ONGC declares results for Q2 FY’18; records impressive production performance

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Gross Revenue 18,966 Crore, up 3% Q-o-Q

  • Net Profit 5,131 Crore, up 3% Q-o-Q
  • Records 8% increase in Natural Gas Production; 1% increase in Crude Oil Production and 10% increase in VAP production Q-o-Q
  • Notifies 9 discoveries so far in FY’18
  • Declares interim dividend of 60%

In its 299th Board Meeting held on October 28, 2017, ONGC presented the Quarterly results for the second quarter ended September 30, 2017.

 

  1. Dividend

ONGC Board has approved an interim dividend of 60%, i.e. ₹3 on each equity share of ₹5.

The total payout on this account will be ₹3,850 Crore. The Record date for distribution of dividend has been fixed for 6th November, 2017 which has been intimated to the stock exchanges. The payment of interim dividend to the shareholders shall start from 7th November, 2017.

 

  1. Financial Results

 

  Q2 H1 Actual

FY’17

FY’18 FY’17 % Var FY’18 FY’17 % Var
Gross Revenue ( Crore) 18,966 18,395 3.1 38,039 36,180 5.1 77,907
Net Profit          ( Crore) 5,131 4,975 3.1 9,015 9,207 (2.1) 17,900
Crude Oil Price-Nominated
Realization (US$/bbl) 51.22 47.92 6.9 51.13 47.00 8.8 50.27
Realization (₹/bbl) 3,293 3,209 2.6 3,291 3,147 4.6 3,372
Crude Oil Price-JV
Realization (US$/bbl) 45.89 42.30 8.5 45.90 40.64 12.9 44.09
Realization (₹/bbl) 2,950 2,833 4.1 2,955 2,721 8.6 2,959
Gas Price
Price on GCV basis ($/mmbtu) 2.48 3.06 (19.0) 2.48 3.06 (19.0) 2.77

 

 

 

  1. Production Performance (ONGC + Share in JVs):

 

  Q2 H1 Actual

FY’17

FY’18 FY’17 % Var FY’18 FY’17 % Var
Crude Oil – ONGC(MMT) 5.305 5.206 1.9 10.615 10.369 2.4 20.886
Crude Oil – JVs (MMT) 0.775 0.848 (8.6) 1.564 1.698 (7.9) 3.285
Condensate (MMT) 0.370 0.338 9.5 0.715 0.670 6.7 1.363
Total Crude Oil (MMT) 6.450 6.392 0.9 12.894 12.737 1.2 25.534
Gas – ONGC (BCM) 5.958 5.511 8.1 11.687 10.683 9.4 22.088
Gas – JVs (BCM) 0.297 0.296 0.3 0.567 0.618 (8.3) 1.182
Total Gas (BCM) 6.255 5.807 7.7 12.254 11.301 8.4 23.270
Value Added Products (KT) 878 797 10.1 1,668 1,552 7.5 3,235

 

  1. Exploratory Performance

 

ONGC has notified 9 discoveries so far in FY’18 out of which 4 discoveries have been made since last press release on 27th July, 2017 (1 new prospect and 3 new pool discoveries). Out of the four discoveries, two discoveries each have been made in offshore blocks and onshore blocks.

 

New Prospect Discoveries:

  1. ANOR#1(ANOR-A) in NELP-VII Block CB-ONN-2005/10 in Cambay Basin

The Exploratory well ANOR#1(ANOR-A) in NELP-VIII Block CB-ONN-2005/10 in Cambay Basin was drilled to a depth of 3500 m. A sand (GS-3) interval (Object: I; 2834-2836 m) in Hazad Formation on conventional testing flowed Oil @ 283 BPD and Gas @ 4195 m3/d  through 5 mm bean and declared as New Prospect discovery. This lead has opened up areas for further exploration towards the north-eastern rising flank of Broach depression in Cambay Basin.

New Pool Discoveries:

  1. G-1-15(G-1-AC-Shift) in G-1 PML, KG Offshore Basin (Deep-Water)

The Exploratory well G-1-15(G-1-AC-Shift) in G-1 PML, KG Offshore Basin (Deep-Water) was drilled to a depth of 2350 m. Three  sand intervals  in Godavari Clay Formation(Pliocene) were tested and on testing Object-I (2276-2280m) flowed oil @ 205 BPD and gas @ 1477 m3/d through ¼” (16/64”) choke, Object-II (2261-2268.5m) flowed gas @ 121376 m3/d and condensate @ 41 BPD through 16/64” choke, and Object-III (2138-2146m) flowed gas @ 135427 m3/d through 16/64” choke.  Object-III (New sand interval) has been declared as New Pool Discovery.

 

Leads in this well will up-grade PS in-place volume of oil & gas in Sand-8(Object-I &II) and the new sand (Object-III) will further help in consolidating the gas reserve base of G-1 field.

 

  1. Vedireswaram-1 (VED-AA) in Mandapeta field, Godavari Onland PML (7 Year), Pre-NELP Block, KG Basin

The Exploratory well Vedireswaram-1(VED-AA) in Mandapeta field, Godavari Onland PML (7 Year), Pre-NELP Block, KG Onland Basin) was drilled to a depth of 3360 m. Two  sand intervals  in Kommugudem Formation were tested and on testing Object-II (3323-3333.50 m)  flowed  gas @ 7395 m3/d through 12/64” choke  and Object-IV ((3160.50-3168 m)  also flowed gas @ 3240 m3/d through 16/64” choke. This lead has opened up areas for further exploration in Kommugudem Formation in KG Basin.

  1. GS-29-8 Sub (GS-29-AI) in GS-29 Extn. PML Nomination Block, KG Offshore Basin (Deep-Water)

The Exploratory well GS-29-8 Sub (GS-29-AI) in GS-29 Extn. PML Nomination Block, KG Offshore Basin (Deep-Water) was drilled to a depth of 2600 m. Two   sand intervals  in Godavari Clay Formation(Pliocene) were tested and on testing Lower sand interval i.e., Object-I (2182-2186 m & 2195-2200 m) flowed oil @ 3773 BPD and gas @ 90622 m3/d through 32/64” choke and Upper Sand interval i.e., Object-II (1906-1911 m) flowed oil @ 223 BPD and gas @ 5320 m3/d choke through 16/64”  choke.

The pay sand interval (2182-2200 m) has been encountered for the first time in GS-29 Area, Hence declared as New Pool Discovery from well GS-29-8 Sub (GS-29-AI).

Leads in this well has further enhanced the potential of GS-29 field and adjoining cluster-I discovery area of NELP Block KG-DWN-98/2.

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