ONGC Videsh Declares H1 FY’19 Financial Results

Financial results of ONGC Videsh Ltd, the wholly-owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), for the half year ended September 30, 2018 were considered and approved by the Board in its meeting held on November 14, 2018. The performance highlights are as under:

ONGC Videsh Declares H1 FY’19 Financial Results

Standalone and consolidated production of Crude Oil and Oil Equivalent of Gas together during H1 FY’19 was higher by 8.8% and 1.4% respectively as compared to H1 FY’18 mainly due to increased production from Sakhalin-1, Russia and addition of production of Lower Zakum Concession, UAE acquired in March’2018.

The Company recorded its standalone profit of ₹ 432 crore during H1 FY’19 as against profit of ₹ 134 crore in H1 FY’18 and consolidated profit of 1,384 Crore during H1 FY’19 as against consolidated profit of ₹ 142 crore of H1 FY’18, mainly due to higher production, higher prices and exchange variation.

A. Highlights

  • Production from Greater Pioneer Operating Company (GPOC), South Sudan project of ONGC Videsh has resumed after prolonged shutdown since December 2013. The Minister of Petroleum, Republic of South Sudan and Minister of Petroleum and Gas, Republic of Sudan in the presence of Ministry and related companies’ officials on 25th August 2018, officially declared pumping of first crude oil from Toma South field of South Sudan to Heglig in Sudan.  Presently the field is flowing crude oil at ~15000 bbl/day.
  • The first equity cargo of Das Blend crude produced from Lower Zakum Concession, ADNOC Offshore, UAE arrived at New Mangalore port on 08th June 2018. This equity crude of ONGC Videsh was refined at MRPL, and is another step in ensuring India’s energy security needs. Total Das Blend equity oil purchased by MRPL during June to October’2018 is 2.38 MMBBL.
  • Memorandum of Understanding (MoU) was signed on 18th April 2018 amongst ONGC Videsh, Rosneft Vietnam BV (Operator) and PetroVietnam relating to further exploration activities in Block 06.1, Vietnam for exploration in deeper Clastic prospect.
  • ONGC Videsh has entered into a Cooperation Agreement with UzbekNefteGaz on 28th Sept 2018 to jointly explore the possibilities to assess the potential opportunities in exploration blocks, under-development assets and producing fields/blocks located within the Republic of Uzbekistan and third countries pertaining to upstream sector.

B. About ONGC Videsh

ONGC Videsh is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the National Oil Company of India, and is India’s largest international oil and gas Company. ONGC Videsh has participation in 41 projects in 20 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Kazakhstan, Mozambique, Myanmar, Namibia, Russia, South Sudan, Sudan, United Arab Emirates, Venezuela, Vietnam and New Zealand. ONGC Videsh maintains a balanced portfolio of producing, discovered/under development, exploratory and pipeline projects. The Company currently operates/ jointly operates 21 projects. ONGC Videsh had total oil and gas reserves (2P) of about 711 MMTOE as on April 1, 2018. For more information visit:  www.ongcvidesh.com.

C. About ONGC:

ONGC’s market capitalization as on November 13, 2018 was ₹ 2.01 trillion (USD 27.57 billion). During the financial year ended March 31, 2018, ONGC Group had produced 64.21 MMTOE oil and oil equivalent gas and the consolidated gross turnover was ₹ 3,622.46 billion (USD 55.8 billion) during FY’18. For more information visit: www.ongcindia.com