• ONGC notifies 8 Oil & Gas discoveries so far in FY’17
• Declares results of Q1 FY’17; PAT down by 21.1%(Q1-to-Q1)
ONGC Performance Highlights : Q1 - FY’17
| • | ONGC has notified 7 new discoveries in Q1 and 8 so far in FY 2016-17 (3 new prospect discoveries and 5 new pool discoveries) |
| • | Gross Revenue INR 17,784 Crore (against INR 22,628 Crore in Q1-FY’16) |
| • | Net Profit INR 4,233 Crore (against INR 5,368 Crore in FY’16) |
Physical Performance – Q1, FY’17
| Actual Q1, FY’17 |
Actual Q1, FY’16 |
% variation |
FY’16 | |
|---|---|---|---|---|
| Crude oil production (MMT) | ||||
| ONGC | 5.162 | 5.229 | (1.28) | 21.081 |
| PSC-JVs | 0.850 | 0.907 | (6.28) | 3.560 |
| Total | 6.012 | 6.136 | (2.02) | 24.641 |
| Condensate receipt | ||||
| ONGC | 0.333 | 0.345 | (3.48) | 1.279 |
| Total Oil + Condensate | 6.345 | 6.481 | (2.10) | 25.920 |
| Natural gas production (BCM) | ||||
| ONGC | 5.172 | 5.482 | (5.65) | 21.177 |
| PSC-JVs | 0.322 | 0.335 | (3.88) | 1.353 |
| Total | 5.494 | 5.817 | (5.55) | 22.530 |
| Gas sales (BCM) | ||||
| ONGC | 3.904 | 4.192 | (6.87) | 16.075 |
| PSC-JVs | 0.243 | 0.258 | (5.81) | 1.024 |
| Total | 4.147 | 4.449 | (6.79) | 17.099 |
| VAP Production (KT) | 754 | 624 | 20.83 | 2,770 |
Financial Highlights
ONGC Board in its 285th Meeting held on 7th September, 2016 approved the financial results for first quarter (Q1) for fiscal 2016-17 (FY-17) as detailed below:
| Details | Q1 2016-17 | Q1 201-16 | % Variation | FY'16 |
|---|---|---|---|---|
| Gross Revenue ( INR Crore) |
17,784 | 22,628 | (21.41) | 77,741 |
| Net Profit ( INR Crore) |
4,233 | 5,368 | (21.14) | 16,111 |
| Under recovery Discount ( INR Crore) |
- | 1,096 | - | 1,096 |
| Crude Oil Price-Nominated | ||||
| Gross Realization (US$/bbl) |
46.10 | 63.80 | (27.74) | 48.26 |
| Net Realization (US$/bbl) |
46.10 | 59.08 | (21.97) | 47.14 |
| Gross Realization (INR/bbl) |
3,085 | 4,051 | (23.85) | 3,159 |
| Net Realization (INR/bbl) |
3,085 | 3,752 | (17.78) | 3,086 |
| Crude Oil Price-JV | ||||
| Realization (US$/bbl) |
38.90 | 57.10 | (31.87) | 42.39 |
| Realization (INR/bbl) |
2,604 | 3,626 | (28.19) | 2,775 |
| Gas Price | ||||
| Price on GCV basis ($/mmbtu) |
3.06 | 4.66 | (34.33) | 4.24 |
Note: The Company has adopted Ind AS and accordingly, these financial results have been prepared in accordance with the recognition and measurement principles of Ind AS prescribed under section 133 of the Companies Act, 2103 read with the relevant rules issued thereunder. The date of transition to Ind AS is 1st April, 2015.
New Discoveries
ONGC has notified 7 discoveries in Q1 and total 8 so far in FY’17 (6 since last press release on 26.05.2016): (3 new prospect and 5 new pool discoveries).
