Mumbai :ONGC Board of Directors in its 364th Meeting held on 26th May, 2023, approved the annual results for FY’23.
- Gross Revenue Rs. 36,293 crore in Q4FY’23, up by 5.2 %; Rs. 1,55,517 crore in FY’23, up by 40.9%
- Total dividend for FY’23 Rs. 11.25 per share (225%) considering interim dividend of Rs. 10.75 per share (215%) and Final dividend of Rs. 0.50 per share (10%)
- Eight discoveries made and three monetized in FY’23
1. Financial Performance (Standalone)
|
Particulars
|
Q4FY’23
|
Q4FY’22
|
% Var
|
FY’23
|
FY’22
|
% Var
|
|
Gross Revenue (Rs. Crore)
|
36,293
|
34,497
|
5.2
|
1,55,517
|
1,10,345
|
40.9
|
|
Exceptional items (including
current year provision for ST/GST on royalty)*
|
(12,107)
|
-
|
-
|
(12,107)
|
-
|
-
|
|
Profit/(loss) Before Tax (PBT) *
(Rs. Crore)
|
(979)
|
11,714
|
(108.4)
|
50,395
|
41,040
|
22.8
|
|
Profit/(loss) After Tax (PAT)*
(Rs. Crore)
|
(248)
|
8,860
|
(102.8)
|
38,829
|
40,306
|
(3.7)
|
|
* The
company has reviewed the entire issue of disputed Service tax and GST on
royalty and has decided to make a provision towards these disputed taxes as a
prudent and conservative practice. Accordingly, during the quarter and year
ended March 31, 2023, the Company has provided Rs. 12,107 crore towards
disputed taxes of ST/GST on Royalty for the period from April 1, 2016 to
March 31, 2023 together with interest thereon.
The above
adjustments have adversely impacted the profitability for Q4 and FY’23.
However, the Company shall continue to contest such disputed matters before
various forums based on the legal opinion.
|
|
Crude Oil Price-Nominated
|
|
Realization (US$/bbl)
|
77.12
|
94.98
|
(18.8)
|
91.90
|
76.62
|
19.9
|
|
Realization (Rs./bbl)
|
6,344
|
7,147
|
(11.2)
|
7,388
|
5,709
|
29.4
|
|
Particulars
|
Q4FY’23
|
Q4FY’22
|
% Var
|
FY’23
|
FY’22
|
% Var
|
|
Crude
Oil Price-JV
|
|
Realization
(US$/bbl)
|
77.11
|
95.53
|
(19.3)
|
93.02
|
77.15
|
20.6
|
|
Realization
(Rs./bbl)
|
6,343
|
7,189
|
(11.8)
|
7,478
|
5,748
|
30.1
|
|
Gas Price
|
|
Price on GCV basis ($/mmbtu)
|
8.57
|
2.90
|
195.5
|
7.34
|
2.35
|
212.3
|
2. Dividend pay out
The total dividend for FY’23 would be 225% (Rs.11.25 per share of face value Rs 5 each) with a total payout of Rs. 14,153 crore. This includes interim dividend of 215% (Rs. 10.75 per share) already paid during the year and final dividend of 10% (Rs.0.50 per share) recommended by the Board.
3. Production Performance
|
Particulars
|
Q4FY’23
|
Q4FY’22
|
% Var
|
FY’23
|
FY’22
|
% Var
|
|
Crude
Oil–ONGC (MMT)
|
4.518
|
4.651
|
(2.9)
|
18.540
|
18.604
|
(0.3)
|
|
Crude
Oil–JV share (MMT)
|
0.442
|
0.513
|
(13.8)
|
1.901
|
2.162
|
(12.1)
|
|
Condensate
(MMT)
|
0.275
|
0.226
|
21.7
|
1.044
|
0.941
|
10.9
|
|
Total
Crude Oil (MMT)
|
5.235
|
5.390
|
(2.9)
|
21.485
|
21.707
|
(1.0)
|
|
Gas
– ONGC (BCM)
|
5.073
|
5.167
|
(1.8)
|
20.628
|
20.907
|
(1.3)
|
|
Gas
– JV share (BCM)
|
0.188
|
0.172
|
9.3
|
0.723
|
0.773
|
(6.5)
|
|
Total
Gas (BCM)
|
5.261
|
5.339
|
(1.5)
|
21.351
|
21.680
|
(1.5)
|
|
Value
Added Products (KT)
|
612
|
753
|
(18.7)
|
2,598
|
3,089
|
(15.9)
|
The decrease in oil/gas production is mainly due to delay in implementation of KG-98/2, cluster-II project and less than envisaged production from WO-16 and Cluster-7 and reservoir issues in S1-VA fields.
4.Exploration Performance
a. Discoveries notified during FY 2022-23:
ONGC has declared total 8 discoveries (5 in onland and 3 in offshore) during FY 2022-23 in its operated acreages. Out of these, 3 (2 in onland and 1 in offshore) are prospects and 5 (3 in onland and 2 in offshore) are pools.
The details of the latest discovery notified during FY 2022-23, since last press release in this regard on 14.02.2023 are as under:
(i) Hatipoti-1 (NGAE) in Mekeypore-Santak-Nazira ML, Assam & Assam Arakan Basin
Exploratory well Hatipoti-1(NGAE) in Mekeypore-Santak-Nazira ML, Assam & Assam Arakan Basin flowed oil @ 142 m3/day and gas @29,101 m3/day from one object and oil @ 34.55 m3/day and gas @ 14,328 m3/day from another object. This success has opened up the play in this area for further exploration. The discovery has been put on production through fast track monetization.
Out of eight discoveries notified during FY 2022-23, three discoveries viz. Mandapeta-60, Kesanapalli West Deep-7 and Hatipoti-1 have been monetized by ONGC during the year itself.
b. Discoveries notified during FY 2023-24:
During FY 2023-24, ONGC has notified two new prospect discoveries so far (both in offshore OALP blocks)
(i) MBS182HDA-1 (MBS182HDA-A) in OALP block MB-OSHP-2018/2, Mumbai Offshore Basin
Exploratory well MBS182HDA-1 (MBS182HDA-A) in OALP block MB-OSHP-2018/2, Mumbai Offshore Basin flowed oil @ 786 BPD and gas @ 7,154 m3/day. The discovery has been named as “Moonga”.
(ii) MBS181HCA-1 (MBS181HCA-A) in OALP block MB-OSHP-2018/1, Mumbai Offshore Basin
Exploratory well MBS181HCA-1 (MBS181HCA-A) in OALP block MB-OSHP-2018/1, Mumbai Offshore Basin flowed oil @ 1,668 BPD and gas@ 90, 672 m3/day. The discovery has been named as “Moti”.
c. Reserve Accretion (Estimated Ultimate Recovery: EUR, 2P): FY’23
d. Reserve Replacement Ratio (RRR) of ONGC-Operated Domestic Areas
Reserve Replacement Ratio (2P) from domestic fields (excluding JV share) was 1.01. With this, ONGC has achieved Reserve Replacement Ratio (2P) of more than one for the 17th consecutive year.
5. Consolidated Financial Results
|
1.
|
Consolidated
Turnover Rs. 6,84,829 Crore in FY’23 as against Rs. 5,31,793 Crore in FY’22
|
|
2.
|
Consolidated
Group Net Profit (PAT) Rs. 32,778 Crore in FY’23 as against Rs. 49,294 Crore
in FY’22
|