ONGC Videsh Limited Declares H1 FY’13 results

Financial results of ONGC Videsh Ltd (OVL), the wholly-owned subsidiary of ONGC, for half year ended 30th September 2012 were considered and approved by the OVL Board in its meeting held on 10th November 2012. The highlights of the half yearlyresults are as below:

Particulars Unit H1 ended 30.09.2012 H1 ended 30.09.2011 Financial Year2011-12 Variation % (HY’13 on HY’12)
Production
Crude Oil MMT 2.276 3.390 6.214 (-) 32.9
Natural Gas BCM 1.212 1.156 2.539 4.8
Total Oil and Oil Equivalent of Gas MMTOE 3.488 4.546 8.753 (-) 23.3
Financial
Gross Revenue Rs / Crore 8,279 12,388 22,637 (-) 33.2
Net Profit Rs / Crore 1,649 2,717 2,721 (-) 39.3

Highlights:

OVL is currently having participation in 31 projects in 15 countries, out of which 10 are producing projects.

ONGC Group has recently finalized its long term plan - Perspective Plan 2030 setting a production target of 20 MMToe by FY’18 and 60 MMToe by FY’30 for OVL.

OVL signed definitive agreementsin September' 2012 for the acquisition of Hess Corporation’s 2.7213% participating interest in the Azeri, Chirag and the Deep Water Portion of Guneshli Fields in the Azerbaijan sector of the Caspian Sea (“ACG”) and 2.36% interest in the Baku-Tbilisi-Ceyhan Pipeline (“BTC”) for a consideration of US$ 1001 Million.The acquisition would bring 9% additional proved reserves to OVL portfolio and daily oil production of about 19000 barrels.

Production of gas started in Lan Do field in Block 06.1, Vietnam from 7th October 2012. This shall create additional production capacity of 0.20BCM (OVL Share) (17% increase) from the block.

Post secession of South Sudan from Sudan w.e.f. 9th July, 2011, Blocks 1,2 and 4 straddle between the two countries and Block 5A is now entirely in South Sudan. Government of South Sudan ordered shut down of operations in January 2012. Government of South Sudan has now issued order for resumption of Crude Oil Production and Petroleum operations on 18th October 2012 subsequent to the agreement between The Government of the Republic of South Sudan and the Government of the Republic of Sudan on 27th September' 2012. The production from part of Block 1,2 and 4 falling under South Sudan and Block 5A is likely to resume in next few months.

The current geo-political situation in Syria including EU sanction and the resulting restrictions on Contractor continues to remain difficult since December 2011.

OVL continues to pursue its objective of acquiring oil and gas equity abroad for energy security of the countryand envisioned to accelerate the acquisition of oil & gas properties overseas to supplement the domestic crude oil and natural gas production.

Issued By
Oil and Natural Gas Corporation Ltd.

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