ONGC Q2 net profit up 61.1 %
First half net profit at Rs 14,408 crore

Q2 gross revenue at Rs 27,989 crore

ONGC Q2 net profit up 61.1 % at Rs 8,265 crore

Thesynergyonline Corporate Bureau

NEW DELHI, NOVEMBER 03 : Oil ad Natural Gas Corporation (ONGC) registered net profit of Rs 8,265 crore in the second quarter of the fiscal 2018-19 (Q2FY'19) as against Rs 5,131 crore in the corresponding quarter of the fiscal 2017-18, (Q2FY'18), rise of 61.1 per cent.

H1 net profit

In the first half of the fiscal 2018-19 (H1FY19) the company registered net profit of Rs 14,408 crore as against Rs 9,015 crore in the first half of fiscal 2017-18 (H1FY'18), up by 59.8 per cent. The company registered gross revenue of Rs 27,989 crore in the second quarter of the fiscal 2018-19 (Q2FY'19) as against Rs 18,966 crore , rise of 47.6 per cent. In the first half year of the fiscal 2018-19 the company's gross revenue reached Rs 55,202 crore from Rs 38,038 crore in the first half of the fiscal 2017-18 , rise of 45.1per cent.

Rs 14,408 crore

Oil production

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Drilling Rig Sagar Samrat was under conversion into a Mobile Offshore Production Unit (MOPU) for oil production from WO-16 Cluster. The MOPU was scheduled to be commissioned in the beginning of FY'19, which could not be done because of failure on part of the contractor. The non-availability of MOPU as per schedule led to a loss of oil production of about .35 MMT. ONGC took stringent action to terminate the contract and proactively awarded a new contract recently for commissioning of MOPU by March 2019. In WO-16 Cluster, all the 15 wells have been completed, which will be put on production once the MOPU is commissioned. The MOPU

Gas production

ONGC gas production has seen an increasing trend on year on year basis. The gas production has increased by about 3% in H1'19 compared to H1'18. The gas production is expected to increase further with the completion of Daman Development Project in Western Offshore and further increase from VA-S1 field in Eastern Offshore.

 

3% in H1'19

VAP production

VAP production has also recorded an increase of about 7% from 1.7 MMT in H1'18 to 1.8 MMT in H1'19

7% % rise

Discoveries

ONGC has notified 7 discoveries so far in FY'19 out of which 4 new discoveries have been made (2 new prospect and 2 new pool discoveries). Out of the 4 new discoveries, 3 have been made in onshore blocks while 1 discovery has been made in offshore block.

7 discoveries

New prospect discoveries

1. Asokenagar-1 in WB-ONN-2005/4 (JV Block, PI: ONGC: 75%,OIL: 25%) Bengal Onland Basin
The Exploratory well Asokenagar-1 located in WB-ONN-2005/4(NELP-VII) in Bengal Onland Basin was drilled down to 2610 m. On testing, an interval in Upper Miocene age flowed gas @ 88358 m3/d with condensate (12.57 BOPD). One more interval flowed oil @ 116.36 BOPD in surges with average water cut of 7% and FTHP varying from 0 to 200 psi. This is the first notified discovery in Bengal basin and gives renewed impetus to exploration in Eocene hinge zone corridor of West Bengal. 2. Bantumilli North-2 in Malleswaram PML, KG Onland Basin
The Exploratory well Bantumilli North-2 located in Malleswaram PML was drilled down to 3620 m. On testing, an interval in Raghavapuram Formation of Late Cretaceous age flowed Oil @ 496.89 BOPD & Gas @ 42535 m3/day. This lead has opened up the area south of Suryaraopeta field for further exploration. This discovery has already been monetized.

New Pool Discoveries:

1. Baramura-31 in Baramura Extn-IV PML, West Tripura
The Development well Baramura-31 in Baramura Extn-IV PML located in West Tripura, A&AAFB was drilled down to 2628 m. On testing, an interval within Middle Bhuban Formation of Miocene age flowed gas @ 97,982m3/day. This has opened up a new sand and northern plunge of the Baramura anticline for further exploration in the area. 2. GS-29-15 in GS-29 Extn. PML, KG Shallow Offshore
The exploratory well GS-29-15 in GS-29 Extn. PML falls in the KG-PG Basin. On testing, an interval in Godavari Clay Formation of Pliocene age, it flowed oil @ 864 BOPD and gas @15815 m3/d.

Exploratory well