2,770

3. Financial Results

  Q2 H1 Actual
FY’16
FY’17 FY’16 % Var FY’17 FY’16 % Var
Gross Revenue (Rs. Crore) 18,395 20,512 (10.3) 36,180 43,141 (16.1) 77,741
Net Profit (Rs.Crore) 4,975 4,681 6.3 9,207 10,050 (8.4) 16,111
Under recovery Discount (Rs. Crore) - - - - 1,096 - 1,096
Crude Oil Price-Nominated
Gross Realization (US$/bbl) 47.92 51.33 (6.6) 47.00 57.37 (18.1) 48.26
Net Realization (US$/bbl) 47.92 51.33 (6.6) 47.00 55.08 (14.7) 47.14
Gross Realization (Rs./bbl) 3,209 3,332 (3.7) 3,147 3,685 (14.6) 3,159
Net Realization (Rs./bbl) 3,209 3,332 (3.7) 3,147 3,538 (11.0) 3,086
Crude Oil Price-JV
Realization (US$/bbl) 41.71 45.24 (7.8) 40.34 51.08 (21.0) 42.39
Realization (Rs./bbl) 2,793 2,936 (4.9) 2,701 3,281 (17.7) 2,775
Gas Price
Price on GCV basis ($/mmbtu) 3.06 4.66 (34.3) 3.06 4.66 (34.3) 4.24

4. Highlights

ONGC Board approves Field Development Plan of Madanam Field, with   an area of 140 sq. kms, awarded under 4th round of NELP in 2004 to JV   of ONGC (60% PI as operator) and BPRL (40% PI), located about 50 Km.   north of Karaikal district in Tamil Nadu.

The   project envisages cumulative production of 1.048 Million Ton of oil by   2027-28 and 2.702 BCM of gas by 2032-33 at a total investment of US$   100.13 Million (ONGC Share of US$ 60.08 Million i.e. Rs.390.52 Crore).   The project scope includes drilling of 15 wells in addition to existing 3   wells, installation of associated facilities and pipelines, etc.

ONGC moves up 4 notches in Platts Global ranking

ONGC   has improved its Platts 250 global ranking among world’s top energy   companies by 4 notches in 2015. As per the Platts ranking released   recently, ONGC is placed 17th among the global energy majors based on   net worth, revenues, profits and return on invested capital. ONGC   maintains its 3rd position in the E&P industry globally

 

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