ONGC declares results of Q1 FY’18; Reports 10.8% increase in Gas Production and 2.9% increase in Crude Production (QoQ)

Highlights:

  • Records 10.8% increase in  standalone Natural Gas production; Crude production increases by 2.9%; Net  standalone oil and gas production up 6.7 % QoQ
  • Notifies 5 new  discoveries in Q1 (3 new prospect discoveries and 2 new pool discoveries)
  • Gross Revenue INR 19,073 Crore, up 7.2 % QoQ
  • Net Profit INR 3,885 Crore, down 8.2 % QoQ

In its 295th Board Meeting held on 27th July, 2017, ONGC Board  approved the results for First Quarter (Q1) for fiscal 2017-18 (FY’18) as  detailed below: 

1. Financial  Performance, Q1-FY’18

Financial  Performance

2. Production Performance, Q1- FY’18

Production Performance

3. Exploratory  Performance:

ONGC has notified  5 discoveries in Q1, FY’18 (3 new  prospects and 2 new pool discoveries). Out of the five  discoveries, three have been made in offshore blocks while two discoveries have  been made in onshore blocks.

New Prospect Discoveries

1. West Matar-1(MRAS) in Matar ML Block in  Cambay Basin

The  Exploratory well West Matar-1(MRAS) in Matar ML Block in Cambay Basin was  drilled to a depth of 2256 m. A sand (GS-9) (Object-I, interval: 2046-2048.50  m) in Hazad Formation (Middle Eocene) on conventional testing flowed Oil @93.98  m3/day and Gas @ 3,497 m3/day through 6 mm bean. This lead has opened up a  new area for exploration of Hazad Sands towards West of Matar field.

2. SW-WO-24(WO-24-3,WO-24-C), SWMH ML, Mumbai Offshore Basin

The  Exploratory well WO-24-3 (WO-24-C) falling in SWMH ML, Mumbai Offshore was  drilled to a depth of 2360 m. Nine zones were identified for testing. Three  objects (Object-I, II & III) falling in Basal Clastics, Mukta and Panvel  Formation were tested. Object-I (interval: 2292-2295 m, Basal Clastic) flowed  Gas @ 3,35,269 m3/day, Condensate @210 bpd, Object-II (interval: 2282-2287 m,  Mukta) flowed Gas @ 2,24,224 m3/day, Condensate @146 bpd and  Object-III (interval: 2174-2179 m, Panvel, L-VI) flowed Gas @ 43,600  m3/day, Condensate @46.4 bpd through ½”  choke respectively. This is a new prospect (SW-WO-24) discovery. Further testing  of other objects is in progress.

3. GD-10-1(AA),KG-OS-DW-III  PEL Block, KG Offshore Basin

The Exploratory well GD-10-1(AA) falling in KG-OS-DW-III, Nomination PEL Block, KG Offshore Basin was drilled to a depth of 2829 m. Two hydrocarbon zones (sand) in Godavari Clay Formation were identified for testing. Object-I (interval: 2316-2321.50 m)  has flowed  Gas  @ 3,90,484 m3/day  through 24/64”choke  whereas Object-II (interval: 2182-2188 m, 2193-2205 m) also flowed Gas @ 2,29,222 m3/day through 20/64”choke.

New Pool Discoveries:

1. KU-8(KUAF) in Kunjanban PML, West  Tripura, A&AA Basin

The Exploratory well KU-8(KUAF) in  Kunjanban PML, West Tripura in A&AA Basin was drilled to a depth of 3,460  m. A sand interval KUP-60 (Object: I 3408-3411 m) in Middle Bhuban Formation  (Middle Miocene) on conventional testing flowed Gas @1,47,490 m3/day through 8 mm bean. This lead has improved the  prospectivity of Middle Bhuban area and opened up this area for further  exploration.

2. GS-29#11(GS-29-AL) in GS-29 Extn. PML,KG Offshore Basin

The Exploratory well GS-29#11(GS-29-AL) in GS-29 Extn. PML, KG Offshore Basin was drilled to a depth of 2718 m. A sand (Object-I, interval:  2018-2029.50 m) in Godavari Clay Formation (Pliocene) on conventional testing flowed Oil @596.66 m3/day  and Gas @133,592 m3/day  through 32/64” bean. This lead has further augmented the reserve base of Pliocene in GS-29 area and may improve the development viability of the prospect.

For further  information, please visit our website : www.ongcindia.com

Disclaimer:

This  Press Release is intended to apprise the public regarding the highlights of Unaudited  Financial Results of ONGC on standalone basis, for the quarter ended 30th  June, 2017 approved by the Board of Directors in their meeting held on 27.07.2017,  in addition to informing about other major and/or related highlights/developments  which in view of the management may be considered as important. These are not  to be taken as forward looking statements and may not be construed as guidance  for future investment decisions by investors/stakeholders.

 

Issued by:

Oil and Natural Gas Corporation Ltd 
Corporate Communications, New Delhi,
Phone: +91-11-26754013
mail: ongcdelhicc@ongc.co.in