ONGC”s Net Profit `RS 8,263 crore – Q3 FY 19 64.8% UP QoQ — Interim Dividend 5.25 per share

Sarkaritel
By Sarkaritel February 15, 2019 12:45


By TN Ashok

New Delhi | February 14, 2019(sarkaritel.com) State owned Oil and Natural Gas Corporation (ONGC) has made a net profit of Rs 8,263 crore, in Q3 Fy 2019 , which is 64.8% higher Quarter on Quarter and 20.4% higher than Q3 in previous year.

Announcing its Q3 results that will mark the end of FY 2018-19 and beginning of FY 2019-20, the national oil company announced that two new basins – Vindhyan and West Bengal had been upgraded to category II, besides 11 new discoveries had been made so far in FY 19.

The stand-alone natural gas production rose by 7% Quarter on Quarter and VAP production was up by 3.3% Quarter on Quarter.

In its 313th Board Meeting held on February 14, 2019, ONGC presented the Quarterly results for the third quarter ended December 31, 2018.

  1. Financial Results

 

  Q3 9 Months Actual

FY’18

FY’19 FY’18 % Var FY’19 FY’18 % Var
Gross Revenue (Crore) 27,694 22,996 20.4 82,896 61,034 35.8 85,004
Net Profit          (Crore)

 

8,263 5,015 64.8 22,671 14,030 61.6 19,945
Crude Oil Price-Nominated

 

Realization (US$/bbl)

 

66.38 58.42 13.6 70.29 52.09 34.9 55.19
Realization (₹/bbl)

 

4,786 3,782 26.5 4,898 3,359 45.8 3,557
Crude Oil Price-JV

 

Realization (US$/bbl)

 

61.00 53.78 13.4 66.65 48.58 37.2 51.47
Realization (₹/bbl)

 

4,399 3,482 26.3 4,644 3,133 48.2 3,317
Gas Price

 

Price on GCV basis ($/mmbtu)

 

3.36 2.89 16.3 3.16 2.62 20.6 2.69

ONGC Board has approved interim dividend of 105%, i.e. ₹ 5.25 on each equity share of ₹5. The total payout on this account will be ₹6,605 Crore (excluding Dividend Distribution Tax). The Record date for distribution of dividend has been fixed for 1st March, 2019  which has been intimated to the stock exchanges. 

 

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

  Q3 9 Months Actual

FY’18

FY’19 FY’18 % Var FY’19 FY’18 % Var
Crude Oil–ONGC(MMT) 4.870 5.196 (6.3) 14.835 15.811 (6.2) 20.851
Crude Oil – JVs (MMT) 0.786 0.778 1.0 2.371 2.343 1.2 3.130
Condensate (MMT) 0.380 0.365 4.1 1.125 1.080 4.2 1.454
Total Crude Oil (MMT) 6.036 6.340 (4.8) 18.331 19.234 (4.7) 25.435
Gas – ONGC (BCM) 6.416 5.996 7.0 18.472 17.685 4.5 23.484
Gas – JVs (BCM) 0.275 0.281 (2.1) 0.781 0.847 (7.8) 1.126
Total Gas (BCM) 6.691 6.277 6.6 19.253 18.533 3.9 24.610
Value Added Products (KT) 911 882 3.3 2708 2,517 7.6 3,386

Exploratory Performance 

Two new basins i.e. Vindhyan and West Bengal have been upgraded to Category II during the current financial year. The appraisal plans are drawn to further upgrade them as producing basins. ONGC has notified total 11 discoveries so far in FY’19 (4 discoveries after intimation on 03.11.2018). The details of the 4 latest discoveries are as under:

New Pool Discovery:

(i) GKS091NFA-1 in Block GK-OSN-2009/1 Kutch Offshore:

The exploratory well GKS091NFA-1, was drilled down to 3871m. The well on testing of Igneous intrusive produced gas @ 2,62,199 m3/day. This discovery has opened up a large area for further exploration of this play.

New Prospect Discovery:

(ii) Hatta#2 in NELP-VIII Block VN-ONN-2009/3, Vindhyan Basin, State of Madhya Padesh:

Exploratory well Hatta#2 in NELP-VIII Block VN-ONN-2009/3, Vindhyan Basin in Damoh district of Madhya Pradesh was drilled down to 2265m. On testing, flowed gas @ 48117 m3/d. Hatta#2 is the New Prospect (Gas) discovery with first commercial flow of gas in Vindhyan basin and adds significant value to the earlier made lower potential discoveries in the basin and is a big step forward towards possible up gradation of Vindhyan basin to producing category (Category-I).

(iii) Jantapathar#1Z in Golaghat Extn-IIA (Addl.) ML, A&AA Basin, State of Assam:

Exploratory well Jantapathar-1z in Golaghat Extn-IIA (Addl) PML block in Assam drilled to a depth of 2681 m, on testing flowed gas @ 80,541 m3/d from the interval 2497.50-2499.50 m and from interval 2481.5-2484 m also flowed gas @ 56,338 m3/d. This new prospect discovery has given impetus to exploration in area between Dayalpur field in the east and Hazarigaon field in the west. 

(iv) B-203#2 in NWMH Extn. PML, Western Offshore Basin

Exploratory well B-203-2 drilled in NWMH Extn. PML, Western Offshore Basin to a depth of 2515 m, on testing flowed oil @ 783 BOPD and gas @ 78,571 m3/d from the interval 2448.50-2450.50 m from Mukta Sandstone formation of Early Oligocene age. A limestone  interval 2377 -2379.50 m in Heera formation of Early Oligocene age also flowed oil @ 125 BOPD and gas @ 5193 m3/d. This new prospect discovery proves the westward extension of WO-24 plays in the down dip direction.

Sarkaritel
By Sarkaritel February 15, 2019 12:45