ONGC Videsh Declares FY’15 Financial Results

ONGC Videsh Declares FY’15 Financial Results

New Delhi 25th May, 2015

Oil and Natural Gas Corporation Ltd.

Financial results of ONGC Videsh Ltd., the wholly-owned subsidiary of Oil and Natural Gas Corporation Ltd. (ONGC), for the year ended 31st March 2015 were considered and approved by the Board in its meeting held on 25th May 2015. The performance highlights are as under:

Particulars
Unit
FY’15
FY’14
% Variation
Production
Crude Oil
MMT
5.533
5.486
0.86
Natural Gas
BCM
3.341
2.871
16.37
Total Oil and Oil Equivalent Gas
MMTOE
8.874
8.357
6.19
Financial
Gross Revenue
/ Crore
18,491
21,659
(14.63)
Profit After Tax
/ Crore
1,904
4,445
(57.16)

During FY’15, there is an increase in oil and gas production by 6.19% (Oil 0.86% and Gas 16.37%) as compared to previous fiscal year FY’14. The incremental production is primarily due to better management and addition in the portfolio.

During FY’15, the company has earned profit after tax of 1,904 Crore, a decrease of 57% as compared to FY’14. Despite higher production during FY’15, the decrease in profit is mainly due to lower oil prices, higher financing cost including exchange loss, higher depletion charge, and impairment provision in one of the assets.

Other Highlights

ONGC Videsh has participation in 36 projects in 17 countries including Azerbaijan, Kazakhstan, Russia, Brazil, Colombia, Venezuela, Iraq, Syria, Libya, South Sudan, Sudan, Mozambique, Bangladesh, Myanmar, Vietnam and New Zealand. Out of these 36 projects, 13 are producing, 4 are discovered/under development, 17 are exploratory and remaining 2 are pipeline projects. ONGC Videsh is currently producing about 167 thousand barrels of oil and oil equivalent gas per day and has total oil and gas (2P) reserves of about 612 MMtoe as on 31st March 2015.
A. New Acquisitions and Alliances during FY’15
a.
With award of exploration permit PEP 57090 in the Taranaki offshore basin by Government of New Zealand on 9th December, 2014, ONGC Videsh has now started operations in Pacific Region.
b.
To pursue co-operation in the fields of technology, human resources, exploration, research & development in upstream sector, ONGC Videsh entered into MOU with reputed International E&P companies during the year namely:
i.
With TPAO on 18th June, 2014 during World Petroleum Congress at Moscow.
ii.
With Rosneft, Russia on 24th May, 2014 at the SPIEF-2014.
iii.
With PetroVietnam on 15th September, 2014.
iv.
With Pemex-Exploracion Y Produccion (PEP), the upstream subsidiary of Pemex, Mexico on 25th September 2014
v.
With Mubadala Petroleum, UAE on 29th September 2014
B.
Operations
a.
In Sakhalin-1 Project, the topside of “Berkut”-world’s biggest offshore platform in Arkutun-Dagi field, was successfully floated over from South Korea to Russia and installed on 20th June 2014 with production commencing from 5th January 2015.
b.
Gas Export Pipeline Remediation project in Block BC-10, Brazil was successfully commissioned on 1st November, 2014 leading to gas export about 0.27 MMSCMD.
c.
In A-1/A3 Project, Myanmar, plateau gas production rate of 14.2 MMSCMD was achieved on 2nd December, 2014.
d.
Oil production from Petro Carabobo, Venezuela, crossed 16,000 BOPD on 16th March, 2015 with average oil production of 9,775 BOPD during FY’15 compared to 3,293 BOPD during FY’14.
e.
First crude Cargo of 1.2 million barrel of Petro Carabobo was lifted by RIL on 25th May, 2014 from Venezuela.
f.
The current geo-political situation in Syria including EU sanctions and the resulting restrictions on contractors continue adversely affecting Syrian operations since December 2011.
g.
The operations in South Sudan projects are temporarily under shutdown after internal conflicts and adverse security situation in the country since 22nd December, 2013. The operations in South Sudan shall resume once security situation improves.

