ONGC declares results for Q3 FY’20: Posts net profit of ₹ 4,152 crore; notifies 10 discoveries so far in FY’20

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In its 325th meeting held on 14th February, 2020, ONGC Board approved the results for Third Quarter (Q3) of FY 2019-20 (FY’20). ONGC registered a net profit of ₹ 4,152 crore on the gross revenue of ₹ 23,710 crore during Q3 FY’20. During this period ONGC produced 5.823 MMT of crude oil and 6.173 BCM of natural gas. ONGC has made 10 discoveries so far in FY’20. Details are as under:
  1. Financial Results (Standalone)
Q3
9 Months
Actual
FY’19
FY’20
FY’19
% Var
FY’20
FY’19
% Var
Gross Revenue ( Crore)
23,710
27,694
(14.4)
74,757
82,896
(9.8)
1,09,655
Net Profit          ( Crore)
4,152
8,263
(49.8)
16,319
22,671
(28.0)
26,716
Crude Oil Price-Nominated
Realization (US$/bbl)
59.73
66.38
(10.0)
62.08
70.29
(11.7)
68.19
Realization (₹/bbl)
4,255
4,786
(11.1)
4,369
4,898
(10.8)
4,766
Crude Oil Price-JV
Realization (US$/bbl)
58.24
61.00
(4.5)
62.14
66.65
(6.8)
65.97
Realization (₹/bbl)
4,148
4,399
(5.7)
4,374
4,644
(5.8)
4,611
Gas Price
Price on GCV basis ($/mmbtu)
3.23
3.36
(3.9)
3.54
3.16
12.0
3.21
  1. Financial Performance (Consolidated)
Q3
9 Months
Actual
FY’19
FY’20
FY’19
% Var
FY’20
FY’19
% Var
Gross Revenue (₹ Crore)
1,09,443
1,17,306
(6.7)
3,20,512
3,41,144
(6.0)
4,53,461
Net Profit (₹ Crore)
5,384
9,562
(43.7)
17,913
27,610
(35.1)
33,887
Net Profit (₹ Crore) – attributable to owners
4,904
9,383
(47.7)
16,873
25,941
(35.0)
30,495
  1. Exploratory Success
ONGC has made 10 discoveries so far in FY’20 (6 prospects and 4 pool). The details of latest discoveries made subsequent to the last press release in this regard on 13.08.2019 are as under:
  1. New Prospects: Three (3)
  1. B-218-1 (B-218-A), Extn. of NW of Mumbai High PML, Western Offshore Basin
Exploratory well B-218-1 (B-218-A) located in Extn. of NW of Mumbai High PML Western Offshore Basin was drilled. On testing, Bassein Limestone Formation ofMiddle Eocene ageflowed gas @ 2,19,501 m³/day, andoil @535 BOPD whereas Mukta Limestone Formation of Early Oligocene age flowed gas @ 17362 m³/day and oil @819 BOPD.
  1. B-219-1 (B-219-A), Extn of NW of Mumbai High PML, Western Offshore Basin
Exploratory well B-219-1 (B-219-A) located in Extn. of NW of Mumbai High PML Western Offshore Basin was drilled. On testing multiple intervals, flowed [email protected] 204 BOPD and Gas @ 49300 m3/day.
  1. Nandigama North-1 (NGN-AA), West Godavari PML, KG Onland Basin
Exploratory well Nandigama North was drilled. On testing, flowed Gas @ 24883 m3/day and Oil @ 154.7 BOPD.
  1. New Pool: Three (3)
  1. Penugonda-5 (PGAE)
Exploratory well Penugonda-5 located in Kavitam Additional PML was drilled and on testing, flowed gas @ 80,850m3/day.
  1. Gummaturu-1 (GMTAA)
Exploratory well Gummaturu-1 located in Kavitam Additional PML was drilled and on testing, flowed gas @ 358,400m3/day.
  1. WO-24#10(WO-24-I), DCS_Area, NW-MH ML, Western Offshore Basin
Exploratory well WO-24#10 located in DCS_Area, NW-MH ML, Western Offshore Basin was drilled. On testing, flowed [email protected] 824 BOPD and Gas @ 2660 m3/day. This lead has improved the prospectivity of the play and has opened up area for further exploration of L-II Formation in northern part of Custer-7 development area.
  1. Production Performance (ONGC + Share in JVs):
Q3
9 Months
Actual
FY’20
FY’19
% Var
FY’20
FY’19
% Var
FY’19
Crude Oil–ONGC(MMT)
4.821
4.870
(1.0)
14.395
14.836
(3.0)
19.626
Crude Oil – JVs (MMT)
0.665
0.786
(15.4)
2.084
2.371
(12.1)
3.120
Condensate (MMT)
0.337
0.380
(11.3)
1.055
1.125
(6.2)
1.485
Total Crude Oil (MMT)
5.823
6.036
(3.5)
17.534
18.331
(4.3)
24.231
Gas – ONGC (BCM)
5.875
6.416
(8.4)
17.992
18.472
(2.6)
24.747
Gas – JVs (BCM)
0.298
0.275
8.4
0.865
0.781
10.8
1.063
Total Gas (BCM)
6.173
6.691
(7.7)
18.857
19.253
(2.1)
25.810
Value Added Products (KT)

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