1. Summary Information
|
|
|
Country |
|
|
Company Name |
OIL AND NATURAL GAS
CORPORATION LIMITED |
Principal Name 1 |
MR. SUDHIR VASUDEVA |
|
Status |
GOOD |
Principal Name 2 |
MR. KIZHAKKEKUTTU SCARIA JAMESTIN |
|
|
|
Registration # |
55-054155 |
|
Street Address |
|
||
|
Established Date |
23.06.1993 |
SIC Code |
-- |
|
Telephone# |
91-11-23721756 |
Business Style 1 |
EXPLORATION |
|
Fax # |
91-11-23316413 |
Business Style 2 |
PRODUCTION |
|
Homepage |
Product Name 1 |
CRUDE OIL |
|
|
# of employees |
32923
(APPROXIMATELY) |
Product Name 2 |
NATURAL GAS |
|
Paid up capital |
RS.42777,600,000/- |
Product Name 3 |
-- |
|
Shareholders |
PROMOTER AND PROMOTER GROUP-69.23% PUBLIC SHAREHOLDING-30.77% |
Banking |
STATE BANK OF |
|
Public Limited Corp. |
YES |
Business Period |
20 YEARS |
|
IPO |
YES |
International Ins. |
-- |
|
Public |
YES |
Rating |
Aa (75) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
JOINTLY CONTROLLED
ENTITY |
-- |
ONGC MANGALORE PETROCHEMICALS LIMITED |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
584,337,890,000 |
Current Liabilities |
176,878,290,000 |
|
Inventories |
57,043,940,000 |
Long-term Liabilities |
0,000 |
|
Fixed Assets |
274,834,750,000 |
Other Liabilities |
359,856,140,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
536,734,430,000 |
|
Invest& other Assets |
865,050,090,000 |
Retained Earnings |
1,201,754,640,000 |
|
|
|
Net Worth |
1,244,532,240,000 |
|
Total Assets |
1,781,266,670,000 |
Total Liab. & Equity |
1,781,266,670,000 |
|
Total Assets (Previous Year) |
1,717,276,050,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales/ Total Income |
830,053,330,000 |
Net Profit |
209,256,960,000 |
|
Sales(Previous yr)/ Total Income |
765,150,940,000 |
Net Profit(Prev.yr) |
251,229,220,000 |
MIRA
INFORM REPORT
|
Report Date : |
26.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
OIL AND NATURAL
GAS CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
Jeewan Bharti Building, Tower-II, 124, Indira Chowk, New Delhi – 110
001 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
23.06.1993 |
|
|
|
|
Com. Reg. No.: |
55-054155 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.42777.600
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1993GOI054155 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMO00241D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACO1598A |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are
Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in exploration, development and production of crude
oil and natural gas. |
|
|
|
|
No. of Employees
: |
32923 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Maximum Credit Limit : |
USD 497813000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a Premier Oil and Gas Company in India. It is also a significant
producer of value added products such as liquefied petroleum gas, superior
kerosene oil and naphtha. It is a well-established company having fine track record. The
Government of India is the majority shareholders. There appears slight dip in profit of the company during the financial
year 2013. However, financial strength of the company is strong due to low
gearing, large liquid investments and significant sovereign ownership and
strategic importance. Trade relations are reported to be trustworthy. Business is active.
