Financial Result for FY’12 while declared two new discoveries.

Two new notified discoveries are:

New Prospect Discovery:

I. Bantumilli South # 1, (1B Nomination PEL, Krishna Godavari Onland Basin, Andhra Pradesh)

Exploratory well Bantumilli South # 1, in 1B Nomination PEL of Krishna Godavari Onland Basin in the state of Andhra Pradesh was drilled to a depth of 4232.3 m. On testing (barefoot) the interval 4221 – 4232.3 m produced gas @ 98,010 m3/day through 4 mm choke. This high potential discovery has further consolidated the prospectivity of the Nandigama arenaceous unit, already proven in nearby Malleswaram- Nandigama area. The discovery well is situated 22 km west of Narsapur and 20 km east of Bantumilli town in West Godavari district of Andhra Pradesh state.

New Pool Discovery:

II. Vadtal # 5 (NELP Block: CB-ONN-2004/2, Cambay Onland Basin, Gujarat):

Well Vadtal # 5 in NELP Block CB-ONN-2004/2, Cambay Onland Basin, in the state of Gujarat was drilled to a depth of 3615 m. The intervals 1598 – 1604 m in Kalol formation (equivalent of Middle Eocene age) has confirmed the presence of oil. This oil discovery in Kalol formation, in addition to already notified Chhatral discovery (in May, 2012) in the same well will boost the efforts of ONGC towards speedy development of this block. This discovery well is situated 14 km to the west of Anand town in Anand district of Gujarat. Performance Highlights FY’12

• Total 23 Discoveries made in FY’12 which include 15 New Prospects (9 offshore, 6 Onshore) and 8 New pools (1 offshore, 7 onshore).
• ONGC’s ultimate reserve accretion of 84.13 MTOE from domestic acreages is highest in last 2 decades.
• Domestic oil and gas production (including JV share) maintained at 52.43 mtoe against 52.60 in FY’11 (Oil 26.92 mtoe against 27.28 mtoe in FY’11 and Gas 25.51 bcm against 25.32 bcm in FY’11)
• Net Profit of Q4 FY’12 increases 102%, from Rs 2791 crore to Rs 5644 crores in FY’11.
  Annual net profit of ONGC increases 33%, from ` 18,924 Crore in FY’11 to Rs 25,123 crores in FY’12.
• Discount to OMCs to meet their under-recoveries increased to Rs 14170 crores as compared to ` 12,136 Crore in Q4FY’11. For FY’12 this was ` 44,466 Crore as compared to ` 24,892 Crore in FY’11- up by 79%.
• Dividend: Recommended payout of final dividend of ` 2/- (Rupees two only) per equity share of ` 5 each fully paid up for the Financial Year 2011-12 which works out to 40 % on the equity share of ` 5 each. This is in addition to an interim dividend of ` 7.75/- (Seven rupee and seventy five paise only) per equity share on 8,555,528,064 equity shares of ` 5 each. Total dividend payout would be ` 8,342 Crore against `7,486 crore in FY’11)

ONGC Exploration & Production (E&P) Highlights:

B.1 Exploration

• Total 23 Discoveries made in FY’12 which include 15 New Prospects (9 offshore, 6 Onshore) and 8 New pools (1 offshore, 7 onshore).
• ONGC’s ultimate reserve accretion of 84.13 MTOE from domestic acreages is highest in last 2 decades.
• Reserve Replacement Ratio of 1.79 (against RRR of 1.76 in FY’11) is the 7th consecutive year of maintaining reserve replacement over one.

B.2 Reserve Accretion in 2011-12

B.3 Reserve Replacement ratio of ONGC-operated domestic areas

B.4 Aggregate (Balance) Reserves (MTOE) as on 31.03.2012

C. Production

Production Performance – FY’12

D. Financials

E.1 Subsidy Impact on Profit

E.2 Impact of Discount on Rate of Crude Oil:

F. Consolidated Group Results of ONGC Group consisting of:

5. Associate:

F.1 ONGC Videsh Ltd. (OVL) in FY’12

F.2 Mangalore Refinery & Petrochemicals Ltd. (MRPL) in FY’12

G. Dividend payout during the last five years

* Based on number of shares after split of shares and issue of bonus shares Declaring the audited financial results and overall annual results of ONGC Group for FY’12 to the media on 29th May 2012, soon after the ONGC Board meeting, CMD Mr. Sudhir Vasudeva said, ‘Our focus on Reserve accretion, brown field management and sound financial management have always paid the dividend. However, we are renewing our focus and charting out a Perspective Plan 2030 that will guide ONGC to scale greater heights in the coming years.’ While he complimented employees for an all round impressive performance, he also thanked all shareholders for understanding various compulsions of the company and yet having tremendous confidence and trust in its management.

For further information, please visit our website www.ongcindia.com

Conversion Rates:

INR/1 USD: 47.95 (average for the Year FY’12)

INR/1 USD: 45.58 (average for the Year FY’11)

Listing references (as on 29th May 2012):

ONGC: BSE – Rs. 256.35

NSE – Rs. 256.25

MRPL: BSE – Rs.57.95

NSE – Rs.57.65

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