Oil & Natural Gas Corpn Ltd
Oil & Natural Gas Corpn Ltd (ONGC)

Oil & Natural Gas Corpn Ltd (ONGC)

₹135.552.94%

Key Stats

₹134.7
Day's Price Range
₹138.3
₹108.5
52-Week Price Range
₹194.95
1 Month Return5.35 %
3 Month Return-13.75 %
1 Year Return23.36 %

Company Financials

  • Quarterly
  • Annual
Value in ₹ crore

Peer Comparsion

PE
Rank 2
3.75
EPS
Rank 3
₹36.19
BVPS
Rank 3
₹175.66
Dividend Yield
Rank 3
3.52%
ROE
Rank 4
5.65%
Price To Book Ratio
Rank 2
0.77
Debt To Asset
Rank 3
0.59

Company Information

Maharatna Oil and Natural Gas Corporation ONGC is the largest crude oil and natural gas Company in India contributing around 75 to Indian domestic production. Crude oil is the raw material used by downstream companies like IOC BPCL and HPCL subsidiary of ONGC to produce petroleum products like Petrol Diesel Kerosene Naphtha and Cooking GasLPG. The Government of India GoI held 60.41 stake in ONGC as on 31 December 2020.This largest natural gas company ranks 11th among global energy majors Platts. It is the only public sector Indian company to feature in Fortunes Most Admired Energy Companies list. ONGC ranks 18th in Oil and Gas operations and 220 overall in Forbes Global 2000.ONGCs wholly owned subsidiary and overseas arm ONGC Videsh is Indias largest international oil and gas EP Company with 39 projects in 18 countries including Azerbaijan Bangladesh Brazil Colombia Kazakhstan Mozambique Myanmar Russia South Sudan Sudan Venezuela Vietnam New Zealand and Namibia. ONGC Videsh is currently producing about 285000 barrels of oil and oil equivalent gas per day and has total oil and gas reserves 2P of about 704 mmtoe as on 1 April 2017. ONGC was set up under the visionary leadership of Pandit Jawahar Lal Nehru. Pandit Nehru reposed faith in Shri Keshav Dev Malviya who laid the foundation of ONGC in the form of Oil and Gas division under Geological Survey of India in 1955. A few months later it was converted into an Oil and Natural Gas Directorate. The Directorate was converted into Commission and christened Oil Natural Gas Commission on 14 August 1956. In 1994 Oil and Natural Gas Commission was converted in to a Corporation and in 1997 it was recognized as one of the Navratnas by the Government of India. Subsequently it was conferred with Maharatna status in the year 2010.On 28 March 2003 ONGC acquired the entire shareholding of A.V. Birla Group in Mangalore Refinery and Petrochemicals Limited MRPL and further infused equity capital of Rs 600 crore thus making MRPL a majority held subsidiary of ONGC. Before acquisition by ONGC in March 2003 MRPL was a joint venture oil refinery promoted by Hindustan Petroleum Corporation Limited HPCL a public sector company and IRIL associates AV Birla Group.During March 1999 ONGC Indian Oil Corporation IOC and Gas Authority of India Limited GAIL agreed to have cross holding in each others stock to pave the way for Longterm strategic alliance amongst themselves for the domestic and overseas business opportunities in the energy value chain. The ONGIO International Pvt Ltd was incorporated in the year 2001 as 50:50 joint venture projects with Indian Oil Corporation Ltd with aim of providing Training Consultancy Services in Hydrocarbon Sector and later company has decided to wind up ONGIO due to loss. During 200102 the augment recovery from onshore fields of 13 projects 2 were resourcefully commissioned. By the end of the same year 200102 the company s subsidiary unit ONGC Videsh Ltd commenced its commercial production of gas. In the year of 2004 ONGC initiated PhaseI of a collaborative project on CBM in Jharia Field and successfully completed the same in 2005. During 200405 the company discovered its third deepwater exploration campaign Sagar Samriddhi in KrishnaGodavari KG Basin at the location Vashistha VA1A in block KGOSDWIV. In the western offshore a shallowwater oil and gas was recorded in D33 about 60 Kilometers SouthWest of Mumbai High Onshore. Oil and Gas was found in Tiphuk1 in North Assam Shelf and Oil was struck at Wamaj in Cambay Basin. Offshore four new Platforms 2 Well Platforms 1 Process Platforms and 1 Clampon were commissioned for enhancing production. In March 2005 ONGC launched its retail marketing business with commissioning of its