Payments are reported to be regular and as per commitment. The company can be considered good for any business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very
High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
Uptick in agriculture
and construction spread some cheer as the economy grew a higher-than-expected
4.8 % in the three months through September. Manufacturing rose an annual rate
per cent during the quarter and mining fell by 0.4 %, government data showed
while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on a
survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of
payments is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of
18.4 % between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest credit risk. |
|
Date |
July 01, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
July 01, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Jeewan Bharti Building, Tower-II, 124, Indira Chowk, New Delhi – 110
001, India |
|
Tel. No.: |
91-11-23721756/ 23310156-58/ 23301000/ 23301211/ 23737973 |
|
Fax No.: |
91-11-23316413/ 23766541 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
P. O. Box 55, Tel Bhavan, Dehradun – 248 003, Uttarakhand, India |
|
Tel. No.: |
91-135-2757121 |
|
Fax No.: |
91-135-2755298 |
|
|
|
|
Factory 1 : |
ONGC, Dronagiri Bhavan, Uran, District Raigad – 400 702,
Maharashtra, India |
|
Tel. No.: |
91-22-27222802 |
|
Fax No.: |
91-22-27222811 |
|
|
|
|
Factory 2 : |
Hazira Plant, PO ONGC Nagar, Surat – 394 518, Gujarat, India |
|
Tel. No.: |
91-261-2875600 |
|
Fax No.: |
91-261-2875575 |
|
|
|
|
Plant : |
Located
at: ·
C C C Plant, Dahej, Gujarat |
|
|
|
|
Assets : |
Located at: ·
Mumbai High Asset, Mumbai ·
Neelam and Heera Asset, Mumbai ·
Bassein and Satellite Asset, Mumbai ·
Ahmedabad Asset, Ahmedabad ·
Ankleshwar Asset, Ankleshwar ·
Mehsana Asset, Mehsana ·
Rajahmundry Asset, Rajahmundry ·
Karaikal Asset, Karaikal ·
Assam Asset, Nazira ·
Tripura Asset, Agartala ·
Eastern Offshore Asset, Kakinada, Andhra Pradesh |
|
|
|
|
Basins : |
Located at: ·
Western Offshore Basin, Mumbai ·
Western Onshore Basin, Vadodara ·
KG-PG Basin, Chennai ·
Cauvery Basin, Chennai ·
Assam and Assam-Arakan Basin, Jorhat ·
MBA Basin and CBM Development Project,
Kolkata/Bokaro ·
Frontier Basin, Dehradun |
|
|
|
|
Institutes : |
ONGC has 13 world class institutes engaged in research and development
of Oil and Gas exploration and production 1. Keshava Deva
Malaviya Institute of Petroleum Exploration (KDMIPE), Dehradun 2. Institute of
Drilling Technology (IDT), Dehradun 3. Institute of
Reservoir Studies, (IRS) Ahmedabad 4. Institute of
Oil and Gas Production Technology (IOGPT) Navi Mumbai 5. Institute of
Engineering and Ocean Technology (IEOT) Navi Mumbai 6. Geo- data
Processing and Interpretation Center (GEOPIC), Dehradun 7. ONGC Academy,
Dehradun 8. Institute of
Petroleum Safety, Health and Environment Management (IPSHEM),Goa 9. Institute of
Biotechnology and Geotectonics Studies (INBIGS), Jorhat 10. School of
Maintenance Practices (SMP), Vadodara 11. Centre for
Excellence in Well Logging (CEWL), Vadodara 12. Regional
Training Institutes (RTIs) Navi Mumbai, Chennai, Sivasagar and Vadodara 13. ONGC Energy Centre |
|
|
|
|
Centres of
Deliveries : |
Located at: ·
CBM, New Delhi ·
Shale Gas, Vadodara ·
Deep water, Mumbai ·
High Temperature/ High Pressure, Chennai |
|
|
|
|
Regional Offices : |
Located at: · Baroda ·
Nazira ·
Kolkata ·
Mumbai ·
Chennai |
DIRECTORS
AS ON 31.07.2013
|
Name : |
Mr. Sudhir Vasudeva |
|
Designation : |
Chairman cum Managing director |
|
Date of Birth/Age : |
25.02.1954 |
|
Qualification : |
BE Chemical Engineering |
|
Date of Appointment : |
01.02.2009 |
|
DIN No.: |
01594524 |
|
|
|
|
FUNCTIONAL
DIRECTORS: |
|
|
Name : |
Mr. Kizhakkekuttu Scaria Jamestin |
|
Designation : |
Director (HR) |
|
Address : |
B- 48, Chhota Singh, Block Asiad Games Village, New Delhi – 110 049,
India |
|
Date of Birth/Age : |
