ONGC - ONGC declares results of Q1 FY’18; Reports 10.8% increase in Gas Production and 2.9% increase in Crude Production (QoQ)
- Records 10.8% increase in standalone Natural Gas production; Crude production increases by 2.9%; Net standalone oil and gas production up 6.7 % QoQ
- Notifies 5 new discoveries in Q1 (3 new prospect discoveries and 2 new pool discoveries)
- Gross Revenue INR 19,073 Crore, up 7.2 % QoQ
- Net Profit INR 3,885 Crore, down 8.2 % QoQ
In its 295th Board Meeting held on 27th July, 2017, ONGC Board approved the results for First Quarter (Q1) for fiscal 2017-18 (FY’18) as detailed below:
1. Financial Performance, Q1-FY’18
2. Production Performance, Q1- FY’18
3. Exploratory Performance:
ONGC has notified 5 discoveries in Q1, FY’18 (3 new prospects and 2 new pool discoveries). Out of the five discoveries, three have been made in offshore blocks while two discoveries have been made in onshore blocks.
New Prospect Discoveries
1. West Matar-1(MRAS) in Matar ML Block in Cambay Basin
The Exploratory well West Matar-1(MRAS) in Matar ML Block in Cambay Basin was drilled to a depth of 2256 m. A sand (GS-9) (Object-I, interval: 2046-2048.50 m) in Hazad Formation (Middle Eocene) on conventional testing flowed Oil @93.98 m3/day and Gas @ 3,497 m3/day through 6 mm bean. This lead has opened up a new area for exploration of Hazad Sands towards West of Matar field.
2. SW-WO-24(WO-24-3,WO-24-C), SWMH ML, Mumbai Offshore Basin
The Exploratory well WO-24-3 (WO-24-C) falling in SWMH ML, Mumbai Offshore was drilled to a depth of 2360 m. Nine zones were identified for testing. Three objects (Object-I, II & III) falling in Basal Clastics, Mukta and Panvel Formation were tested. Object-I (interval: 2292-2295 m, Basal Clastic) flowed Gas @ 3,35,269 m3/day, Condensate @210 bpd, Object-II (interval: 2282-2287 m, Mukta) flowed Gas @ 2,24,224 m3/day, Condensate @146 bpd and Object-III (interval: 2174-2179 m, Panvel, L-VI) flowed Gas @ 43,600 m3/day, Condensate @46.4 bpd through ½” choke respectively. This is a new prospect (SW-WO-24) discovery. Further testing of other objects is in progress.
3. GD-10-1(AA),KG-OS-DW-III PEL Block, KG Offshore Basin
The Exploratory well GD-10-1(AA) falling in KG-OS-DW-III, Nomination PEL Block, KG Offshore Basin was drilled to a depth of 2829 m. Two hydrocarbon zones (sand) in Godavari Clay Formation were identified for testing. Object-I (interval: 2316-2321.50 m) has flowed Gas @ 3,90,484 m3/day through 24/64”choke whereas Object-II (interval: 2182-2188 m, 2193-2205 m) also flowed Gas @ 2,29,222 m3/day through 20/64”choke.
New Pool Discoveries:
1. KU-8(KUAF) in Kunjanban PML, West Tripura, A&AA Basin
The Exploratory well KU-8(KUAF) in Kunjanban PML, West Tripura in A&AA Basin was drilled to a depth of 3,460 m. A sand interval KUP-60 (Object: I 3408-3411 m) in Middle Bhuban Formation (Middle Miocene) on conventional testing flowed Gas @1,47,490 m3/day through 8 mm bean. This lead has improved the prospectivity of Middle Bhuban area and opened up this area for further exploration.
2. GS-29#11(GS-29-AL) in GS-29 Extn. PML,KG Offshore Basin
The Exploratory well GS-29#11(GS-29-AL) in GS-29 Extn. PML, KG Offshore Basin was drilled to a depth of 2718 m. A sand (Object-I, interval: 2018-2029.50 m) in Godavari Clay Formation (Pliocene) on conventional testing flowed Oil @596.66 m3/day and Gas @133,592 m3/day through 32/64” bean. This lead has further augmented the reserve base of Pliocene in GS-29 area and may improve the development viability of the prospect.
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This Press Release is intended to apprise the public regarding the highlights of Unaudited Financial Results of ONGC on standalone basis, for the quarter ended 30th June, 2017 approved by the Board of Directors in their meeting held on 27.07.2017, in addition to informing about other major and/or related highlights/developments which in view of the management may be considered as important. These are not to be taken as forward looking statements and may not be construed as guidance for future investment decisions by investors/stakeholders.
Oil and Natural Gas Corporation Ltd
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