Discoveries notified in Q1 2016:
New Prospect Discovery:
1. SU#2 (Suphyam#2) in Golaghat Nomination PEL, Golaghat district of Assam Arakan basin.
Exploratory well SU#2 (Suphyam#2) in Golaghat Nomination PEL, Golaghat district of Assam Arakan basin was drilled to a depth of 3218m. A sandstone interval (2310 - 2306 m) of Bokabil formation of Miocene age on conventional testing flowed oil and gas @ 38.4 m3/day and 14747 m3/day respectively through 6 mm bean.
This new prospect discovery opens up the area between existing fields Kasomarigaon in the north and Uriamghat in the south for exploration of Bokabil play.
New pool Discoveries:
2. NR#12 (NRAF) in Nambar PML of Golaghat district in Assam & Assam Arakan Basin.
Exploratory well NR#12 (Nambar#12) in Nambar PML in Golaghat district of Assam Arakan basin was drilled to a depth of 2,698m. Sandstone interval (2578 – 2576 and 2574.5 - 2572 m) of Sylhet formation of Eocene age on conventional testing flowed gas @ 66,533 m3/day with condensate @ 1.68 m3/day through 6 mm bean.
This discovery further consolidates the hydrocarbon potential of the Khoraghat Nambar area.
3. Dahej#20 (DJAT) in South Dahej PML of Cambay onland Basin.
Exploratory well Dahej#20 in South Dahej PML of Cambay onland Basin was drilled as an L profile well to a measured depth of 3785 m (True Vertical depth 2982.65m). A sandstone interval (3600 – 3596.5 m) in Dahej Sands of Hazad Member of Eocene age on conventional testing flowed gas @ 71,700 m3/day with condensate @ 38.32 m3/day through 6 mm bean. This discovery, the new gas condensate pool indicates further exploration potential towards south of Dahej Field.
4. Nadiad # 4 (NDDA) in Nadiad PML (NELP block CB-ONN-2001/1) of Cambay onland Basin.
Development well Nadiad # 4 (NDDA) in Nadiad PML (NELP block CB-ONN-2001/1) of Cambay onland Basin was drilled as a L profile well to a measured depth of 1,727 m (True Vertical depth 1545m). A sandstone interval (1618 - 1613 m) in Younger Cambay Shale (YCS) of Middle Eocene age on testing, after hydro-fracturing, flowed oil @ 9 m3/day through 4 mm bean. This new pool adds to the production potential of the Nadiad PML in the NELP block.
5. MBSO51NAA#2 in NELP block MB-OSN-2005/1 in Saurastra offshore of Mumbai offshore basin.
Exploratory well MBSO51NAA#2 in NELP block MB-OSN-2005/1 was drilled in Saurastra offshore of Mumbai offshore basin to a depth of 2505 m. A sandstone interval (2462 – 2465.5 m) in Daman Sands of Oligocene age on conventional testing flowed gas @ 95275 m3/day with condensate @ 72 bbls/day through 3/8” choke.
This discovery, adds to the gas established in the two earlier discoveries in this NELP block in the vicinity of GK-28/42 and other Tertiary discoveries made in nearby NELP blocks.
Discoveries notified so far in Q2 2016:
1. Kesanapalli West Deep#1 (KWD-AA) in Adavipalem-Ponnamanda PML of KG Onland basin in the State of Andhra Pradesh.
Exploratory well Kesanapalli West Deep#1 in Adavipalem-Ponnamanda nomination PML of KG Onland basin was drilled to a depth of 3,597 m.
A sandstone interval (2,899 – 2,908 m) in Vadaparu formation of Eocene age on conventional testing flowed oil and gas @ 176 m3/day and 33,571 m3/day respectively through 6 mm bean.
This deeper play discovery, in producing field Kesanapalli West, with excellent flow rates, immediately augments the production from the PML and further consolidates the potential of Vadaparu formation.
Issued By
Oil and Natural Gas Corporation Ltd.
Corporate Communications, New Delhi,
Phone: +91-11-23320032
Tele-Fax: 011-23357860
Mail: ongcdelhicc@ongc.co.in