16.07.1964 |
|
Date of Appointment : |
25.05.2011 |
|
DIN No.: |
03535309 |
|
|
|
|
Name : |
Mr. Aloke Kumar Banerjee |
|
Designation : |
Director (Finance) |
|
Address : |
R-4, Nehru Enclave, Kalkaji, New Delhi – 110 019, India |
|
Date of Birth/Age : |
13.04.1955 |
|
Date of Appointment : |
22.05.2012 |
|
DIN No.: |
05287459 |
|
|
|
|
Name : |
Mr. Pronip Kumar Borthakur |
|
Designation : |
Director (Offshore) |
|
|
|
|
Name : |
Mr. Shashi Shanker |
|
Designation : |
Director (T&FS) |
|
|
|
|
Name : |
Mr. Narendra Kumar Verma |
|
Designation : |
Director (Exploration) |
|
|
|
|
GOVERNMENT NOMINEE
DIRECTORS : |
|
|
|
|
|
Name : |
Mr. Shaktikanta Das |
|
Designation : |
Additional
Secretary (EA), Ministry of Finance, Department of Economic Affairs,
Government of India, joined the ONGC Board as a Government Nominee Director |
|
Address : |
3, Seagull Carmichael Road, Mumbai – 400 026, Maharashtra, India |
|
Date of Birth/Age : |
26.02.1957 |
|
Date of Appointment : |
28.08.2012 |
|
DIN No.: |
00400808 |
|
|
|
|
Name : |
Mr. Aramane Giridhar |
|
Designation : |
Joint Secretary (Exploration),
Ministry of Petroleum and Natural Gas, Government of India, joined the ONGC
Board as a Government Nominee Director |
|
Address : |
House No.601, Indian Institute of Management, Campus Vastrapur,
Ahmedabad – 380 015, Gujarat, India |
|
Date of Birth/Age : |
12.06.1963 |
|
Date of Appointment : |
03.08.2012 |
|
DIN No.: |
00483130 |
|
|
|
|
INDEPENDENT
DIRECTORS : |
|
|
Name : |
Mr. Om Prakash Bhatt |
|
Designation : |
Independent Director |
|
Address : |
5-B, Friends Colony [West], New Delhi – 110 066, India |
|
Date of Birth/Age : |
07.03.1951 |
|
Date of Appointment : |
14.12.2011 |
|
DIN No.: |
00548091 |
|
|
|
|
Name : |
Mr. Arun Ramanathan |
|
Designation : |
Independent Director |
|
Address : |
Flat No. B10, ONGC Colony, Sector 39, Noida – 201 301, Uttar Pradesh,
India |
|
Date of Birth/Age : |
25.04.1949 |
|
Date of Appointment : |
20.06.2011 |
|
DIN No.: |
00308848 |
|
|
|
|
Name : |
Dr. Dornadula Chandrasekharam |
|
Designation : |
Independent Director |
|
Address : |
B7/109 A, Safdarjang Enclave, New Delhi – 110 016, India |
|
Date of Birth/Age : |
14.03.1948 |
|
Qualification : |
MSC-Applied
Geology, Doctorate In Volcanology and Geochemistry |
|
Date of Appointment : |
11.03.2011 |
|
DIN No.: |
00307736 |
|
|
|
|
Name : |
Prof. Deepak Nayyar |
|
Designation : |
Independent Director |
|
Address : |
B-48, Chhota Singh, Block Asiad Games Village, New Delhi – 110 049,
India |
|
Date of Birth/Age : |
25.09.1946 |
|
Date of Appointment : |
20.06.2011 |
|
DIN No.: |
00348529 |
|
|
|
|
Name : |
Mr. K. Narasimha Murthy |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Prof. Samir Kumar Barua |
|
Designation : |
Independent Director |
|
Address : |
B-136, Central Area Building, 21 Indian Institute of Technology,
Mumbai – 400 078, Maharashtra, India |
|
Date of Birth/Age : |
23.09.1951 |
|
Date of Appointment : |
14.12.2011 |
|
DIN No.: |
00211077 |
|
|
|
|
SPECIAL INVITEE
: |
|
|
Name : |
Mr. D. K. Sarraf |
|
Designation : |
Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. Naresh Kumar Sinha |
|
Designation : |
Secretary |
|
Address : |
D 1/69, Rabindra Nagar, New Delhi – 110003, India |
|
Date of Birth/Age : |
18.06.1955 |
|
Date of Appointment : |
01.10.2008 |
|
PAN No.: |
AUOPS3162M |
|
|
|
|
Name : |
Mr. Sanjeeva Kumar |
|
Designation : |
Chief Vigilance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5922546522 |
69.23 |
|
|
5922546522 |
69.23 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5922546522 |
69.23 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
80975190 |
0.95 |
|
|
123790419 |
1.45 |
|
|
703286487 |
8.22 |
|
|
557401182 |
6.52 |
|
|
1465453278 |
17.13 |
|
|
|
|
|
|
1018996170 |
11.91 |
|
|
|
|
|
|
134258852 |
1.57 |
|
|
5603356 |
0.07 |
|
|
50 |
0.00 |
|
|
8631892 |
0.10 |
|
|
3503363 |
0.04 |
|
|
3726136 |
0.04 |
|
|
1400997 |
0.02 |
|
|
