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Notifies 15 discoveries so far in FY’17

Declares interim dividend of 90%​

Board recommends Bonus issue in the ratio of 1:2

In its 286th Board Meeting held on October 27, 2016, ONGC presented the Quarterly results  for the second quarter ended on September 30, 2016.


ONGC Board has approved an interim dividend of 90%, i.e. Rs.4.50 on  each equity share of Rs.5. The total payout on this account will be Rs.3,850 Crore. Government of India will receive Rs.2,654 Crore on its 68.93% shareholding. In  addition, dividend distribution tax of Rs.784 Crore would also be paid to the Government.

The Record date for distribution of dividend has been fixed for 5<sup>th</sup> November,  2016 which has been intimated to the stock exchanges. The payment of interim  dividend to the shareholders shall start from 7th November, 2016.

Bonus  Issue

ONGC Board has recommended Bonus issue in the ratio of 1:2 (i.e. one bonus share for every two existing shares  held) subject to approval of shareholders. 

Previous Bonus issue record of ONGC is as under:

Financial year Bonus
1995-96 3.08:1
2006-07 1:2
2010-11 1:1

Further, ONGC had split its share of the face value of Rs.10 each fully paid into two shares each of the face value of Rs.5 each after which the bonus issue of 2010-11 was carried out. If approved by shareholders, each equity share of Rs.10 held by shareholders prior to 1995-96, would now amount to 36.72 equity shares of Rs.5 each.

1. ONGC Performance Highlights : Q2 FY’17

Q2 FY’17 Gross Revenue Rs. 18,395 Crore (against Rs. 20,512 Crore in Q2 FY’16), down by 10.3%
Net Profit Rs. 4,975 Crore in Q2 FY’17 as against Rs. 4,681 Crore in Q2 FY’16, up by 6.3%
15 oil and gas discoveries notified so far in FY’17; 7 since last press release on 07.09.2016
Gas Production increased from 5.702 BCM in Q2 FY’16 to 5.807 BCM in Q2 FY’17, an increase of 1.84%.
Production of Value Added Products increased from 696 KT in Q2 FY’16 to 798 KT in Q2 FY’17, an increase of 14.7%.

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

  Q2 H1 Actual
FY’17 FY’16 % Var FY’17 FY’16 % Var
Crude Oil – ONGC (MMT) 5.199 5.359 (3.0) 10.359 10.585 (2.1) 21.081
Crude Oil – JVs (MMT) 0.855 0.912 (6.3) 1.708 1.821 (6.2) 3.560
Condensate (MMT) 0.338 0.307 10.1 0.670 0.653 2.6 1.279
Total Crude Oil (MMT) 6.392 6.578 (2.8) 12.737 13.059 (2.5) 25.927
Gas – ONGC (BCM) 5.511 5.356 2.9 10.683 10.837 (1.4) 21.177
Gas – JVs (BCM) 0.296 0.346 (14.5) 0.618 0.682 (9.4) 1.353
Total Gas (BCM) 5.807 5.702 1.8 11.301 11.519 (1.9) 22.530
Value Added Products (KT) 798 696 14.7 1,552 1,320 17.6 2,770

3. Financial Results

  Q2 H1 Actual
FY’17 FY’16 % Var FY’17 FY’16 % Var
Gross Revenue (Rs. Crore) 18,395 20,512 (10.3) 36,180 43,141 (16.1) 77,741
Net Profit (Rs.Crore) 4,975 4,681 6.3 9,207 10,050 (8.4) 16,111
Under recovery Discount (Rs. Crore) - - - - 1,096 - 1,096
Crude Oil Price-Nominated
Gross Realization (US$/bbl) 47.92 51.33 (6.6) 47.00 57.37 (18.1) 48.26
Net Realization (US$/bbl) 47.92 51.33 (6.6) 47.00 55.08 (14.7) 47.14
Gross Realization (Rs./bbl) 3,209 3,332 (3.7) 3,147 3,685 (14.6) 3,159
Net Realization (Rs./bbl) 3,209 3,332 (3.7) 3,147 3,538 (11.0) 3,086
Crude Oil Price-JV
Realization (US$/bbl) 41.71 45.24 (7.8) 40.34 51.08 (21.0) 42.39
Realization (Rs./bbl) 2,793 2,936 (4.9) 2,701 3,281 (17.7) 2,775
Gas Price
Price on GCV basis ($/mmbtu) 3.06 4.66 (34.3) 3.06 4.66 (34.3) 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.

