ONGC improves Crude Production in 2004-05
ONGC produced 26.487 Million Metric Tons (MMT) of crude during 2004-05 against 26.057 MMT in 2003-04. The increase of 1.65 per cent was achieved against natural decline at 6 to 8 per cent per year for the ageing fields. Particularly, in the prime Mumbai High field, production increased to a sustained level of 2,70,000 barrels of oil per day (bopd) – the highest in the last few years.
These were published as part of ONGC's provisional un-audited results for 2004-05.
Gas Production declined to 22.971 Billion Cubic Meters (BCM) [23.584 BCM]; but Gas Sales were maintained at 18.52 BCM [19.07 BCM]. Corresponding to the decline in Gas Production from the ageing Vasai field, output of finished products dropped to 3.34 MMT [3.63 MMT].
Taking Oil and Oil Equivalent Gas (O + OEG) together, ONGC produced 1 million barrels per day, excluding 0.08 million bopd for its domestic Joint Ventures (JVs).
The most significant find during 2004-05 was in Krishna-Godavari (KG) Basin at the location Vashistha (VA-1A) in block KG-OS-DW-IV. This was the third success in ONGC's deep-water exploration campaign 'Sagar Samriddhi'. With this find, ONGC estimates its drilled and potential resources in the area to be around 4 Trillion Cubic Feet (TCF).
In Western Offshore, a shallow-water Oil and Gas was recorded in D-33, about 60 kilometers south-west of Mumbai High. Onshore, Oil and Gas was found in Tiphuk-1 in North Assam Shelf and Oil was struck at Wamaj in Cambay Basin.
Turnover increased by 43 per cent to Rs. 47, 025 Crore [Rs. 32,927 Crore] and provisional Net Profit increased by 47 per cent to Rs. 12,725 Crore [Rs. 8,664 Crore]. These figures exclude transfer of Rs. 3,114 crore profit to IOC, BPC, HPC (for April-December 2004) on the instructions of the Ministry of Petroleum & Natural Gas.
ONGC's contribution to central and state exchequer by way of Royalty, Cess, Duties and Taxes increased by 20 per cent to Rs. 20,200 Crore [Rs. 16,858 Crore].
ONGC's subsidies to all Oil and Gas companies operating in India, whether in public or private sector, continued to increase, pending decontrol of pricing of natural gas produced by ONGC and directions from the Government.
ONGC made a capital investment of Rs. 4,800 Crore in construction, procurement and modernization projects in exploration and development, up 151 per cent from 1916 Crore in 2003-04. Offshore, four (4) new Platforms (2 well platforms, 1 process platform and 1 clamp-on) were commissioned for enhancing production.
New hardware and software were added to boost capability in seismic data Acquisition, Processing and Interpretation (API), well logging and stimulation and Crisis Management (Blow-out control).
One of the globally-biggest ERP implementation Project ICE (Information Consolidation for Efficiency) was fully rolled out using all applicable modules of SAP R/3 across the organization.
Capital projects worth Rs. 14,600 Crore are under different stages of execution. New trunk pipelines are being laid sub-sea from Mumbai High field to Uran Oil and Gas processing facility. New fields are being brought into production, Onshore as well as Offshore; of these, the project at G1-GS15 field in KG Basin is the first deep-water development project in India using 'Smart Wells' concept.
Operates 40 Offshore Rigs
Manages 8 Offshore Rigs
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