1396 |
0.00 |
|
|
1167490320 |
13.65 |
|
Total Public shareholding (B) |
2632943598 |
30.77 |
|
Total (A)+(B) |
8555490120 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
8555490120 |
0.00 |
(1) Indian
Central Government / State Government(s)
Individual shareholders holding nominal share
capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Subject is engaged in exploration, development and production of crude
oil and natural gas. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2013)
Production Quantities (Certified by the Management):
|
Particulars |
Unit |
Actual
Production |
|
Crude Oil |
MT |
26127115 |
|
Natural Gas |
000 M3 |
25335211 |
|
Liquefied Petroleum Gas |
MT |
1006623 |
|
Ethane/Propane |
MT |
427708 |
|
Naphtha |
MT |
1533817 |
|
Superior Kerosene Oil |
MT |
108326 |
|
Aviation Turbine Fuel |
MT |
11466 |
|
Low Sulphur Heavy Stock |
MT |
24503 |
|
High Speed Diesel |
MT |
36786 |
|
Mineral Turpentine Oil |
MT |
562 |
Notes:
1. Production
includes internal consumption and intermediary losses.
2. Production of
0.206 MT Crude Oil and 16,436 TM of Natural Gas is included being the difference
between participating interest and entitlement interest in respect of CB-ON/3,
CB-ON/2 and RJ-ON/6 JVs.
3. Crude oil production includes condensate of 2.076 MMT.
GENERAL INFORMATION
|
No. of Employees : |
32923 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
State Bank of India ·
Citi Bank, UK ·
Barclays Bank, UK |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
·
Varma and Varma, Chennai ·
S. Bhandari and Company, Mumbai ·
Ray and Ray, Kolkata ·
Mehra Goel and Company, New Delhi ·
G.D. Apte and Company, Mumbai |
|
|
|
|
Cost Auditors : |
·
B. K. Associates, Mumbai ·
N. D. Birla and Company, Ahmedabad ·
M. Krishnaswamy and Associates, Chennai ·
Bandyopadhyaya Bhaumik and Company, Kolkata ·
C. Dutta and Company, Kolkata ·
N.I. Mehta and Company Mumbai ·
Ramanath Iyer and Company, Delhi |
|
|
|
|
Depositories : |
·
National Securities Depository Limited ·
Central Depository Services (India) Limited |
|
|
|
|
Associate Company : |
Pawan Hans Limited |
|
|
|
|
Jointly
Controlled Entity : |
·
ONGC Mangalore Petrochemicals Limited (CIN No.: U40107KA2006PLC041258)
·
Petronet LNG Limited (CIN No.: L74899DL1998PLC093073) ·
ONGC Teri Biotech Limited (CIN No.:
U74120DL2007PLC161117) ·
Mangalore SEZ Limited (CIN No.:
U45209KA2006PLC038590) ·
ONGC Petro-additions Limited (CIN No.: U23209GJ2006PLC060282)
·
ONGC Tripura Power Company Limited (CIN No.:
U40101TR2004PLC007544) ·
Dahej SEZ Limited (CIN No.:
U45209GJ2004PLC044779) |
|
|
|
|
Subsidiaries : |
·
Mangalore Refinery and Petrochemicals Limited
(CIN No.: L85110KA1988GOI008959) ·
ONGC Videsh Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000000 |
Equity Shares |
Rs.5/- each |
Rs.150000.000 millions |
|
|
|
|
|
Issued and Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8555528064 |
Equity Shares |
Rs.5/- each |
Rs.42777.640
millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8555490120 |
Equity Shares |
Rs.5/- each |
Rs.42777.450
millions |
|
|
Add: Forfeited Shares |
|
Rs.0.150
million |
|
|
Total |
|
Rs.42777.600 millions |
Reconciliation of the equity shares outstanding at the
beginning and at the end of the reporting period
|
Particulars |
31.03.2013 |
|
|
No. in
million |
Amount (Rs. in
Millions) |
|
|
Outstanding at the beginning of the year |
8555.49 |
42777.450 |
|
Changes during the year |
-- |
-- |
|
Outstanding at the
end of the year |
8555.49 |
42777.450 |
Terms/rights attached to equity shares
The company has only one class of equity
shares having a par value of Rs. 5 per share. Each holder of equity shares is
entitled to one vote per share. The company declares and pays dividends in
Indian rupees. The dividend proposed by the Board of Directors is subject to
the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of
equity shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.
