ONGC declares results for FY’20; posts net profit of Rs. 13,445 crore for FY’20
Admin
Jul 2, 2020 11:43
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ONGC declares results for FY’20; posts net profit of Rs. 13,445 crore for FY’20
Highlights:
- Gross Revenue of Rs. 96,214 crore in FY’20
- 12 discoveries in FY’20; 03 discoveries so far in FY’21
In its 329th Board Meeting held on 30th June, 2020, ONGC presented the annual results for FY’20.
- Financial Performance
|
Particulars |
Q4FY’20 |
Q4FY’19* |
% Var |
FY’20 |
FY’19* |
% Var |
|
Gross Revenue (Rs. Crore) |
21,456 |
26,759 |
(19.8) |
96,214 |
1,09,655 |
(12.3) |
|
Profit/(loss) Before Tax (PBT) (Rs. Crore) |
(3,892) |
5,762 |
(167.5) |
20,369 |
40,029 |
(49.1) |
|
Profit/(loss) After Tax (PAT) (Rs. Crore) |
(3,098) |
4,240 |
(173.1) |
13,445 |
26,765 |
(49.8) |
|
Crude Oil Price-Nominated |
||||||
|
Net Realization (US$/bbl) |
49.01 |
61.93 |
(20.9) |
58.61 |
68.19 |
(14.0) |
|
Net Realization (Rs./bbl) |
3,546 |
4,365 |
(18.8) |
4,154 |
4,766 |
(12.8) |
|
Crude Oil Price-JV |
||||||
|
Realization (US$/bbl) |
49.39 |
61.29 |
(19.4) |
59.33 |
65.97 |
(10.1) |
|
Realization (Rs./bbl) |
3,574 |
4,320 |
(17.3) |
4,205 |
4,611 |
(8.8) |
|
Gas Price |
||||||
|
Price on GCV basis ($/mmbtu) |
3.23 |
3.36 |
(3.9) |
3.46 |
3.21 |
7.8 |
*restated
The Company has recognized an Exceptional Item towards impairment loss of Rs. 4,899 crore in Q4 FY’20 to factor into estimated future crude oil and natural gas prices. This has adversely impacted PAT for Q4 FY’20 and FY’20 as compared to last year.
- Production Performance
|
Particulars |
Q4FY’20 |
Q4FY’19 |
% Var |
FY’20 |
FY’19 |
% Var |
|
Crude Oil–ONGC (MMT) |
4.935 |
4.790 |
3.0 |
19.330 |
19.626 |
(1.5) |
|
Crude Oil–JVs (MMT) |
0.555 |
0.749 |
(25.9) |
2.639 |
3.120 |
(15.4) |
|
Condensate (MMT) |
0.329 |
0.361 |
(8.9) |
1.384 |
1.485 |
(6.8) |
|
Total Crude Oil (MMT) |
5.819 |
5.900 |
(1.4) |
23.353 |
24.231 |
(3.6) |
|
Gas – ONGC (BCM) |
5.862 |
6.275 |
(6.6) |
23.853 |
24.747 |
(3.6) |
|
Gas – JVs (BCM) |
0.178 |
0.282 |
(36.9) |
1.043 |
1.063 |
(1.9) |
|
Total Gas (BCM) |
6.040 |
6.558 |
(7.9) |
24.896 |
25.810 |
(3.5) |
|
Value Added Products (KT) |
879 |
931 |
(5.6) |
3548 |
3641 |
(2.6) |
- Exploration Performance:
ONGC has declared total 12 discoveries (7 onland, 5 offshore) during FY 2019-20 in its operated nomination acreages. Out of these, 7 are prospects (3 onland, 4 offshore) and 5 are pools (4 onland, 1 offshore).
