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    ONGC Declares Results For Q2 FY’23: Posts Net Profit Of ₹ 12,826 Crore

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    By on PSU

    In its 359th meeting held on 14th November, 2022, ONGC Board approved the results for Second Quarter (Q2) of FY 2022-23 (FY’23).

    Major Highlights:
     Gross Revenue ₹ 38,321 crore in Q2
     Net profit ₹ 12,826 crore in Q2
     Interim Dividend of ₹ 6.75 per share
     Six discoveries notified so far in FY’ 23

    Details are as under:

    1. Financial Performance(Standalone)
      Q2 H1  FY’22
    FY’23 FY’22 % Var FY’23 FY’22 % Var
    Gross Revenue(₹ Crore) 38,321 24,353 57.4 80,642 47,375 70.2 1,10,345
    Net Profit (₹ Crore) 12,826 18,348 (30.1) 28,032 22,682 23.6 40,306
    Crude Oil Price-Nominated
    Realization (US$/bbl) 95.49 69.36 37.7 101.98 67.45 51.2 76.62
    Realization (₹/bbl) 7,621 5,139 48.3 8,011 4,986 60.7 5,709
    Crude Oil Price-JV
    Realization (US$/bbl) 94.96 71.11 33.5 102.50 68.99 48.6 77.15
    Realization (₹/bbl) 7,578 5,269 43.8 8,051 5100 57.9 5,748
    Gas Price 
    Price on GCV basis ($/mmbtu) 6.10 1.79 240.8 6.10 1.79 240.8 2.35

    Note: During Q2 FY 2021-22, the Company haddecided to opt for lower tax regime u/s 115BAA of the Income Tax Act, 1961,with effect from FY 2020-21. Accordingly, the Company had recognized provision for tax expenses and re-measured its net deferred tax liabilities. The net impact due to availing the option hadresulted in decrease in deferred tax by ₹ 8,541 crore in Q2 FY 2021-22.

     

    1. Dividend

    Board has approved interim dividend of 135%, i.e. ₹ 6.75 on each equity share of ₹5. The total payout on this account will be ₹ 8,492Crore. The Record date for distribution of dividend has been fixed for 22ndNovember, 2022 which has been intimated to the stock exchanges.

     

    1. Financial Performance(Consolidated)
      Q2 H1  FY’22
    FY’23 FY’22 % Var FY’23 FY’22 % Var
    Gross Revenue (₹Crore) 1,68,656 1,22,066 38.2 3,51,550 2,30,171 52.7 5,31,762
    Net Profit(₹Crore)

     

    		 6,830 18,749 (63.6) 15,411 25,596 (39.8) 49,294
    Net Profit (₹Crore) –attributable to owners 8,299 18,055 (54.0) 20,236 24,040 (15.8) 45,522

     

    1. Production Performance
      Q2 H1 Actual
    FY’23 FY’22 % Var FY’23 FY’22 % Var FY’22
    Crude Oil – ONGC(MMT) 4.635 4.676 (0.9) 9.377 9.272 1.1 18.604
    Crude Oil – JVs (MMT) 0.475 0.555 (14.4) 0.976 1.113 (12.3) 2.162
    Condensate (MMT) 0.251 0.240 4.6 0.501 0.480 4.4 0.941
    Total Crude Oil (MMT) 5.361 5.471 (2.0) 10.854 10.865 (0.1) 21.707
    Gas – ONGC (BCM) 5.181 5.260 (1.5) 10.397 10.369 0.3 20.907
    Gas – JVs (BCM) 0.171 0.207 (17.4) 0.338 0.407 (17.0) 0.773
    Total Gas (BCM) 5.352 5.467 (2.1) 10.735 10.776 (0.4) 21.680
    Value Added Products (KT) 647 787 (17.8) 1,343 1,573 (14.6) 3,089

      

    1. Exploratory Success:

    ONGC has declared total 6 discoveries (4 in onland and 2 in offshore) during FY 2022-23 in its operated acreages. Out of these, 1 is prospect (onland) and 5 (3 in onland and 2 in offshore) are pools.