Issued By

Corporate Communications, New Delhi,
Phone: +91-11-23320032
Tele-Fax: 011-23357860
Mail: ongcdelhicc@ongc.co.in

JS(IC & GP), MoP&NG visits ONGC Videsh

JS(IC & GP), MoP&NG visits ONGC Videsh Mr Ashutosh Jindal, IAS, Joint Secretary (IC & GP), MoP&NG and Government Nominee Director, ONGC Videsh recently visited the company’s office on April 4, 2015. The visit was aimed to provide Mr Jindal with the overview and in-depth insights on governance practices, business processes, operations and future plans of ONGC Videsh. At the outset, Mr Narendra K Verma, MD, ONGC Videsh welcomed Mr Ashutosh Jindal with a floral bouquet in presence of the Executive Committee and senior officers of the company.

js-visit

Mr Ashutosh Jindal, JS (IC&GP) at the centre, flanked (on the left) by Mr Narendra K Verma, MD, ONGC Videsh, Mr S P Garg, Director (Finance) and (on the right) Dr Anil Bhandari, Director (Exploration).

A brief presentation was made covering ONGC Videsh’s history, empowerment, composition of Board & Board Committees, global foot-print, growth in terms of production, reserves, financials, process of acquisitions of overseas assets etc.

The interactions were quite elaborate, where business requirements and challenges of ONGC Videsh were acknowledged and appreciated. Mr Jindal suggested the way forward to address challenges of ONGC Videsh with respect to empowerment, filling vacancy of Independent Director(s), approach towards acquisitions of E&P assets and concentrated efforts on certain focus countries. Mr Ashutosh Jindal, IAS, Joint Secretary (IC & GP), MoP&NG has joined the ONGC Videsh Board as a Government Nominee on 24th February, 2015. He is also a Member of the Project Appraisal, HSE & Risk Management Committee of the Company. The interactions concluded with an expression of gratitude to Mr Jindal for his insights and appreciation of issues related to ONGC Videsh.

 

CC, ONGC Videsh

ONGC and ONGC Videsh sign Agreements with PVEP, Vietnam

 

ONGC and ONGC Videsh sign Agreements with PVEP, Vietnam
New Delhi 28th October, 2014

 

Oil and Natural Gas Corporation Limited (ONGC) signed a Memorandum of Understanding (MOU) with Petrovietnam Exploration Production Corporation Ltd. (PVEP – a wholly owned subsidiary of Vietnam Oil and Gas Group (Petrovietnam), for mutual cooperation for exploration in the NELP Blocks of ONGC in Andaman and Cauvery Basins, subject to due diligence and negotiations on terms of participation. The MOU was signed by Mr. Dinesh K. Sarraf, Chairman & Managing Director, on behalf of ONGC and Dr. Do Van Khanh, President & CEO on behalf of PVEP.ONGC Videsh Limited also signed a Heads of Agreement (HOA) with PVEP for mutual cooperation for exploration in Blocks 102/10 & 106/10 of PVEP and Block 128 of ONGC Videsh in offshore Vietnam, subject to due diligence and negotiations on terms of participation. The HOA was signed by Mr. Narendra K. Verma, Managing Director on behalf of ONGC Videsh and Dr. Do Van Khanh, President & CEO on behalf of PVEP.

Both the MOU and the HOA were exchanged in the gracious presence of visiting Prime Minister of Vietnam H.E. Mr. Nguyen Tan Dung and Hon’ble Prime Minister of India, Shri Narendra Modi at Hyderabad House, New Delhi on 28th October, 2014.

ONGC Videsh forayed into Vietnam as early as 1988, when it was awarded the exploration license for Block 06.1. Presently the Block is producing natural gas. The company also got exploration Blocks 127 and 128 in 2006. Block 127 was relinquished after completing the work programme. Block 128 is currently under exploration.

About ONGC

ONGC’s market capitalisation as on 27th October, 2014, was INR 3,391 billion (US$ 56.5 billion). During the financial year ended 31 March 2014, ONGC Group had produced 59.20 million tonne of oil and oil equivalent gas (mmtoe) (approx. 1.2 mmboe per day); the Gross Revenue was INR 1,744.7 billion (US$ 29.46 billion) and total oil and gas reserves were 2,004 mmtoe as on 31st March 2014. For more information visit: www.ongcindia.com

About ONGC Videsh

ONGC Videsh is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the National Oil Company of India, and is India’s largest international oil and gas E&P Company. At present, ONGC Videsh has participation in 35 projects in 16 countries including Azerbaijan,Bangladesh, Brazil, Colombia, Iraq, Kazakhstan, Libya, Mozambique, Myanmar, Russia, South Sudan, Sudan, Syria, Venezuela and Vietnam. ONGC Videsh is currently producing 160 thousand barrels of oil and oil equivalent gas per day and has total oil and gas reserves of about 637 mmtoe as on 31st March 2014. For more information visit: www.ongcvidesh.com

Issued By
Oil and Natural Gas Corporation Ltd.
Corporate Communications, New Delhi,
Phone: +91-11-23320032
Tele-Fax: 011-23357860
Mail: ongcdelhicc@ongc.co.in