- Total 12 discoveries made in FY’20. Following 2 discoveries have been notified in Q4, FY’20:
i. R-12-6, Ratna and R-series ML, Western Offshore Basin
Well R-12-6 flowed oil @ 364 bbl/day, 334 bbl/day and 158 bbl/day and gas @ 8996 m³/day, 6127 m³/day and 3104 m³/day, respectively from three intervals. This discovery has established the hydrocarbon potential of a new sector in Ratna area.
ii. SD-15 in West Tripura PML,A&AFB
Well SD-15 flowed gas @ 1, 17, 651 m3/day and 3,24,001 m3/day respectively from two intervals. This success enriches the possibilities of encountering more gas bearing sands in Upper Bhuban formation in Sundalbari structure.
b. Discoveries notified during FY 2020-21:
During FY 20-21, ONGC has notified 3 discoveries so far (two in offshore deep-water NELP block and another in on-land block in Nomination PML)
i. Well KGD982NA-CHAN-B-1in Cluster II of KG-DWN-98/2 deep water block , KG Basin flowed gas from two intervals @5,69,330 m3/day and 5,25,152 m3/day respectively.
ii. Well KU#13 drilled in Kunjanban PML, Tripura flowed gas @1,56,000 m3/day along with condensate @ 0.23 m3/day.
iii. Well KGD982NA-R1-E#1 in Cluster II of KG-DWN-98/2 deep water block, KG Basin flowed gas @ 4,64,141 m3/day
- Reserve Accretion (2P): FY’20
|
(in MMTOE) |
|
|
ONGC operated domestic areas |
53.21 |
|
Domestic JVs |
1.74 |
|
Total Domestic |
54.95 |
- Reserve Replacement Ratio (RRR) of ONGC-Operated Domestic Areas
In FY’20, ONGC has maintained an RRR of more than ‘One’ for the 14th consecutive year. This reflects ONGC’s strong exploratory performance over the years.
- Consolidated Financial Results
|
1. |
Consolidated Turnover Rs.4,25,001 Crore in FY’20 as against Rs. 4,53,683 Crore in FY’19 |
|
2. |
Consolidated Group Net Profit (PAT) Rs. 11,560 Crore in FY’20 as against Rs. 33,938 Crore in FY’19 |
- ONGC Group of Companies
|
1. |
Oil and Natural Gas Corporation Ltd |
|
2. |
Subsidiaries: |
|
i |
ONGC Videsh Ltd |
|
ii |
Hindustan Petroleum Corporation Ltd |
|
iii |
Mangalore Refinery and Petrochemicals Ltd |
|
iv |
ONGC Mangalore Petrochemicals Ltd |
|
v |
Petronet MHB Ltd |
|
3. |
Joint Ventures |
|
I |
ONGC Petro Additions Ltd |
|
ii |
ONGC Tripura Power Company Ltd |
|
iii |
Mangalore SEZ Ltd |
|
iv |
Dahej SEZ Ltd |
|
v |
ONGC TERI Biotech Ltd |
|
vi |
Indradhanush Gas Grid Ltd |
|
4. |
Associates: |
|
i |
Petronet LNG Ltd |
|
ii |
Pawan Hans Helicopters Ltd |
|
iii. |
Rohini Heliport Ltd. |
- ONGC Videsh Ltd
Production
ONGC’s overseas arm, ONGC Videsh Ltd. registered increase in production of oil and gas by 1% with net production of 14.981 MMTOE in FY’20, as compared to 14.833 MMTOE in FY’19.
|
Production |
Unit |
FY’20 |
FY’19 |
|
Crude Oil |
MMT |
9.755 |
10.097 |
|
Natural Gas |
BCM |
5.226 |
4.736 |
|
Total Oil and Oil Equivalent Gas |
MMTOE |
14.981 |
14.833 |
Turnover
The Company has achieved a turnover of Rs. 15,538 crore during FY’20 against the turnover of Rs. 14,632 crore during FY’19 (increased by 6%).
Profit After Tax (PAT) and Dividend
The Company registered a PAT of Rs. 454 crore in FY’20, as against a PAT of Rs. 1,682 crore in FY’19. The Board of Directors of the Company has recommended final dividend of Rs. 2.00 per share on fully paid equity share par value of Rs. 100 each, subject to approval by the shareholders. The dividend amounts to Rs. 300 crore.
Hindustan Petroleum Corporation Ltd (HPCL)
HPCL has registered good performance during the FY’20 considering the specific challenges faced by the sector especially towards year end due to demand contraction on account of Covid 19 pandemic.
Refining throughput and Sales Volume