4. Discoveries

ONGC has notified 7 more discoveries since last press  release on 7th September, 2016.

Additional  Discoveries notified in Q2 2016.

New  Prospect Discoveries:

1.Jabera - 4(RJBF) in Nohta - Damoh - Jabera 7 year PML in the State of  Madhya Pradesh.

The Exploratory well  Jabera-4 in  Nohta-Damoh-Jabera 7 year PML,Vindhyan Basin in the State of Madhya Pradesh was drilled to a  depth of 1350 m on the Jabera structure. A Limestone interval (Object:I 1350-1279 m) in Rohtas Limestone Formation(Lower Vindhyan) of  Proterozoic age on testing(Bare-Foot) flowed gas @ 1536 m3/day through  6 mm bean.This  lead is likely to open up an area of approximately 110 Km2 along the  flank of Jabera Structure in NDJ PML block.

New Pool Discoveries:

1. Thuruppu  Vipparu - 1(TVAA, TV - 1) in Penugonda Field, Godavari Onland PML ( 7 year PML), KG  Basin in the State of Andhra Pradesh​.

The Exploratory well Thuruppu Vipparu-1(TVAA,TV-1) in Penugonda  Field,Godavari Onland PML,KG Basin in the State of Andhra Pradesh was drilled on the  Penugonda Prospect to a depth of 2646  m. A Sandstone interval (Object:I 2553-2550m, 2546-2540) in Raghavapuram Formation (Late Cretaceous) on conventional testing  flowed gas @ 123500 m3/day and condensate @ 8 m3/day  through 6 mm bean. The well is completed as Gas producer. It extends the hydrocarbon potential of Raghavapuram Formation  towards the northern basin margin. 

2. B12C - 2(B - 12C - A)  in Dahanu , “C” Series ML, Western Offshore Basin

The Exploratory well  B12C-2(B-12C-A) drilled in Shallow water on  the B-12 (Dahanu Prospect) in Western offshore Basin to a depth of 2645 m. A Sand  interval (Object:I 2465-2461.5 m) in Daman Formation (Upper Oligocene) on  conventional testing flowed gas @ 229297 m3/day of gas along with condensate @383 BPD through  20/64” choke. This lead has opened up scope for exploration of Daman sands in  surrounding area.

Additional Discoveries notified so far in Q3 2016:

New Prospect Discoveries:

1. SU - 3 (SUAB, renamed as Dayalpur - 1 (DP - 1) in  Kasomarigaon 7 year PML (Additional PML), A&AA Basin, Golaghat District, in  the State of Assam

The Exploratory well  SU-3(SUAB,renamed as Dayalpur-1(DP-1) in Kasomarigaon 7 year PML(Additional  PML), Golaghat District, A&AA Basin,Assam was drilled to a depth of 3115 m  on the new prospect. A Sandstone interval (Object:IIA 2956-2952 m) in Sylhet Formation(Middle  Eocene) on conventional testing  flowed 91.7 M3 of oil along with 6417 M3 of gas through 6  mm bean.

The success in this well has helped in  establishing the Sylhet Prospectivity in Suphayam sector and will facilitate conversion  of 7 Year Kasomarigaon PML in to regular PML.

2. B157N - 1(B - 157N - A) in Bombay Offshore 7  Years PML, Western Offshore Basin

The Exploratory well  B157N-1(B-157N-A) drilled in Shallow water in Bombay Offshore 7 Years PML to a depth of 3035 m in Western offshore basin. A  clastic interval (Object:I 2787-2784 m) in Panna Formation (Late  Paleocene-Early Eocene) on conventional testing flowed Oil @ 640 BPD and 31050  m3/day of gas through 1/4”  choke. This lead has opened up scope for future exploration in the area North of B157 and also facilitate in conversion of 7 Year PML to  long-term regular PML.