first auto fuel outlet at Manglore under the brand ONGC Values and Shoppnjoy for fuel and nonfuel business respectively. The company also received approval/license from the Government for marketing of nonsubsidised LPG cooking gas Kerosene and Aviation refueling sales. Tripura Power Development Company Pvt Ltd TPDCL was incorporated to set up a gasbased powergenerating project in Tripura. TPDCL was later renamed as ONGC Tripura Power Company Pvt Ltd. In the same year the company entered into various alliances in form of execution of Memorandum of Understanding with Kakinada Seaport ILFS with 26 equity stake for development of Port based SEZ at Kakinada Andhra Pradesh. During the year 2006 the company was awarded 60 out of 110 exploration blocks by the Government in the five NELP rounds. In December 2009 the company entered into two broad enabling agreements with Iranian authorities for participation in development of gas fields and liquefaction facilities in Iran in return for assured minimum 6 million tonne LNG per annum on long term basis. Also ONGC Videsh entered into a non exclusive memorandum of understanding MOU to explore the possibilities of jointly studying and if mutually agreed to participate in attractive oil and gas assets in Russia and third countries. In June 2010 Stealth Ventures Ltd entered into a Joint Study Agreement JSA with the company to evaluate emerging Unconventional Resource plays and opportunities in India. The objective of the JSA is to identify the unconventional resource plays within India and a high priority has been given by both parties to identify high growth profile shale gas and CBM prospects on the basis of the large database available within ONGC. In December 2010 the companys subsidiary ONGC Videsh Ltd signed a Framework Agreement on Cooperation in Hydrocarbon Sector in Delhi with Sistema a public financial corporation in Russia and CIS.On 3 January 2011 the managements of ONGC and GAIL India reached a landmark understanding for mutual business growth covering natural gas as well as petrochemicals. As regards the understanding reached for gas business both companies would work together for exclusive sale of natural gas produced by ONGC from its various fields to GAIL during next 3 years. This joint initiative will serve as a catalyst for effective monetization of gas from future EP fields of ONGC with GAIL providing the infrastructure and marketing tieup for supply to potential customers. The two companies also reached an understanding in swapping gas available to both the companies so as to optimise the logistics and costs. As regards the understanding reached for the petrochemicals business GAIL has formally agreed to become a copromoter of 1.1 MMTPA Ethylene Cracker Petrochemical complex under implementation in Dahej SEZ area at a capital investment of Rs19535 crore. ONGC is implanting this mega projects through its unit ONGC Petro additions Ltd OPaL. An understanding was also reached for marketing of a portion of petrochemical products of OPaL by GAIL. GAIL and ONGC would also explore the possibility of setting up a downstream unit using Butadiene a byproduct of OPaL to GAIL for manufacture of valueadded products.On 21 January 2011 ONGC activated its emergency response measures immediately on detection of a leakage at its Mumbai Uran Trunk MUT oil pipeline. ONGC created an exploration landmark when gas flowed out from the Barren Measure shale at a depth of around 1700 m. in its first R D well RNSG1 near Durgapur at Icchapur West Bengal on 25 January 2011. Shale gas is one of the predominant unconventional natural gas and major source of onland gas particularly in US and Canada.While noting two impressive discoveries Exploratory Well B127E1 in Panna Formation to the east of B127 area and North Kadi472 NKXV in the Mandhali member of Kadi formation ONGCs Board of Directors at its 225th Board Meeting held on 1 December 2011 also approved the integrated development of B127 cluster along with the Additional Development of B55 field. B127 cluster comprises of three marginal fields namely B127 B157 and B59. The cluster is located east of Mumbai High with significant hydrocarbon accumulations in multilayered reservoirs within Bassein and Panna