Details of shareholders holding more than 5% shares in the
company are as under
|
Particulars |
31.03.2013 |
|
|
No. in
million |
% holding |
|
|
President of India |
5922.55 |
69.23 |
|
Life Insurance Corporation of India |
662.85 |
7.75 |
|
Indian Oil Corporation Limited |
657.92 |
7.69 |
Pursuant to the approval of the members dated 28.01.2011, during the financial year 2010-11, one Equity share having face value of Rs.10/- each had been sub-divided into two Equity shares of Rs.5/- each and bonus shares in proportion of one new Equity bonus share of in million Rs.5/- each for every one fully paid up equity share of Rs.5/- each held on 09.02.2011 (record date) had been allotted. Company has issued total 4277.75 million Equity shares of face value of Rs.5 each issued as fully paid up by way of bonus shares during the period of five years immediately preceding the reporting date
Shares reserved for issue under option: Nil
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
42777.600 |
42777.600 |
42777.600 |
|
(b) Reserves & Surplus |
1201754.640 |
1086789.710 |
932266.720 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
00.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1244532.240 |
1129567.310 |
975044.320 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
128879.810 |
111978.680 |
99503.940 |
|
(c) Other long
term liabilities |
11241.670 |
5619.920 |
5824.620 |
|
(d) Long-term
provisions |
221874.450 |
213130.600 |
208235.090 |
|
Total Non-current
Liabilities (3) |
361995.930 |
330729.200 |
313563.650 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
45000.000 |
0.000 |
|
(b) Trade
payables |
53410.060 |
47599.330 |
52252.960 |
|
(c)
Other current liabilities |
112226.560 |
141954.280 |
130055.330 |
|
(d) Short-term
provisions |
9101.880 |
22425.930 |
9257.830 |
|
Total Current
Liabilities (4) |
174738.500 |
256979.540 |
191566.120 |
|
|
|
|
|
|
TOTAL |
1781266.670 |
1717276.050 |
1480174.090 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
274036.800 |
215678.150 |
184816.680 |
|
(ii) Producing
Properties |
524407.110 |
463768.280 |
435756.570 |
|
(iii)
Intangible Assets |
797.950 |
1123.280 |
1578.770 |
|
(iv)
Capital work-in-progress |
144153.690 |
182980.560 |
139769.020 |
|
(v) Exploratory/Development Wells in Progress |
104758.750 |
85812.340 |
77472.120 |
|
(b) Non-current Investments |
91730.540 |
43643.370 |
51827.450 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
219984.170 |
254498.080 |
239938.540 |
|
(e)
Deposit under
Site Restoration Fund Scheme |
101331.210 |
91825.720 |
81155.060 |
|
(f) Other
Non-current assets |
14053.530 |
12102.140 |
8624.340 |
|
Total Non-Current
Assets |
1475253.750 |
1351431.920 |
1220938.550 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
8519.070 |
0.500 |
|
(b)
Inventories |
57043.940 |
51654.350 |
41189.840 |
|
(c)
Trade receivables |
68637.210 |
61948.160 |
39946.790 |
|
(d) Cash
and cash equivalents |
132185.860 |
201245.650 |
144810.890 |
|
(e)
Short-term loans and advances |
38765.530 |
31237.080 |
26733.860 |
|
(f)
Other current assets |
9380.380 |
11239.820 |
6553.660 |
|
Total
Current Assets |
306012.920 |
365844.130 |
259235.540 |
|
|
|
|
|
|
TOTAL |
1781266.670 |
1717276.050 |
1480174.090 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Revenue from operations (Net) |
830053.330 |
765150.940 |
683389.210 |
|
|
|
|
Other Income |
54367.420 |
44529.770 |
34068.460 |
|
|
|
|
TOTAL (A) |
884420.750 |
809680.710 |
