ONGC improves Q2 Net by 60.4% ll. Notifies one more discovery in Oct’11 totaling 9 in the year

Highlights

1. ONGC Board in its 224th Meeting held on 4th November 2011 approved the financial results for Q2 FY’12 and H1FY’12 detailed as under:

Details Q-2 2011- 12 Q-2 2010- 11 % vari ation H1 2011- 12 H1 2010- 11 % vari ation FY 2010- 11
Sales Revenue (₹in Crores) 22,687 18,239 24.4 38,955 31,949 21.9 66,152
Net Profit (₹ in Crore) 8,642 5,389 60.4 12,737 9,050 40.7 18,924
Under recovery Discount (₹ in Crore) 5,713 3,019 89.2 17,760 8,534 108.1 24,892
Gross Realization (US$/bbl) 116.94 79.21 47.6 119.06 79.99 48.8 89.41
Net Realization (US$/bbl) 83.70 62.75 33.4 66.52 55.73 19.4 53.77
Gross Realization (₹/bbl) 5,351 3,683 45.3 5,389 3,687 46.2 4,075
Net Realization (₹/bbl) 3,830 2,918 31.3 3,011 2,569 17.2 2,450

2. Production Performance

Details Q2 2011-12 Q2 2010-11 H1 2011-12 H1 2010-11 FY 11
(A) Crude Oil – (MMT)
Nominated Block 6.04 6.15 11.97 12.20 24.42
JVs 0.80 0.70 1.63 1.25 2.86
Total Crude oil (A) 6.84 6.85 13.60 13.45 27.28
(B) Gas – (BCM)
Nominated Block 5.83 5.80 11.43 11.56 23.09
JVs 0.56 0.45 1.12 1.10 2.23
Total Gas (B) 6.39 6.25 12.55 12.66 25.32
(C) Total Value Added Products (MMT) 0.80 0.75 1.52 1.52 3.13

3. Under Recovery Discount- Impact on profit

(₹ in Crores)
Details Qtr ended on Half year ended on For the FY
30.09.11 30.09.10 30.09.11 30.09.10 2010- 11 2009- 10 2008- 09
Gross Discount 5,713 3,019 17,760 8,534 24,892 11,554 28,225
Impact on Statutory Levies 796 442 2,660 1,232 3,558 1,629 4,292
Impact on Profit Before Tax 4,917 2,577 15,100 7,302 21,334 9,925 23,933
Impact on Profit After Tax 3,322 1,721 10,201 4,876 14,247 6,551 15,798

4. ONGC made 3 new discoveries during Q2 of 2011-12 and one more in October’11 totaling 9 discoveries (5 in Q1’12) so far in this fiscal. All these discoveries have been notified to DGH.

Discoveries during Q2’12:

1. Well Geleki # 334, in Namti PML Block, North Assam Shelf, A&AA Basin
2. Well Aliabet#3, NELP Block CB-OSN-2003/1, Western Onshore Basin
3. Well Chandrika South # 1, NELP Block KG-OSN-2004/1 in KG Shallow Offshore Basin

New discovery in October’11:

MDW # 13, NELP Block NEC-DWN-2002/2 in NEC deep Offshore:
  Well MDW#13 in NELP Block NEC-DWN-2002/2, NEC deep Offshore, operated by ONGC with 100% PI, was drilled to a depth of 4,904 m at a water depth of 1,171 m. Sands interesting from hydrocarbon point of view were encountered in Middle to Late Miocene section. Straddle packer open hole MDTs were carried out at five places, all of which yielded gas. This Miocene discovery is in geographical and geological contiguity of the earlier discoveries made in blocks MN-OSN-2002/1 and MN-DWN-98/3.

5. Gas Production commences from BS-13A-A structure in B-22 Cluster on 27th Sep’11

BS-13 is one of the marginal fields with around 1.7 BCM in place Gas Reserves. After successful drilling and completion in Bassein pay, the well BS-13A-2H has been connected to BPB platform as the first well of the development scheme. Currently, BS-13A-2H is producing gas @ 2.0 lakh SCMD with a bean size of 32/64", THP of about 130 kg/cm2.

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