formations. The estimated capital expenditure for the integrated development of B127 cluster with additional development of B55 field was pegged at Rs 2059.63 crore.A landmark Memorandum of Understanding MoU for hydrocarbon cooperation was signed between ONGC and China National Petroleum Corporation CNPC on 18 June 2012. Under the MoU the two oil giants agreed to foster their cooperation either directly or through their subsidiaries by expanding cooperation in upstream EP areas refining or processing of crude oil and natural gas in midstream or downstream projects marketing and distribution of petroleum products and construction and operation of oil and gas pipelines. The areas of cooperation between ONGC and CNPC will also extend to joint participation in suitable hydrocarbon projects in other countries of interest by exchanging information and working for mutual growth and benefit by extending cooperation in hydrocarbon sectors globally.On 29 June 2012 ONGC announced that the United Nations body on Climate Change has issued a massive kitty of 121207 carbon credits to ONGCs 51 megawatt wind power project at Bhuj Gujarat on 7 June 2012. On 11 August 2012 ONGC announced that it had struck third largest reservoir in Western Offshore.On 8 September 2012 ONGC Videsh signed definitive agreements for the acquisition of Hess Corporations 2.7213 participating interest in the Azeri Chirag and the Deep Water Portion of Guneshli Fields in the Azerbaijan sector of the Caspian Sea ACG and 2.36 interest in the BakuTbilisiCeyhan Pipeline BTC for US 1 Billion. On 5 November 2012 ONGC announced that Japans largest oil company INPEX CORPORATION INPEX has acquired a 26 participating interest farmedout by ONGC in the exploration block KGDWN2004/6 located in the deep waters of Krishna Godavari Basin in the Bay of Bengal. ONGC continues as operator of the block with a 34 participating interest in consortium with existing partners GAIL India Limited 10 Gujarat State Petroleum Corporation Limited 10 Hindustan Petroleum Corporation Limited 10 and Oil India Limited 10. On 18 March 2013 ONGC with its consortium partners BPCL and Japanese conglomerate Mitsui signed a Memorandum of Understanding with New Mangalore Port Trust NMPT for setting up a Regasification LNG terminal at New Mangalore Port. The consortium will carry out a feasibility study for a terminal of 23 MMTPA capacity expandable to 5 MMTPA.The Board of Directors of ONGC at its 241st meeting held on 20 March 2013 took note of three significant hydrocarbon discoveries and also accorded approval for investment of over Rs 4050 crore to upgrade western offshore facilities on the Arabian Sea through two major projects.On 1 April 2013 ONGC Videsh announced the completion of acquisition of Hess Corporations 2.7213 participating interest in the Azeri Chirag and the Deep Water Portion of Guneshli Fields ACG in the Azerbaijan sector of the Caspian Sea and 2.36 interest in the BakuTbilisiCeyhan Pipeline BTC. Earlier on 7 September 2012 ONGC Videsh and Hess had entered into definitive agreements and subsequently all relevant government and regulatory approvals were received.On 9 April 2013 ONGC inked a Memorandum of Understanding MoU with Chambal Fertilisers and Chemicals Ltd. CFCL and the state government of Tripura for setting up a urea fertilizer project in Tripura. On 28 July 2013 ONGC announced that it has inked a Memorandum of Understanding with the Reliance Industries Ltd RIL to explore the possibility of sharing the latters infrastructural facility in the East Coast.On 14 October 2013 ONGC Videsh announced that the company through its affiliates signed definitive agreements to acquire additional 12 Participating Interest PI in Block BC10 Campos Basin Deep Offshore Brazil as part of the sale of 35 share made by Petrobras. ONGC Videsh had earlier acquired 15 PI in the block in 2006. On 20 November 2013 ONGC Videsh announced that it has signed a Memorandum of Understanding with Petrovietnam PVN to promote the joint cooperation in hydrocarbon sector in Vietnam India and other countries.On 31 December 2013 ONGC Videsh announced that the company through its affiliates has acquired an additional 12 Participating Interest PI in Block BC10 a deepwater offshore block