ONGC profit dipped to half, FY1920 turnover at Rs 96,214 cr drop by 12 %, 12 discoveries made in a year

By Sarkaritel June 30, 2020 22:50

ONGC profit dipped to half, FY1920 turnover at Rs 96,214 cr drop by 12 %, 12 discoveries made in a year

New Delhi, June 30 Sharp drop in crude Oil prices in the international market due to covid-19 had led to sharp decline in profits of state owned oil major ONGC ltd with revenue shrinking and recorded heavy losses in the last quarter of financial year 2019-20.

In its 329th Board Meeting held on Tuesday ONGC presented the annual results for FY’20 and gross revenue declined to Rs 21,456 crore in the Q4 as against Rs 26,759 crore. During the full year revenue dropped by 12.3 percent from Rs 1,09,655 crore to Rs 96,214 crore.

In Q4, the company recorded a loss of Rs 3,892 crore against profits of Rs 5,762 crore profit before tax. Losses after tax stood at Rs 3,098 crore, dropped by 173 percent. During FY’20 profit before tax declined nearly half at Rs 20,369 crore from Rs 40,029 crore in FY’19.

Net realization fell to 58.61 dollars per barrel in FY’20 as against 68.19 dollars in FY’19, reflecting a fall of 14 percent. Gas price, however, shown increase at 3.46 dollars /mmbtu in FY’20 as against 3.21 dollars a year ago.

The Company has recognized an Exceptional Item towards impairment loss of Rs. 4,899 crore in Q4 FY’20 to factor into estimated future crude oil and natural gas prices. This has adversely impacted PAT for Q4 FY’20 and FY’20 as compared to last year.

ONGC has declared total 12 discoveries (7 onland, 5 offshore) during FY 2019-20 in its operated nomination acreages. Out of these, 7 are prospects (3 onland, 4 offshore) and 5 are pools (4 onland, 1 offshore).

Total 12 discoveries made in FY’20. Following 2 discoveries have been notified in Q4, FY’20:

i. R-12-6, Ratna and R-series ML, Western Offshore Basin

Well R-12-6  flowed oil @ 364 bbl/day, 334 bbl/day and 158 bbl/day and gas @ 8996 m³/day, 6127 m³/day and 3104 m³/day, respectively from three intervals. This discovery has established the hydrocarbon potential of a new sector in Ratna area.

ii. SD-15 in West Tripura PML,A&AFB

Well SD-15  flowed gas @ 1, 17, 651 m3/day and 3,24,001 m3/day respectively from two intervals. This success enriches the possibilities of encountering more gas bearing sands in Upper Bhuban formation in Sundalbari structure.

During FY 20-21, ONGC has notified 3 discoveries so far (two in offshore deep-water NELP block and another in on-land block in Nomination PML)

i. Well KGD982NA-CHAN-B-1in Cluster II of KG-DWN-98/2 deep water block , KG Basin flowed gas from two intervals @5,69,330 m3/day and 5,25,152 m3/day respectively.

ii. Well KU#13 drilled in Kunjanban PML, Tripura flowed gas @1,56,000 m3/day along with condensate @ 0.23 m3/day.

iii. Well KGD982NA-R1-E#1 in Cluster II of KG-DWN-98/2 deep water block, KG Basin flowed gas @ 4,64,141 m3/day.


By Sarkaritel June 30, 2020 22:50