ONGC declares results of Q1 FY’18; Reports 10.8% increase in Gas Production and 2.9% increase in Crude Production (QoQ)

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New Delhi:

Highlights:

  • Records 10.8% increase in standalone Natural Gas production; Crude production increases by 2.9%; Net standalone oil and gas production up 6.7 % QoQ
  • Notifies 5 new discoveries in Q1 (3 new prospect discoveries and 2 new pool discoveries)
  • Gross Revenue `19,073 Crore, up 7.2 % QoQ
  • Net Profit `3,885 Crore, down 8.2 % QoQ
  1. Financial Performance, Q1-FY’18
Details Q1
2017-18
Q1
2016-17
%
variation
FY’17
Gross Revenue ( Crore) 19,073 17,784 7.2 77,907
Net Profit ( Crore) 3,885 4,233 (8.2) 17,900
Crude Oil Price-Nominated
Net Realization (US$/bbl) 51.03 46.10 10.7 50.27
Net Realization ( /bbl) 3,290 3,085 6.6 3,372
Crude Oil Price-JV
Realization (US$/bbl) 45.92 38.90 18.0 44.09
Realization ( /bbl) 2,960 2,604 13.7 2,959
Gas Price
Price on GCV basis($/mmbtu) 2.48 3.06 (19.0) 2.77

  1. Production Performance, Q1- FY’18
Particulars Actual
Q1 FY’18
Actual
Q1 FY’17
% Var FY’17
Crude Oil–ONGC (MMT) 5.310 5.162 2.9 20.886
Crude Oil–JVs (MMT) 0.789 0.850 (7.2) 3.285
Condensate (MMT) 0.345 0.333 3.6 1.363
Total Crude Oil (MMT) 6.444 6.345 1.6 25.534
Gas – ONGC (BCM) 5.729 5.172 10.8 22.088
Gas – JVs (BCM) 0.301 0.322 (6.5) 1.182
Total Gas (BCM) 6.030 5.494 9.8 23.270
Value Added Products (KT) 775 754 2.8 3235

 

  1. Exploratory Performance:

ONGC has notified 5 discoveries in Q1, FY’18 (3 new prospects and 2 new pool discoveries). Out of the five discoveries, three have been made in offshore blocks while two discoveries have been made in onshore blocks.

 

New Prospect Discoveries:

  1. West Matar-1(MRAS) in Matar ML Block in Cambay Basin

The Exploratory well West Matar-1(MRAS) in Matar ML Block in Cambay Basin was drilled to a depth of 2256 m. A sand (GS-9) (Object-I, interval: 2046-2048.50 m) in Hazad Formation (Middle Eocene) on conventional testing flowed Oil @93.98 m3/day  and Gas @ 3,497 m3/day  through 6 mm bean. This lead has opened up a new area for exploration of Hazad Sands towards West of Matar field.

  1. SW-WO-24(WO-24-3,WO-24-C), SWMH ML, Mumbai Offshore Basin

The Exploratory well WO-24-3 (WO-24-C) falling in SWMH ML, Mumbai Offshore was drilled to a depth of 2360 m. Nine zones were identified for testing. Three objects (Object-I, II & III) falling in Basal Clastics, Mukta and Panvel Formation were tested. Object-I (interval: 2292-2295 m, Basal Clastic) flowed Gas @ 3,35,269 m3/day, Condensate @210 bpd, Object-II (interval: 2282-2287 m, Mukta) flowed Gas @ 2,24,224 m3/day, Condensate @146 bpd  and  Object-III (interval: 2174-2179 m, Panvel, L-VI) flowed Gas @ 43,600 m3/day, Condensate @46.4 bpd  through ½” choke respectively. This is a new prospect (SW-WO-24) discovery. Further testing of other objects is in progress.

  1. GD-10-1(AA),KG-OS-DW-III  PEL Block, KG Offshore Basin

The Exploratory well GD-10-1(AA) falling in KG-OS-DW-III, Nomination PEL Block, KG Offshore Basin was drilled to a depth of 2829 m. Two hydrocarbon zones (sand) in Godavari Clay Formation were identified for testing. Object-I (interval: 2316-2321.50 m)  has flowed  Gas  @ 3,90,484 m3/day  through 24/64”choke  whereas Object-II (interval: 2182-2188 m, 2193-2205 m) also flowed Gas @ 2,29,222 m3/day through 20/64”choke.

New Pool Discoveries:

 

  1. KU-8(KUAF) in Kunjanban PML, West Tripura, A&AA Basin

 

The Exploratory well KU-8(KUAF) in Kunjanban PML, West Tripura in A&AA Basin was drilled to a depth of 3,460 m. A sand interval KUP-60 (Object: I 3408-3411 m) in Middle Bhuban Formation (Middle Miocene) on conventional testing flowed Gas @1,47,490 m3/day  through 8 mm bean. This lead has improved the prospectivity of Middle Bhuban area and opened up this area for further exploration.

 

  1. GS-29#11(GS-29-AL) in GS-29 Extn. PML,KG Offshore Basin

The Exploratory well GS-29#11(GS-29-AL) in GS-29 Extn. PML, KG Offshore Basin was drilled to a depth of 2718 m. A sand (Object-I, interval:  2018-2029.50 m) in Godavari Clay Formation (Pliocene) on conventional testing flowed Oil @596.66 m3/day  and Gas @133,592 m3/day  through 32/64” bean. This lead has further augmented the reserve base of Pliocene in GS-29 area and may improve the development viability of the prospect.

 

 

In its 295th Board Meeting held on 27th July, 2017, ONGC Board approved the results for First Quarter (Q1) for fiscal 2017-18 (FY’18) as detailed below:

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