in Campos Basin Brazil taking its total PI in the block to 27. Shell the operator of the block holds the balance 73 PI in the block.On 12 February 2014 ONGC Videsh announced that it has entered into separate agreements with two consortiums of international banks to raise USD 2.5 billion by way of offshore borrowings to finance its acquisition of 10 participating interest in Rovuma Area I Block in Mozambique offshore.ONGC Videsh OVL signed Production Sharing Contract PSC for two shallow water exploration blocks SS09 SS04 in the Bay of Bengal of Bangladesh on 17 February 2014. OVL along with Oil India Limited OIL formed a consortium 50:50 and participated in the Bangladesh Offshore Bidding Round 2012 launched by Bangladesh Government during December 2012. OVL/OIL consortium was officially notified as the winner of two shallow water blocks SS09 SS04 on 20 August 2013. On 28 February 2014 ONGC Videsh OVL announced that it had completed the acquisition of 10 participating interest PI in the Rovuma Area 1 offshore Block in Mozambique from Anadarko Mo ambique Area 1 Limitada Anadarko. On the 24 August 2013 OVL signed definitive agreements with Anadarko to acquire this interest.On 14 March 2014 ONGC announced that it has acquired Government of Indias GoI 5 stake in Indian Oil Corporation Ltd IOCL pursuant to a decision by GoI to divest a total 10 stake in IOCL to ONGC and Oil India. ONGC paid a total consideration of Rs 2670.74 crore for acquiring 12.13 crore IOCL shares at Rs 220 per share. The Board of Directors of ONGC at its 254th meeting held on 24 March 2014 accorded approval for additional development of its Vasai East Field in Arabian Sea at a total estimated capital cost of Rs 2476.82 crore..On 27 June 2014 ONGC announced that its Board of Directors approved the proposal for redevelopment of its giant offshore field Mumbai High North involving a capital investment of Rs 5706.47 crore including foreign exchange component of Rs 4421.76 Crore USD 743.15 Million at exchange rate of Rs. 59.50/USD.On 8 July 2014 ONGC Videsh announced that it had priced US 1.5 Billion and Euro 525 million unsecured bonds in the international capital markets. It was the maiden offering by ONGC Videsh in the Euro bond markets. The offering was oversubscribed approximately 4.5 times in USD and 3.6 times in Euro.ONGC Videsh signed Production Sharing Contracts PSCs for two onland exploration blocks B2 EP3 in Myanmar on 8 August 2014. ONGC Videsh participated in the Myanmar Onland Bidding Round 2013 launched by Myanmar Government during January 2013 and was awarded two onshore blocks namely B2 and EP3 on 10 October 2013.On 28 August 2014 ONGC announced that it would invest Rs 5219 crore towards Daman Development project to enhance production of natural gas and condensate in its Tapti Daman Block in Arabian Sea. The investment decision was approved by the ONGC Board at its 260th neeting. The project is located about 90100 Km from Daman coast and includes additional development of C24 field and monetization of B12 marginal fields B1211 B1213 and B1215.ONGC Videsh and YPF S.A. the major oil producing company of Argentina entered into a Memorandum of Understanding MOU on 1 September 2014 to cooperate in the hydrocarbon sector. Under the MOU the two companies will analyse the opportunities for cooperation in upstream sector in Argentina India and third countries. The MOU also envisages collaboration in the areas of research development and human resources. ONGC Videsh and PemexExploracion Y Produccion PEP the upstream subsidiary of Pemex the national oil company of Mexico entered into a Memorandum of Understanding and Cooperation MOU on 25 September 2014 to cooperate in the hydrocarbon sector in Mexico. Under the MOU the two companies plan to discuss future cooperation and collaboration in the upstream sector in Mexico. The MOU also envisages cooperation in the fields of technology human resources research development.On 28 October 2014 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. Simultaneously ONGC Videsh 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 Board of Directors of ONGC at its meeting held on 14 November 2014 approved two major investment decisions valued over Rs 10600 crore for further