Highlights:

• Gross Revenue ` 27,989 Crore, up 47.6 % Q-o-Q
• Notifies 7 discoveries so far in FY’19
• Records 3.1% increase in standalone Natural Gas Production and 9.8% increase in VAP production on half-yearly basis

In its 311^th Board Meeting held on November 3, 2018, ONGC presented the Quarterly results for the second quarter ended on September 30, 2018.

1. Financial Results

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

Oil Production:

Drilling Rig Sagar Samrat was under conversion into a Mobile Offshore Production Unit (MOPU) for oil production from WO-16 Cluster. The MOPU was scheduled to be commissioned in the beginning of FY’19, which could not be done because of failure on part of the contractor. The non-availability of MOPU as per schedule led to a loss of oil production of about .35 MMT. ONGC took stringent action to terminate the contract and proactively awarded a new contract recently for commissioning of MOPU by March 2019.

In WO-16 Cluster, all the 15 wells have been completed, which will be put on production once the MOPU is commissioned.

Gas Production:

ONGC gas production has seen an increasing trend on year on year basis. The gas production has increased by about 3% in H1’19 compared to H1’18. The gas production is expected to increase further with the completion of Daman Development Project in Western Offshore and further increase from VA-S1 field in Eastern Offshore.

VAP Production:

VAP Production has also recorded an increase of about 7% from 1.7 MMT in H1’18 to 1.8 MMT in H1’19

3. Exploratory Performance

ONGC has notified 7 discoveries so far in FY’19 out of which 4 new discoveries have been made since last press release in this regard on 30th May, 2018 (2 new prospect and 2 new pool discoveries). Out of the 4 new discoveries, 3 have been made in onshore blocks while 1 discovery has been made in offshore block.

New Prospect Discoveries:

1. Asokenagar-1 in WB-ONN-2005/4 (JV Block, PI: ONGC: 75%,OIL: 25%) Bengal Onland Basin

The Exploratory well Asokenagar-1 located in WB-ONN-2005/4(NELP-VII) in Bengal Onland Basin was drilled down to 2610 m. On testing, an interval  in Upper Miocene age flowed gas @ 88358 m3/d with condensate (12.57 BOPD). One more interval flowed oil @ 116.36 BOPD in surges with average water cut of 7% and FTHP varying from 0 to 200 psi. This is the first notified discovery in Bengal basin and gives renewed impetus to exploration in Eocene hinge zone corridor of West Bengal.

2. Bantumilli North-2 in Malleswaram PML, KG Onland Basin

The Exploratory well Bantumilli North-2 located in Malleswaram PML was drilled down to 3620 m. On testing, an interval in  Raghavapuram Formation of  Late Cretaceous age flowed Oil @ 496.89 BOPD & Gas @ 42535 m3/day. This lead has opened up the area south of Suryaraopeta field for further exploration. This discovery has already been monetized.

New Pool Discoveries:

1. Baramura-31 in Baramura Extn-IV PML, West Tripura

The Development well Baramura-31 in Baramura Extn-IV PML located in West Tripura, A&AAFB was drilled down to 2628 m. On testing, an interval within Middle Bhuban Formation of Miocene age flowed gas @ 97,982m3/day. This has opened up a new sand and northern plunge of the Baramura anticline for further exploration in the area.

2. GS-29-15 in GS-29 Extn. PML, KG Shallow Offshore

The exploratory well GS-29-15 in GS-29 Extn. PML falls in the KG-PG Basin. On testing, an interval in Godavari Clay Formation of Pliocene age, it   flowed oil @ 864 BOPD and gas @15815 m3/d.

Issued By:
Corporate Communications,
Oil and Natural Gas Corporation Ltd
Deendayal Urja Bhawan, 5, Nelson Mandela Marg
Vasant Kunj, New Delhi -110070
Ph: 011-26754013