ONGC declares results of Q1 FY’18; Reports 10.8% increase in Gas Production and 2.9% increase in Crude Production (QoQ)
Highlights:
- 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 `19,073 Crore, up 7.2 % QoQ
- Net Profit `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:
- Financial Performance, Q1-FY’18
| Details | Q1 2017-18 |
Q1 2016-17 |
% variation |
FY’17 |
| Gross Revenue ( Crore) | 19,073 | 17,784 | 7.2 | 77,907 |
| Net Profit ( Crore) | 3,885 | 4,233 | (8.2) | 17,900 |
| Crude Oil Price-Nominated | ||||
| Net Realization (US$/bbl) | 51.03 | 46.10 | 10.7 | 50.27 |
| Net Realization ( /bbl) | 3,290 | 3,085 | 6.6 | 3,372 |
| Crude Oil Price-JV | ||||
| Realization (US$/bbl) | 45.92 | 38.90 | 18.0 | 44.09 |
| Realization ( /bbl) | 2,960 | 2,604 | 13.7 | 2,959 |
| Gas Price | ||||
| Price on GCV basis($/mmbtu) | 2.48 | 3.06 | (19.0) | 2.77 |
Production Performance, Q1- FY’18
| Particulars | Actual Q1 FY’18 |
Actual Q1 FY’17 |
% Var | FY’17 |
| Crude Oil–ONGC (MMT) | 5.310 | 5.162 | 2.9 | 20.886 |
| Crude Oil–JVs (MMT) | 0.789 | 0.850 | (7.2) | 3.285 |
| Condensate (MMT) | 0.345 | 0.333 | 3.6 | 1.363 |
| Total Crude Oil (MMT) | 6.444 | 6.345 | 1.6 | 25.534 |
| Gas – ONGC (BCM) | 5.729 | 5.172 | 10.8 | 22.088 |
| Gas – JVs (BCM) | 0.301 | 0.322 | (6.5) | 1.182 |
| Total Gas (BCM) | 6.030 | 5.494 | 9.8 | 23.270 |
| Value Added Products (KT) | 775 | 754 | 2.8 | 3235 |
- . 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:
- 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.
- 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.
- 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:
- 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.
- 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.
