ONGC Q2 FY’11 net up by 5.9% despite higher under-recovery discount II.ONGC notifies one more oil discovery in Cambay Basin, Western Onshore

I. ONGC in its 211th Board Meeting held on 28th October, 2010 approved the financial results for Q2 FY’11 and H1 FY’11 detailed as under:

₹ in Crore
Details Qtr end on Half year ended on For the FY
  30.09.10 30.09.09 30.09.10 30.09.09 2009 - 10 2008- 09 2007 - 08
Gross Discount 3,019 26,30 85,34 30,59 11,554 28,225 22,001
Impact on Statutory Levies 442 371 1,232 434 1,629 4,292 1,942
Impact on Profit Before Tax 2,577 2,259 7,302 2,625 9,925 23,933 20,059
Impact on Profit After Tax 1,721 1,491 4,876 1,733 6,551 15,798 13,241

II. New oil discovery notified in Cambay Basin, Western Onshore

Well Mater -12. Dabka -Sarbhan PEL Block. Western Onshore Basin:

Production Performance

Details Q2 2010 - 11 Q2 2009 - 10 H1 2010 - 11 H1 2009 - 10 FY'10
(A) Crude 011 - (MMT)
Nominated Block 6.15 6.25 12.20 12.37 24.67
JVS 0.70 0.38 1.25 0.81 1.79
Total Crude oil (A) 6.85 6.63 13.45 13.18 26.46
(B) Gas - (BCH)
Nominated Block 5.80 5.86 11.56 11.60 23.11
JVS 0.45 0.60 1.10 1.24 2.48
Total Gas (B) 6.25 6.46 12.66 12.84 25.59
(C) Total Value Added Products (MMT) 0.75 0.86 1.52 1.68 1.523.40

Production Performance

Details Q2 2010 - 11 Q2 2009 - 10 % variation H1 2010 - 11 H1 2009 - 10 % variation FY'2009 - 10
Sales Revenue ( ₹ in crore) 18,239 15,134 20.5 31,949 30,056 6.3 60.205
Net Profit (₹ in Crore) 5,389 5,090 5.9 9,050 9,938 (8.9) 16,768
Under recovery Discount (₹ in Crore) 3,019 2,630 14.8 8,534 3,059 179.0 11,554
Gross Realization (US$/bbl) 79.21 70.49 12.4 79.99 65.58 22.0 71.65
Net Realization (USS/bbl) 62.75 56.41 11.2 55.73 57.33 (2.8) 55.94
Gross Reahzalion (₹/bbl) 3,683 3,414 7.9 3,686 3,183 15.80 3,397
Net Realization (₹/bbl) 2,918 2,732 6.8 2,568 2,783 (7.7) 2,652

The exploratory well Matar-12 in Dabka-Sarbhan PEL Block, Western Onshore Basin, drilled to a depth of 1901m, flowed oil from a new reservoir sand @ 355 bopd with gas @ 6,636 m3/d through 6 mm bean from the conventionally tested interval 1793.5-1795.5m in Ankleshwar Formation of middle to upper Eocene age.

The oil is of good quality with an API gravity of 40.9 degree. Three more objects have been identified in the well at shallower levels which are under testing.

This discovery assumes importance since it has established the presence of a new pool in Matar field thereby opening up an additional area of the order of 60 sq. km for further exploration and delineation of this reservoir sand.

Matar-12 is the 14th discovery made by ONGC during the current fiscal and 5th in Cambay Basin.

The block which was earlier held by a consortium of M/s NIKO Resources & GSPCL under marginal field policy of ONGC and was surrendered after drilling one well. Subsequently, on taking up this Block, ONGC made the Matar-11 discovery followed by the current one. The exploratory well Matar-12 was drilled to a depth of 1901m, to chase the extension of earlier proven oil bearing sands of Matar-11. The discovery has been notified to DGH on 28th October 2010.

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