enhancing production from its Western Offshore fields. The projects are Redevelopment PhaseIII of its giant offshore field Mumbai High South involving a capital investment of Rs 6069 crore and Integrated Development of Mukta Bassein and Panna Formations at an estimated capex of Rs 4620 crore.On 10 December 2014 ONGC Videsh announced that it has won an Exploration Block 14TARR1 in the Taranaki offshore basin in New Zealand in the Bidding Round Block Offer2014 by the Government of New Zealand. The bidding round was launched in April 2014 offering five offshore and three onshore release areas for competitive bidding. On 13 December 2014 ONGC notified three hydrocarbon discoveries one in deepwater Krishna Godavari Basin off the east coast of the country one in Mumbai offshore Basin off the west coast of the country and one in Cauvery basin in the southern onland part of the country.On 13 February 2015 ONGC Videsh announced that its flagship project Sakhalin 1 in Far East Russia added another feather to its crown by commencing oil production from Arkutun Dagi the third and final field being developed as part of the larger Sakhalin 1 project. The ArkutunDagi oil and gas field is located 25 km offshore Sakhalin Island in water depths ranging from 15 to 40 m.Crude oil production from ONGCs Western Offshore Fields touched 325000 barrels oil per day BOPD on 3 March 2015. This was the highest production from Mumbai Offshore in five year period. On 1 April 2015 ONGC ILFS Energy Development Company Limited IEDCL and the state government of Tripura thee three promoters of ONGC Tripura Power Company Ltd OTPC entered into definitive agreements with India Infrastructure Fund II by which the latter will be acquiring 23.5 stake in OTPC. The total consideration of the transaction is about Rs 426 crore. Post this transaction the shareholding in OTPC will stand as: ONGC 50 IEDCL 26 Tripura state government 0.5 and India Infrastructure Fund II 23.5. This consummates the equity structure as was envisaged at the time of setting up the project. OTPC has been promoted by ONGC IEDCL and the state government of Tripura for implementation of a gas based 726.6 MW combined cycle thermal power project at Palatana Tripura. The project was conceived to utilize the stranded gas reserves of ONGC found in the state of Tripura so as to aid in the economic progress of the northeastern NE states. The project is backed by a long term gas supply agreement with ONGC while the power offtake is tied up on long term basis with the 7 northeastern states.ONGC mobilized its Crisis Management Team CMT and all resources at its command to control the fire which broke out around 12.30 PM on 18 April 2015 in an onshore well in Olpad area 80 km away from Ankleshwar during repair and maintenance job.On 29 April 2015 ONGC announced that it made two hydrocarbon discoveries in April 2015. ONGC notified four hydrocarbon discoveries in Q4 March 2015 taking the total number of discoveries in the fiscal year 201415 to 22.The Board of Directors of ONGC at its meting held on 28 May 2015 approved investment of Rs 1881.22 crore for redevelopment of Gamij field under Stage Gate Process at Ahmedabad Asset. Gamij field located in east of Ahmedabad city is the first Onshore field being developed under Stage Gate Process. The project cost includes drilling of 280 wells and creation of surface facilities like Group Gathering Stations. Drilling program of well STP1 at Satpayev block in Kazakhstan was formally launched on 7 July 2015. ONGC Videsh had acquired 25 stake in 2011 in the Satpayev Offshore block in Kazakhstan.The Board of Directors of ONGC at its 280th meeting held on 28 March 2016 approved the Field Development Plan FDP for the development of fields falling under Cluster 2 of the Deepwater NELP Block KGDWN98/2. The development would involve a capital expenditure of USD 5076.37 million equivalent to Rs 34012 crore. The project envisages first gas to be produced by June 2019 first oil by March 2020 with overall completion in June 2020.11On 4 September 2015 ONGC Videsh announced that it has signed definitive agreements to acquire up to 15 shares in CSJC Vankorneft a company organized under the law of Russian Federation which is the owner of Vankor Field