717457.670 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
(Increase)/ Decrease in inventories |
(230.220) |
(913.440) |
(129.110) |
|
|
|
|
Purchases of Stock-in-Trade |
31.040 |
24.820 |
138.350 |
|
|
|
|
Production, Transportation, Selling and Distribution Expenditure |
375338.890 |
303906.040 |
275326.610 |
|
|
|
|
Exploration Costs written off - Survey Costs |
15667.710 |
12409.390 |
16674.390 |
|
|
|
|
Exploration Costs written off -Exploratory well Costs |
84763.240 |
80924.970 |
65815.260 |
|
|
|
|
Provisions and Write-offs |
18863.200 |
3096.760 |
6114.270 |
|
|
|
|
Adjustments relating to Prior Period (Net) |
531.490 |
(95.480) |
336.250 |
|
|
|
|
Exceptional items |
0.000 |
(31405.470) |
0.000 |
|
|
|
|
TOTAL (B) |
494965.350 |
367947.590 |
364276.020 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
389455.400 |
441733.120 |
353181.650 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
276.360 |
348.300 |
251.070 |
||
|
|
|
|
|
|
||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
389179.040 |
441384.820 |
352930.580 |
||
|
|
|
|
|
|
||
|
Less/ Add |
DEPRECIATION,
DEPLETION, AMORTISATION AND IMPAIRMENT (F) |
83735.710 |
74959.150 |
76766.880 |
||
|
|
|
|
|
|
||
|
|
PROFIT BEFORE
TAX (E-F) (G) |
305443.330 |
366425.670 |
276163.700 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
96186.370 |
115196.450 |
86923.680 |
||
|
|
|
|
|
|
||
|
|
PROFIT AFTER TAX
(G-H) (I) |
209256.960 |
251229.220 |
189240.020 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Interest |
58.920 |
0.000 |
5.060 |
|
|
|
|
Services |
2.140 |
9.410 |
2.720 |
|
|
|
|
FOB value of Sales |
74121.510 |
63106.210 |
47105.490 |
|
|
|
|
Others |
540.810 |
37.110 |
2.230 |
|
|
|
TOTAL EARNINGS |
74723.380 |
63152.730 |
47115.500 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Capital Items (Includes Stage payments made against capital works) |
177094.610 |
188428.870 |
182974.340 |
|
|
|
|
Stores and Spare Parts |
16768.580 |
21779.280 |
6648.040 |
|
|
|
TOTAL IMPORTS |
193863.190 |
210208.150 |
189622.380 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
24.46 |
29.36 |
22.12 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
23.66 |
31.03
|
26.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
36.80 |
47.89
|
40.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
37.48 |
43.15
|
39.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.32
|
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.04
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.75 |
1.42
|
1.35 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
four years |
Yes |
|
12] |
Profitability for last
four years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS:
HIGH COURT OF
BOMBAY
CASE DETAILS
BENCH: Bombay
Presentation Date: 04.10.2013
Lodging No.: WPL/2550/2013
Filing Date: 04.10.2013
Reg. No.: WP/2706/2013
Reg. Date: 09.12.2013
Petitioner: Anchor Offshore Services Limited
Respondent: Oil and Natural Gas Corporation Limited
Petn.Adv: Lambay and Company
Resp. Adv.: 0
District: Mumbai
Bench: Division
Status: Pre-Admission
Category: Writ Petition (Others)
Next Date: 17.01.2014
Coram: According to sitting list
Act: Constitution of India
Note:
No Charges Exist of Company.
CORPORATE INFORMATION:
The Company is a
public limited company domiciled in India and incorporated under the provisions
of Companies Act, 1956. Its Shares are listed and traded on Stock exchanges in
India. The Company is engaged in exploration, development and production of
crude oil and natural gas.