3. GS - 71 - 1(GS - 71 - AA) in GS 15/23 PML Block of  KG Shallow Water Offshore , KG - PG Basin.

The Exploratory Well GS-71-1( GS-71-AA) in GS 15/23  PML Block of KG Shallow Water Offshore , KG-PG Basin in the state of Andhra  Pradesh was drilled to a depth of 3700 m(MD). Object I (3406-3414m,  3425.5-3427m & 3444-3446m) in Vadaparu Formation produced oil @ 7.8 m3/d  and gas @ 1981 m3/d through 12/64” choke. Object III( 3249-3256 & 3273-3276m) in Vadaparu Formation produced oil @ 130.85 m3/d and gas @ 101447  m3/d through 16/64” choke.Further, Object VI( 2335.5- 2336.5 m) in Ravva  Formation gave&nbsp; condensate @ 17.49 m3/d  and gas @ 88125 m3/d through 16/64 “ choke. Potential commercial interest of  the said discovery is yet to be established.

New Pool Discoveries:

1. G - 390 (GKHX) in Namti PML block, A&AA Basin, Sivsagar District,in the State of Assam

The Development cum  Exploratory well G-390(GKHX) in Namti PML block, A&AA Basin, Sivsagar District, in the State of Assam was  drilled to a depth of 3751 m on the Geleki prospect. A Sandstone interval  (Object:I 3707-3701 m) in Tipam  Sandstone Formation (New sand of TS-6 i.e. TS-6B Pay, Pliocene), on  testing well came on Gas Lift and flowed  12 m3/day of oil and 6500 m3/day of gas. The New Pay TS-6B has  reinforced the hydrocarbon Prospectivity of Tipam Formation in South-West  Geleki Sector of North Assam Shelf.

With  this, ONGC has notified 15 discoveries (7 new prospects and 8 new pool) so far in FY’17 (7 in Q1, 4 in Q2  and 4 so far in Q3)

5. Other Highlights

i. ONGC registers 14th Clean Development Mechanism Project with UNFCCC

ONGC once  again demonstrated its commitment to environment with the registration of the  Clean Development Mechanism (CDM) project “Replacement of Main Oil Line (MOL)  Pumps at Neelam & Heera Asset” under Kyoto Protocol. Formal communication  has been received from United Nations Framework Convention on Climate Change  (UNFCCC) confirming successful registration of the project – vide reference number  10302. The project would save approximately 5694 MWh of power consumption and  contributes to an estimated Green House Gas Emission Reduction to the tune of  10,539 tonne of CO2 per annum.

ii. Minister launches National Seismic Program at Mahanadi Basin

Hon’ble  Minister of State (Independent Charge) for Petroleum and Natural Gas Mr.  Dharmendra Pradhan inaugurated the National Seismic Program (NSP) at Taranga in  Balasore district of Odisha on 12 October 2016. The NSP aims to undertake a  fresh appraisal in all sedimentary basins across India, especially where  no/scanty data is available, to have better understanding of the hydrocarbon  potential of India. Under this program, ONGC has been assigned to carry out 2D  seismic API of approx. 40,835 Line Kilometer (LKM) in onland part of 26  sedimentary basins.

iii. ONGC ECPF Trust get ISO Certification for Quality Management Systems

Adding to an impressive  list of “firsts”, ONGC ECPF Trust has become arguably the first Provident Fund  Trust in India to get ISO Certification ISO 9001:2008 for Quality Management  Systems. The ISO Certificate was presented to the Board of Trustees by the Trust  team during the 152nd meeting of the Trust.

For further information,  please visit our website: "http://www.ongcindia.com"


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Oil and Natural Gas Corporation Ltd.
Corporate Communications
5, Nelson Mandela Marg, Vasant Kunj, New Delhi – 110070
Phone: +91-11-26754013
Mail: ongcdelhicc@ongc.co.in