and NorthVankor license. Rosneft Oil Company NOC of Russia holds 100 shares in Vankorneft. Vankor is Rosnefts and Russias second largest field by production and accounts for 4 of Russian production. The daily production from the field is around 442000 bpd of crude oil on an average with ONGC Videshs share of daily oil production at about 66000 bpd.On 22 July 2016 ONGC Videsh Vankorneft Pte. Ltd. OVVL an indirect whollyowned subsidiary of ONGC Videsh Limited which itself is a direct wholly owned subsidiary of ONGC announced that it had successfully raised US 1 billion Notes comprising of US 400 million Senior Unsecured Notes due 2022 and US 600 million Senior Unsecured Notes due 2026 in the international capital markets.ONGCs Daman development project went live with the commencement of natural gas production from its first well C24P43 on 20 August 2016. On 14 September 2016 ONGC Videsh and its whollyowned subsidiary ONGC Videsh Vankorneft Pte. Ltd. Singapore OVVL jointly signed definitive agreements with Rosneft the national oil company of Russia for acquiring additional 11 shares in JSC Vankorneft a company organized under the law of Russian Federation which is the owner of Vankor Field and North Vankor license. After the closing of the transaction ONGC Videsh will raise its participation share in Vankorneft to 26. Earlier ONGC Videsh had successfully closed the acquisition of 15 shareholding interest on 31 May 2016. Vankor is Rosnefts and Russias second largest field by production and accounts for 4 of Russian production. The daily production from the field is around 421000 bpd of crude oil on an average and together with earlier acquisition of 15 ONGC Videshs share of daily oil production from Vankor will be about 110000 bpd. On 7 December 2016 ONGC signed agreements with Schlumberger Overseas S.A. and Halliburton Offshore Services Inc for enhancement of production from its matured fields of Geleki in Assam and Kalol in Gujarat respectively.On 24 December 2016 the Board of Directors of ONGC approved the acquisition of the entire 80 Participating Interest PI of GSPC along with operatorship rights in NELPIII Block KGOSN2001/3 Block in Krishna Godavari KG Basin offshore. ONGC will pay purchase consideration of US 995.26 million for the Deen Dayal West Field in the Block. ONGC will additionally pay part consideration of US 200 million to GSPC towards future consideration for six discoveries other than Deen Dayal West Field which will be adjusted upon valuation of these discoveries subsequent to approval of the Field Development Plans by DGH/Management Committee of the Block.At its 290th Board meeting held on 23 February 2017 ONGC Board approved development of five projects with an aggregate investment of Rs 7327 crore which will lead to production of 14.969 MMT of oil and 2.972 BCM of gas.On 7 March 2017 ONGC Petro additions Ltds OPaL petrochemical plant at Dahej in Gujarat was dedicated to the nation by Indias Prime Minister. OPaL is a joint venture company promoted by ONGC GAIL and GSPC implementing a grass root integrated petrochemical complex located in Special Economic Zone SEZ under Petroleum Chemical and Petrochemical Investment Region PCPIR at Dahej Gujarat. The company was incorporated on 15 November 2006.On 5 May 2017 ONGC Videsh announced that it has encountered exciting result in its well Mariposa1 which is under drilling in CPO5 block of Colombia. ONGC Videsh is the operator of the block and holds 70 participating interest and Amerisur Resources holds the remaining 30.On 29 April 2017 ONGC announced that it made 23 hydrocarbon discoveries in the year ended 31 March 2017 FY 2017 compared with 17 discoveries in the year ended 31 March 2016 FY 2016. Out of 23 discoveries 13 discoveries were made onland and 10 in offshore. Out of 13 onland discoveries 9 were monetized during the year itself having a potential of 0.218 MMTOE per year. On 14 September 2017 ONGC Videsh announced that the Consortium partners of the giant ACG Fields in Azerbaijan have entered into an agreement with Azerbaijan Government and State Oil Company of the Azerbaijan Republic SOCAR for extension of duration of the Production Sharing Agreement PSA for AzeriChiragDeep water portion of Gunashli ACG oil fields