ONGC Reports 28 O&G Discoveries, Profit Still Down 2% for 2008

The ONGC Board held its 180th meeting and has approved its Annual Financial Results for the fiscal year 2007-08, including Group consolidated Accounts and 4th Quarter.

Crude oil production was reported at 6.440 MMT, and natural gas production was reported at 5.348 BCM with sales turnover at Rs.15, 728 Crore, which was up 26% from Rs. 12,450 Crore in Q4 FY07. Net profit was at Rs. 2,627 Crore, which was down 2% from Rs. 2,682 Crore.

ONGC reported 28 oil and gas discoveries in their FY08 annual results, which include 15 New Prospects (3 Deep waters, 5 Shallow water, 7 Onshore) and 13 New pools.

The Company reported in-place reserve accretion of 182.23 Million TOE, the highest in the last decade, and ultimate reserves at 63.82 MTOE. Oil plus Oil Equivalent production was reported at 48.28 MTOE against 48.49 MTOE during FY07. 

A highest-ever Sales Income (Turnover) was reported at Rs. 60, 137 Crore, which was up 6% from Rs. 56,904 Crore in FY07. Additionally, a highest-ever Net Profit of Rs. 16,702 Crore was reported, up 7% from Rs. 15, 643 Crore in FY07, and notwithstanding a highest-ever subsidy pay-out of Rs. 22, 001 Crore.

ONGC reported a recommended highest-ever Dividend of 320% amounting to Rs. 6,844 Crore recommended, up10% from 310% dividend for FY07.

The Company reported on development of discovered field with an appraisal plan for development of deepwater block KG-DWN-98/2 approved by DGH along with development of PEL acreage KG-OS-DW4. Last year, ONGC had opened up ultra-deepwater province in India by making the first discovery at a water depth of 2841 meters in NELP block KG-DWN-98/2.

ONGC also reported that it is participating with M/s Cairn Energy India Pvt. Ltd. (CEIL) in development of Mangala, Aishwarya, Raageshwari & Saraswati (MARS) fields in Barmer basin of Rajasthan; ONGC has 30% share, with estimated investment of US $450 million (Rs. 1,800 Crore).