ONGC notifies 8 Oil & Gas discoveries so far in FY’17

ONGC notifies 8 Oil  & Gas discoveries so far in FY’17

Declares results of Q1 FY’17;  PAT down by 21.1%(Q1-to-Q1)

ONGC Performance Highlights : Q1 - FY’17

 

ONGC has notified 7 new discoveries in Q1 and 8 so far in FY 2016-17 (3 new prospect discoveries and 5 new pool discoveries)
Gross Revenue INR 17,784 Crore (against INR 22,628 Crore in Q1-FY’16)
Net Profit INR 4,233 Crore (against INR 5,368 Crore in FY’16)

Physical Performance – Q1, FY’17

  Actual
Q1, FY’17
Actual
Q1, FY’16
%
variation
FY’16
Crude oil production (MMT)
ONGC 5.162 5.229 (1.28) 21.081
PSC-JVs 0.850 0.907 (6.28) 3.560
Total 6.012 6.136 (2.02) 24.641
Condensate receipt
ONGC 0.333 0.345 (3.48) 1.279
Total Oil + Condensate 6.345 6.481 (2.10) 25.920
Natural gas production (BCM)
ONGC 5.172 5.482 (5.65) 21.177
PSC-JVs 0.322 0.335 (3.88) 1.353
Total 5.494 5.817 (5.55) 22.530
Gas sales (BCM)
ONGC 3.904 4.192 (6.87) 16.075
PSC-JVs 0.243 0.258 (5.81) 1.024
Total 4.147 4.449 (6.79) 17.099
VAP Production (KT) 754 624 20.83 2,770

Financial Highlights 

ONGC Board in its 285th Meeting held on 7th September, 2016 approved the financial results for first quarter (Q1) for  fiscal 2016-17 (FY-17) as detailed below:

Details Q1 2016-17 Q1 201-16 % Variation FY'16
Gross Revenue
( INR Crore)
17,784 22,628 (21.41) 77,741
Net Profit
( INR Crore)
4,233 5,368 (21.14) 16,111
Under recovery Discount
( INR Crore)
- 1,096 - 1,096
Crude Oil Price-Nominated
Gross Realization
(US$/bbl)
46.10 63.80 (27.74) 48.26
Net Realization
(US$/bbl)
46.10 59.08 (21.97) 47.14
Gross Realization
(INR/bbl)
3,085 4,051 (23.85) 3,159
Net Realization
(INR/bbl)
3,085 3,752 (17.78) 3,086
Crude Oil Price-JV
Realization
(US$/bbl)
38.90 57.10 (31.87) 42.39
Realization
(INR/bbl)
2,604 3,626 (28.19) 2,775
Gas Price
Price on
GCV basis
($/mmbtu)
3.06 4.66 (34.33) 4.24

Note:  The Company has adopted Ind AS and accordingly, these financial results have  been prepared in accordance with the recognition and measurement principles of  Ind AS prescribed under section 133 of the Companies Act, 2103 read with the  relevant rules issued thereunder. The date of transition to Ind AS is 1st April, 2015.

New Discoveries

ONGC  has notified 7 discoveries in Q1 and total 8 so far in FY’17 (6 since last  press release on 26.05.2016): (3 new prospect and 5 new pool discoveries).

Discoveries notified in Q1  2016:

New  Prospect Discovery:

1. SU#2  (Suphyam#2) in Golaghat Nomination PEL, Golaghat district of Assam Arakan  basin.​

Exploratory well SU#2 (Suphyam#2) in Golaghat Nomination  PEL, Golaghat district of Assam Arakan basin was drilled to a depth of 3218m. A sandstone interval (2310 - 2306 m) of Bokabil formation of Miocene age on  conventional testing flowed oil and gas @ 38.4 m3/day and 14747 m3/day respectively through 6 mm bean.

This new prospect discovery opens up the area between  existing fields Kasomarigaon in the north and Uriamghat in the south for  exploration of Bokabil play.

New  pool Discoveries:

2. NR#12 (NRAF) in Nambar PML of Golaghat district in Assam & Assam Arakan Basin.

Exploratory well NR#12 (Nambar#12) in Nambar PML in  Golaghat district of Assam Arakan basin was drilled to a depth of 2,698m.  Sandstone interval (2578 – 2576 and 2574.5 - 2572 m) of Sylhet formation of  Eocene age on conventional testing flowed gas @ 66,533 m3/day with condensate @ 1.68 m3/day through 6 mm bean.

This discovery further consolidates the hydrocarbon  potential of the Khoraghat Nambar area.

3. Dahej#20 (DJAT) in South Dahej PML of Cambay onland Basin.

Exploratory well Dahej#20 in South Dahej PML of Cambay  onland Basin was drilled as an L profile well to a measured depth of 3785 m  (True Vertical depth 2982.65m). A sandstone interval (3600 – 3596.5 m) in Dahej  Sands of Hazad Member of Eocene age on conventional testing flowed gas @ 71,700  m3/day with condensate @ 38.32 m3/day through 6 mm bean. This discovery, the  new gas condensate pool indicates further exploration potential towards south  of Dahej Field.

4. Nadiad # 4 (NDDA) in Nadiad PML (NELP block CB-ONN-2001/1) of Cambay onland Basin.

Development well Nadiad # 4 (NDDA) in Nadiad PML (NELP  block CB-ONN-2001/1) of Cambay onland Basin was drilled as a L profile  well to a measured depth of 1,727 m  (True Vertical depth 1545m). A sandstone interval (1618 - 1613 m) in Younger  Cambay Shale (YCS) of Middle Eocene age on testing, after hydro-fracturing,  flowed oil @ 9 m3/day through 4 mm bean. This new pool adds to the production  potential of the Nadiad PML in the NELP block.

5. MBSO51NAA#2 in NELP block MB-OSN-2005/1 in Saurastra offshore of Mumbai offshore basin.

Exploratory well MBSO51NAA#2 in NELP block MB-OSN-2005/1 was  drilled in Saurastra offshore of Mumbai offshore basin to a depth of 2505 m. A sandstone interval (2462 – 2465.5 m) in Daman Sands of Oligocene age on  conventional testing flowed gas @ 95275 m3/day with condensate @ 72 bbls/day  through 3/8” choke.

This discovery, adds to the gas established in the two  earlier discoveries in this NELP block in the vicinity of GK-28/42 and other  Tertiary discoveries made in nearby NELP blocks.

Discoveries  notified so far in Q2 2016:

1. Kesanapalli West Deep#1 (KWD-AA) in Adavipalem-Ponnamanda PML of KG Onland basin in the State of Andhra Pradesh.

Exploratory well Kesanapalli West Deep#1 in  Adavipalem-Ponnamanda nomination PML of KG Onland basin was drilled to a depth  of 3,597 m.

A sandstone interval (2,899 – 2,908 m) in Vadaparu  formation of Eocene age on conventional testing flowed oil and gas @ 176 m3/day  and 33,571 m3/day respectively through 6 mm bean.

This deeper play discovery, in producing field  Kesanapalli West, with excellent flow rates, immediately augments the  production from the PML and further consolidates the potential of Vadaparu  formation. 

 

Issued By
Oil and Natural Gas Corporation Ltd.

Corporate Communications, New Delhi,
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