ONGC declares results for Q1 FY’21: posts net profit of ? 496 crore despite depressed prices

Dated : 01 September 2020 08:00:00 PM

In its 330th Meeting held on 01 September, 2020, ONGC Board approved the results for First Quarter (Q1) of FY 2020-21; highlights are as under:

  • Financial Performance(Standalone)
Particulars Q1 - 2020-21 Q1 - 2019-20 % variation FY’20
Gross Revenue ( ? Crore) 13,011  26,555 (51.0) 96,213
Net Profit (? Crore) 496 5,980 (91.7) 13,445
Crude Oil Price-Nominated
Net Realization (US$/bbl) 28.72 66.32 (56.7) 58.61
Net Realization (? /bbl) 2,179 4,613 (52.8) 4,154
Crude Oil Price-JV
Realization (US$/bbl) 29.60 66.78 (55.7) 59.33
Realization (? /bbl) 2,246 4,645 (51.6) 4,205
Gas Price
Price on GCV basis(US$/mmbtu) 2.39 3.69 (35.2) 3.46

The revenue and PAT for Q1(FY20-21) have been impacted by lower crude oil price realization in the wake of COVID-19 fall out on global oil and gas industry as a direct consequence of adverse price movements in global crude prices. Lower gas prices also contributed to lower topline and bottomline.

  • Financial Performance (Consolidated)
Particulars Q1 - 2020-21 Q1 - 2019-20 % variation FY’20
Gross Revenue (? Crore) 62,496 1,09,546 (42.9) 4,25,001
Net Profit (? Crore) 1,090 7,120 (84.7) 11,560
Net Profit (? Crore) - attributable to owners 120 6,771 (98.2) 10,907
  • Production Performance:
Particulars Q1 - 2020-21 Q1 - 2019-20 % variation FY’20
Crude Oil–ONGC (MMT) 4.799 4.792 0.1 19.330
Crude Oil–JVs (MMT) 0.574 0.714 (19.6) 2.639
Condensate (MMT) 0.292 0.363 (19.6) 1.382
Total Crude Oil (MMT) 5.665 5.869 (3.5) 23.353
Gas – ONGC (BCM) 5.392 6.148 (12.3) 23.853
Gas – JVs (BCM) 0.152 0.272 (44.1) 1.043
Total Gas (BCM) 5.544 6.420 (13.6) 24.896
Value Added Products (KT) 720 917 (21.5) 3,548

Gas production has been affected due to less offtake by consumers in the wake of COVID-19.

  • Exploratory Success:

ONGC has notified three discoveries (two pools and one prospect) after last press release on 30.06.2020, taking the total discoveries to six in FY 2020-21 so far. The details of three latest discoveries are as under:

  • New Prospect: One (1)

    Kavitam-5 (KTAC) KG Onland / Kavitam Additional PML
    Exploratory well Kavitam-5 (KTAC) located in KG Onland / Kavitam Additional PML Block was drilled. On testing, flowed gas @ 4,98,560 m3/day. This discovery opened up the area for further hydrocarbon exploration in the south of Kavitam field.

  • New Pool: Two (2)
    • Sundulbari-16 (SDAP), AAFB, West Tripura PML
      Exploratory well Sundulbari-16 (SDAP) located in AAFB, West Tripura PML was drilled. On testing flowed gas @ 1,56,378 m3/day. This discovery has established the perceived model of relict sand/channel cut as a play with larger potential in Tripura.
    • KGD982NA-PDM-SH-1 (KGD982NA-PDM-SH-AA) in Cluster-2 (KG-DWN-98/2) NELP PML Block, KG Offshore.
      Exploratory well KGD982NA-PDM-SH-1 drilled in Cluster-2 (KG-DWN-98/2) NELP PML Block, KG Offshore flowed oil @ 3,496 bbl/day and gas @ 61,926 m3/day. This discovery towards east of M-3 discovery improved the prospectivity of Godavari Clay formation for further exploration.
  • Awards/Recognitions:
    • a) Golden Peacock National Quality Award
      ONGC has been conferred the Golden Peacock National Quality Award for the year 2020 in recognition of its robust Quality Management Systems. The Golden Peacock Award is recognized as the hallmark of Corporate Excellence worldwide, because of its independence, integrity and transparency.
    • b) Stevie Awards for Great Employers
      Energy Maharatna ONGC has won a prestigious international award – Silver Stevie Awards for Great Employers as the Most Valuable Employer - Asia Pacific in the COVID-19 Response category. ONGC will be receiving the award in a virtual ceremony to be held on 7 November 2020.
    • c) ONGC bags Rashtriya Khel Protsahan Puruskar for ‘Encouragement to sports through Corporate Social Responsibility’ by Govt. of India.
      Four ONGCians awarded Arjuna and Dhyanchand Award for exemplary performance in sports.
      ONGCians- Indian Basketball Team Captain Vishesh Bhriguvanshi, ace Indian pacer Ishant Sharma, Indian Table Tennis star Madhurika Patkar received Arjuna Award.
      ONGCian -International Kabaddi player Manpreet Singh received Dhyanchand Award.

 

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Disclaimer

This Press Release is intended to apprise the public regarding the highlights of Unaudited Financial Results of ONGC on standalone and consolidated basis, for the quarter ended 30th June, 2020 approved by the Board of Directors in their meeting held on 01.09.2020, in addition to informing about other major and/or related highlights/developments which in view of the management may be considered as important. These are not to be taken as forward looking statements and may not be construed as guidance for future investment decisions by investors/stakeholders.

Issued By:
Oil and Natural Gas Corporation Ltd
Corporate Communications, New Delhi,
Phone: +91-11-26754013
Mail: ongcdelhicc@ongc.co.in