until 31 December 2049. ONGC Videsh holds a participating interest in ACG oil fields in the Azerbaijan Sector of Caspian Sea. The agreement is subject to ratification by the Parliament Milli Majlis of the Republic of Azerbaijan.On 5 October 2017 ONGC Videsh announced that it has completed the acquisition of 30 Participating Interest in Namibia Petroleum Exploration License 0037 for Blocks 2112A 2012B and 2113B and related agreements License Offshore Namibia from Tullow Namibia Limited Tullow a wholly owned subsidiary of Tullow Oil plc.ONGC Videsh through its wholly owned indirect subsidiary ONGC Videsh Vankorneft Pte. Ltd. OVVL signed definitive binding agreements with Tullow Namibia Limited Tullow a wholly owned subsidiary of Tullow Oil plc on 20 November 2017 for acquiring 15 participating interest in Namibia Petroleum Exploration License 0030 for Block 2012A and related agreements License from Tullows existing participating interest of 25 in the License. Eco Oil and Gas Namibia Pty Ltd. with 32.5 Participating interest Azimuth Namibia Limited with 32.5 participating interest and National Petroleum Corporation of Namibia Pty Ltd with 10 participating interest are other partners in the License. The License is currently under First Renewal Exploration Period and the joint venture partners are carrying out data evaluation for identifying a drill prospect.In a major development ONGCs Board of Directors at its meeting held on 19 January 2018 considered the proposal and approved acquisition of Government of Indias GoI entire 51.11 shareholding in Hindustan Petroleum Corporation Limited HPCL at a cash purchase consideration of Rs 473.97 per share with a total acquisition cost of Rs 36915 crore. On 20 January 2018 ONGC entered into a share purchase agreement with GoI for the acquisition of 51.11 of HPCL which has a strong presence in refining and marketing of petroleum products in the country.On 12 February 2018 ONGC announced that an Indian consortium led by its wholly owned subsidiary and overseas arm ONGC Videsh BPRL IOCL have signed a pact for acquisition of 10 participating interest in the ADNOC Group owned offshore Lower Zakum Concession for 40 years from 2018 to 2057. This is the first time that Indian oil gas companies have been given a stake in the development of Abu Dhabis hydrocarbon resources. Sixty percent of the participating interest will be retained by ADNOC and the rest will be awarded to other international oil companies. Lower Zakum is one of three separate offshore concession areas that were formerly part of the ADMA offshore concession.The company holds the largest exploration acreage in India as an operator. As on 31.03.2019 ONGC holds a total of 9 Nomination PEL blocks 36853.55 Km2 345 Nomination PML blocks 55802.41 Km2 and 1 PreNELP blocks 892.0 Km2 . In NELP regime your company has 25 PEL covering an area of 22534.29 Km2 . It also holds 9 PMLs Area: 1265.47 Km2 including 5 PMLs in Gujarat 1 PML in Andhra Pradesh 2 in Shallow water and 1 deepwater PML carved out from NELP blocks. Besides ONGC as nonoperator has PI in 2 blocks Area: 567.00 Km2 as Nonoperator Exploration acreages blocks. In addition ONGC also holds 2 blocks as Operator under OALPI round covering an area of 1456 Km2 . Also as nonoperator it has 3 acreages covering an area of 1558 Km2 .During the year 201819 your Company has made 13 discoveries 5 in NELP 7 in Nomination acreages. Of these 6 are new prospects and 7 are new pool discoveries. As on 01.04.2019 accretion to InPlace Hydrocarbons 3PProved Probable and Possible from the Company operated fields in India stood at 137.05 MMtoe out of which about 70 per cent accretion has been due to exploratory efforts. Total inplace reserve accretion during 201819 in domestic basins including the Companys share in PSC JVs stands at 157.30 MMtoe 20.25 MMtoe from JVs.During the fiscal 2019 the company has been ranked 197 in the coveted Fortune Global 500 list. This ranking has come on the back of robust fiscal and physical performance in FY2018. The Company has been ranked fifth globally in the mining and crude oil production industry category. The company maintained its First Position globally in the industry category Oil and Gas Exploration and Production and