ONGC Board, in its 253^rd Meeting held on 13^th February, 2014 approved the financial results for 3rd quarter (Q3).

Major Highlights

Four New Discoveries in 3^rd Quarter FY’14 :

ONGC has made Four (on-land: 3, offshore: 1) new oil & gas discoveries during the Third Quarter of 2013-14.

The details of the discoveries in brief are given below:

I. MBOS51NAA#1(NELP Block MB-OSN-2005/1, Western offshore basin:

Exploratory well MBOS51NAA#1 in NELP block MB-OSN-2005/1, Western offshore basin was drilled to a depth of 3,385 m. Interval 2,549.5 to 2,555m in Tertiary Daman formation on testing through produced gas @ 250,107 m3/day and condensate @ 255 barrels/day through 3/8” choke. Another interval 2,515.5 – 2,526.5m also in Tertiary Daman formation on testing through produced gas @ 209,734 m3/day and condensate @ 180 barrels/day through 3/8” choke. This is the 2nd discovery in this block after earlier notified discovery MBOS51NBA#1. These discoveries in close vicinity of C-37/ C-39, B-9 areas will enhance the overall gas potential of the area. 

II. Mandapetta South # 1 (MDS-AA) (Godavari Onland PML of KG Onshore basin in Andhra Pradesh state).

Exploratory well Mandapetta South # 1 in Godavari Onland PML of KG Onshore basin in the state of Andhra Pradesh was drilled to a depth of 3000 m. Interval 2,373 – 2,385m in Golapalli Formation of Upper Jurassic to Lower Cretaceous age on “hydro-fracturing” flowed gas @ 32,472 m3/d through 6mm bean. This discovery south of main Mandapetta field indicates at possible production potential of the tight reservoirs found in the area through hydro-fracturing.

III. SB#300 (SBCG) (Geratpur PML, Western onshore basin, Gujarat state:

Exploratory well SB#300 (SBCG), in Geratpur PML, Western onshore basin in Gujarat state, was drilled to a depth of 2005 m. 

Interval 1249 – 1252m (Kalol Sub-IV sand) in Kalol formation on testing produced gas @ 93572 m3/day through 8 mm bean.

This discovery south west of main Sobhasan field, in a separate fault block on the plunge of Sobhasan structure is the first gas discovery in Kalol Sub-IV pay (this pay is oil in main Sobhasan field) and adds a new gas play to the area. 

IV. Gedanapalli#3 (GLAC) (Godavari onland PML, Krishna Godavari onshore basin, Andhra Pradesh state).

Exploratory well Gedanapalli#3 (GLAC) in Godavari onland PML, Krishna Godavari onshore basin in the state of Andhra Pradesh was drilled to a depth of 2998m.

On conventional testing interval 2645 – 2650 m in Matsyapuri formation of Miocene age produced 14.7 m3 oil through 4 mm through annulus and 2.7 m3 oil through 4 mm through tubing. A total of 39.4 m3 of oil was produced during testing. 

The flowing tubing head pressure (FTHP) during flow dropped from 300 psi to 0 psi. Oil properties indicate it to be waxy, difficult to flow oil and needs installation of SRP for production.

ONGC’s Physical Performance

Production of Oil, Gas and Value-Added Products:

ONGC’s Stand-alone Performance for Q3 FY’14 & 9-Months FY’14 compared to Q3 FY’13 & 9-Months FY’13 figures:

Financial Highlights:

Financial results for 3^rd quarter (Q3) and 9-Months (9M) for fiscal 2012-13 (FY-13) as detailed below:

Under Recovery Discount- Impact on Profit ( ₹ crores)

Corporate Highlights

a. India’s first Shale gas exploratory well (JMSGA) at Jambusar, Ankleshwar, Gujarat dedicated to the nation

The First Exploratory Shale Gas Well (JMSGA) of India at Jambusar, Ankleshwar, Gujarat spudded by ONGC was dedicated to the nation by Dr. M. Veerappa Moily, Hon’ble Minister of Petroleum & Natural Gason November 26, 2013. Hon’ble Minister complemented ONGCians as Country’s Energy Soldiers and said that this is the beginning of Energy Independence movement of India.