    The details of the latest discoveries notified since last press release in this regard on 12.08.2022 are as under.

    (i) Malleswaram-22 (MS-22) in Malleswaram PML, KG-PG Basin, Andhra Pradesh.Exploratory well Malleswaram-22 (MS-22) in Malleswaram PML block of KG onland, flowed gas @ 1,85,220 m3/day with traces of liquid from Raghavpuram Formation.

    (ii) GS-15-22 in Vainateyam PML, KG Offshore.Exploratory well GS-15-22 drilled in Vainateyam PML block of KG offshore flowed gas @ 2,52,072 m3/day from one interval, 2,30,404 m3/day from second interval and 1,96,952 m3/day from third interval within Pliocene Godavari Clay.

     (iii)  Kesanapalli West Deep-7 (KWD-7) in Vainateyam PML, KG Offshore.Exploratory well Kesanapalli West Deep 7 (KWD-7) in Vainateyam PML, KG Offshore flowed oil @ 183 m3/day and gas @ 81,630 m3/day from Vadaparru Formation.

    (iv) Karugorumilli-1 (KML-1) in Godavari Onland  PML, KG Basin, Andhra Pradesh.Exploratory well Karugorumilli-1 (KML-1) in Godavari Onland  PML, KG Basin flowed gas @ 1,03,902 m3/day from one interval and  1,13,930 m3/day from another interval within Pasalarapudi Formation. 

    Out of six discoveries notified till date during FY 2022-23, two discoveries viz. Mandapeta-60 and Kesanapalli West Deep-7 have already been monetized by ONGC.

    1. Other highlights/Awards/Recognitions: 

    ONGC’sU-field Onshore facilities dedicated to nation by Hon’ble Prime Minister:Hon’ble Prime Minister Shri NarendraModi dedicated ONGC’s U-field Onshore facilities of KG-DWN-98/2 Deep Water Block, situated in Odalarevu, Dr. B R AmbedkarKonaseema district of Andhra Pradesh to the Nation on 12 November 2022.

    1. ONGC signs MoU with Chevron Corporation to assess exploration potential in India: State-owned energy giant ONGC on 19 September 2022 signed a memorandum of understanding (MoU) with Chevron New Ventures PTE Limited, a subsidiary of California-based energy major Chevron Corporation, to assess exploration potential in India.
    • ONGC signs MoU with GreenkoZeroCto make Green Hydrogen and achieve its renewable energy targets: Oil and Natural Gas Corporation Limited (ONGC) signed a Memorandum of Understanding (MoU) on 26 July 2022 to enter into a Joint Venture with one of India’s leading renewable energy companies M/s GreenkoZeroC Private Limited.
    1. High-level ONGC Team visits Norway for collaboration with Equinor ASA: A high-level delegation of ONGC visited Norway during 9-12 August 2022 to provide a concrete shape to the ideas broadly covered in the MoU signed with Equinor ASA recently for collaboration in the areas of upstream E&P, midstream, downstream and clean energy options, including CCS/CCUS.

    ONGC conferred with the Golden Peacock Award for Risk Management:Inrecognition of itscommitment to Risk Mitigation in its business and operations, ONGC received the Golden Peacock Award for Risk Management at the 2022 London Global Convention on Corporate Governance & Sustainability organized by Institute Of Directors (IOD), Indiaat House of Lords, Parliament of the United Kingdom on 09 November 2022.

    ONGC Conferred with Finance Transformation Award: Energy Maharatna ONGC conferred with the ‘Finance Transformation Award’ for “comprehensive digital transformation of entire Finance process” at the SAP Achievement in Customer Excellence Awards 2022 on 04 November 2022.

    Golden Peacock National Training Award 2022: The Institute of Drilling Technology (IDT), ONGC Dehradun, was awarded the prestigious Golden Peacock National Training Award for the year 2022 on 22 July in the presence of business & industry leaders.

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