achieved overall ranking of 21st position in the Platts Top 250 Global Energy Company Rankings2018.The company has been adjudged the winner in the Oil and Gas Exploration category of the Dun Bradstreet Corporate Awards 2018.The company has been conferred with INFRA Icon Award in the Global Energy category at the midday INFRA Icons Awards 2018. The Company in recognition of its efforts for promoting Oil Gas Conservation during Saksham 2018 was honoured with the award for best overall performance in the Upstream Sector at the inaugural function of Sanrakhsan Kshamta Mahotsav2019 Saksham2019.Uran Processing Plant of the company was adjudged the BBS Award Winner in Petrochemical categoryat the Third Annual National Conference 2019 on BBS New Delhi.The company spent Rs 294498 million for various Capex initiatives in the FY2019.The Board of Directors of the company at the 312th meeting held on 20 December 2018 approved the proposal for buyback of equity shares of the Company upto 252955974 fully paidup equity shares at the price of Rs 159/ per equity share payable in cash for an aggregate consideration not exceeding Rs 40220 million. The buyback offer worked out to 2.50 of the networth of the Company as on 31 March 2017 and 2.34 as on 31 March 2018. The Company has completed the buyback of 252955974 fully paidup equity shares on 22 February 2019.As on 31.03.2020 ONGC holds a total of 7 Nomination PEL blocks 5106.05 Km2 358 Nomination PML blocks Long Term: 327 and Short Term 7 year: 31 having an acreage area of 54321.75 Km2 and 1 PreNELP block 892.0 Km2 . In NELP regime your company has 23 active NELP blocks comprising 21126.17 Km2 of PEL area and 10 PMLs carved out from NELP blocks with an acreage area of 1380.78 Km2 5 PMLs in Gujarat 1 PML in Andhra Pradesh 3 in shallow water and 1 deepwater PML. Besides ONGC as nonoperator has participative interest PI in 2 blocks having acreages area of 567.00 Km2.In addition ONGC also holds 17 OALP blocks 13 onland 3 shallow water and 1 deepwater areas covering an area of 33572.73 Km2 awarded till the end of OALPIV bidding round. Also as nonoperator it has 3 OALP acreages covering an area of 1558 Km2 . In DSFII round your company was also awarded 5 contract areas with PML acreage area of 946.81 Km2.During the year 201920 your Company has notified 12 discoveries 7 New Prospects and 5 New Pools in its nomination acreages. ONGC bagged SP Platts Global Energy Award 2019 for Corporate Social Responsibility Diversified Program. This award is a testimony to the extraordinary contributions as a corporate citizen in the Corporate Social Responsibility CSR domain.The company received the Federation of Indian Petroleum Industries FIPI Oil Gas Exploration Company of the Year 2019 Award.ONGC has bagged the First runnerup Diversity Inclusion Award 2019 in Best Employer for Persons with Disabilities PwD category. This award was given under Large Category during a ConferencecumAwards on Diversity Inclusion ceremony organized by ASSOCHAM at New Delhi.Hazira Plant received the Growcare India OHS Award 2019 in Platinum Category for the year 2019.Swachh Bharat Puraskar 2019 conferred by Ministry of Drinking Water and Sanitation MoDWS for quality contributions to Swachh Bharat Mission since 2014During FY2020 three major projects MHNRD PhaseIV HRPIII PRPVI with an investment of Rs 64874 Million and envisaged oil and gas gain of 13.62 MMTOE were approved. As on 01.04.2020 17 major projects were under implementation with envisaged gain of about 121 MMTOE. We also realize the need to maximize recovery from our existing legacy fields. We envisage a cumulative gain of over 200 MMT of oil from the 31 approved Increased Oil Recovery IOR/Enhanced Oil Recovery EOR schemes.The Governments policy incentive in this regard provides a timely fillip for moving ahead with more Enhanced Recovery projects. Under this policy ONGC has planned commercialization of 5 EOR schemes and implementation of 3 EOR pilots. Further it has initiated process for fasttrack pilot design of the Chemical EOR in 12 onshore reservoirs of 7 fields. In FY2020 ONGC spent Rs 295385 million towards various Capex initiatives.
OrganisationOil & Natural Gas Corpn Ltd
HeadquartersNew Delhi
IndustryCrude Oil & Natural Gas