The well which was spudded on October 27, 2013 is the first of its kind after the announcement of Shale Gas Policy by Government of India. It is part of a Pilot Drilling Programme in Broach depression of Cambay Basin. The pilot programme envisages drilling of 2 wells in initial phase and two more in the next phase.

b. ONGC Hands Out a Squadron of ISVs to the Indian Navy

As an imperative of providing safe and secure offshore operations, ONGC handed over a fleet of ISVs (Immediate Support Vessels) to the Indian navy for commissioning on January 30, 2014. This fleet of Seven ISVs (each of which can carry up to six navy commandos and a commanding officer) makes up an entire squadron and shall buttress the safety and security of the national assets at offshore and also thwart possible terror attacks. The ISVs are having Light and Heavy Machine Guns, can sail with a maximum speed of 40 knots, and are having an endurance of 500 miles.

c. ONGC inks MOU with Mitsui for cooperation in pursuing petroleum and natural gas opportunities

ONGC signed an MOU with Japanese conglomerate Mitsui & Co., Ltd. on 24th January, 2014 in New Delhi. The MOU provides for cooperation in Exploration and Production for conventional and unconventional petroleum and natural gas opportunities in India and in third countries. Under the proposed MOU, ONGC and Mitsui would also explore the possibility of laying, building, operating or expanding natural gas pipelines along mutually identified routes.

d. ONGC’s 11th CDM project registered

The 11th CDM project of ONGC - the Green Building at Kolkata, has been registered with the UNFCCC. The project, like its two predecessors (Green Buildings of Mumbai and Dehra Dun), has been registered for 21 years and once commissioned, will fetch 1861 credits per annum.

e. Platts Top 250: ONGC retains 3rd rank in E&P Companies list

ONGC maintained its Third position globally in the industry category “Oil and Gas Exploration and Production” and retained its overall ranking of 22nd position in the Platts Top 250 Global Energy Company Rankings.
ONGC is also ranked Second Highest among all Energy Companies in India and has obtained the 7th rank in the Asia/Pacific region. The annual survey of global energy companies by Platts measures the financial performance using four key metrics: asset worth, revenues, profits and return on invested capital. All the companies in the list have assets greater than US $5 bn.

f. ONGC conferred with P L Roy CSR Award

ONGC received the prestigious P L Roy CSR Award on ‘International Day of Older Persons’ i.e. October 1, 2013, for its continuous support to the elderly through its CSR initiative ‘Varishthajana Swasthya Sewa Abhiyan’ in association with Help Age India. CMD ONGC Mr Sudhir Vasudeva received the award on behalf of ONGC at the India Habitat Centre, New Delhi. The P L Roy CSR Award is given to the Corporate Houses engaged in active and continuous CSR Support for activities through HelpAge India in memory of the long term contribution to Help Age India by Mr P.L Roy, who was a dedicated and committed Board member of the Help Age India.

g. ONGC bags OGCF-13 Award

ONGC won the Oil & Gas Conservation Award for Best Overall Performance among the Upstream Sector oil companies for the Oil & Gas Conservation campaign efforts during OGCF-2013. The award was given during the inaugural function of Oil and Gas Conservation Fortnight 2014 held on January 16, 2014 at New Delhi.

h. OVL bags 'Best PSU' award in the oil and gas sector

OVL bagged the best PSU award in the oil and gas sector at the Dainik Bhaskar India Pride Awards on December 19, 2013. CMD ONGC and Chairman OVL Mr Sudhir Vasudeva received the prestigious award from Dr M M Pallam Raju, Union Minister of Human Resource Development and the chief guest on the occasion.

i. ONGC the ‘Best Employer’ and ‘Voice of Employee’ – Aon Hewitt

ONGC bagged the ‘Best Employer’ award and ‘Voice of Employee’ award at the Aon Hewitt Best Employers –India 2013 award function held at New Delhi on January 15, 2014.Aon Hewitt Best Employer 2.0 India study was conducted across several organizations to benchmark against the best employers across the country, region and globe. The study aimed at identifying the best employers and their innovative practices. Aon Hewitt, in association with Times Ascent, People Matters and Petrotech Society, conducted the survey, in which ONGC was invited to participate along with around 500 global companies. On the basis of the assessment, ONGC has been adjudged amongst the Best Employers in the country.

j. ONGC secures Golden Peacock Award for Corporate Social Responsibility

ONGC received Golden Peacock Award for Corporate Social Responsibility for 2013. The award was given in Bangalore, in the presence of prominent leaders from various sectors during the ‘8th International Conference on Corporate Social responsibility-2014', on 17th January 2014.

k. ONGC, OVL and MRPL bestowed with “Excellent” Rating for the Year 2012-13 for Corporate Governance by DPE

ONGC received “Excellent” Rating for the year 2012-13 for Compliance of Guidelines on Corporate Governance, issued by Department of Public Enterprises (DPE) for Central Public Sector Enterprises (CPSEs). ONGC has secured 100% Score in this regard and is the only Maharatna to achieve this feat. OVL and MRPL have also been awarded with “Excellent” Rating for Corporate Governance for the year 2012-13.

Issued By
Oil and Natural Gas Corporation Ltd.
Corporate Communications, New Delhi,
Phone: +91-11-23320032
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Mail: ongcdelhicc@ongc.co.in