Performance: 2012-13
Exploration
During the year,
the company made 22 oil and gas discoveries in domestic fields (operated by
ONGC). Out of these, 12 discoveries were made in the new prospects whereas 10
were new pool discoveries. Nine discoveries were made in NELP blocks and
thirteen in the nomination blocks
The 12 new
discoveries made during the year are:
• Phulani-1 (Oil)
in Assam and Assam Arakan basin,
• Vadatal-5 (Oil
and Gas) in Cambay basin,
• Koravaka-1 (Oil
and Gas),Bantumilli South-1 (Gas), Mukkamala-1 (Gas)and Vanadurru South-1 (Oil
and Gas) in onlandKrishna-Godavari basin,
•
KGOSN041NASA-1(Saveri#1, Gas) in KG Offshore,
• KGD051NAA-1
(Gas) in KG deep-water offshore,
• Pandanallur-8
(Oil and Gas), Madanam-3 (Oil and Gas) and Pandanallur-7 (Gas) in onland
Cauvery basin and
• MBS051NBA-A
(Gas) in Western Offshore basin.
The 10 new pool
discoveries made during the year are:
• Agartala Dome-37
(Gas) in Assam and Assam-Arakan Fold belt,
• Mandapeta
West-12 (Gas) in onland KG basin,
• KG-DWN-98/2-A-2
(Oil and Gas) in KG deep-water offshore,
• C-39-14(Oil and
Gas), BH-68 (Oil and Gas), D1-D-1 (Oil) in Mumbai Offshore
• Aliabet-4
(Gas)in Gulf of Cambay, and
• Anklav-9 (Oil), Motera-36 (Oil) and Mansa-36 (Oil) in Western onland.
Discoveries in
Bantumilli South-1 (Gas) and Vanadurru South-1 (Oil and Gas) have strengthened
the prospectivity of the area and have opened up the entire adjoining tract for
hydrocarbon exploration. Basement oil and gas discoveries in Madanam-3 (the
first hydrocarbon strike in ONGC operated NELP blocks in Cauvery onshore Basin)
and Pandanallur-8 (Oil and Gas) discovery in Cauvery onshore Basin and BH-68
(Oil and Gas) in Mumbai offshore has given huge impetus towards basement being
a prolific play. KG-DWN-98/2-A-2 (Oil and Gas) discovery in NELP deep-water
block KG-DWN-98/2 has given a definite positive fillip to ONGC's efforts
towards monetizing discoveries in the Northern Discovery Area (NDA) of this block.
This is the first time that a substantial amount of oil has been established in
the block. At the same time, the well DWN-U-3 has given the highest quantity of
commercial gas i.e., 7 LCMD.
New pool discovery
(D1-D-1) in N.B. Prasad (D-1) field has been a significant discovery and with
this, oil and gas in-place volume of the field has increased to 149 MMT of oil
and oil equivalent gas (O+OEG); making it the third largest field after Mumbai
High and Neelam-Heera fields. This discovery has already been put on
production. In addition to these discoveries, 23 more exploratory wells drilled
for delineation/ appraisal of known pays in existing fields proved to be
hydrocarbon bearing and have resulted in field growth.
Out of 14 onshore
discoveries made during 2012-13, four discoveries (Anklav-9, Motera-36,
Mandapeta West-12 and Phulani-1) have already been put on production and one
discovery (Mansa-36) is under trial production. Efforts are on for bringing the
other discoveries on production at the earliest. One discovery in offshore
sector (D1-D-1) has also been put on production.
Reserve accretion and RRR
The Company
accreted 265.65 million metric tonnes of oil equivalent (MMtoe) of In-place
volume of hydrocarbon in the domestic basins (operated by ONGC). The ultimate
reserves accretion of 84.84 MMtoe is the highest in last 22 years. Total
reserve accretion in domestic basins including ONGC's share in PSC JVs stands
at 89.08 MMtoe. With a Reserve Replacement Ratio (RRR) of 1.84 (with 3P
Reserves), it was the 8 consecutive that the Company has maintained a RRR of
more than one.
Voluntary
disclosures in respect of Oil and Gas Reserves, conforming to SPE
classification 1994 and US Financial Accounting Standards Board (FASB-69) were
also made by the Company. The Ultimate Reserve accretion during the year (84.84
MMtoe) has surpassed the record breaking performance of previous fiscal (84.13
MMtoe).
Oil and Gas production
It is my pleasure
to inform you that during FY'13, the Company has been the largest producer of
oil and gas in the country (from its domestic operations) contributing 69 per
cent of oil and 62.28 per cent of natural gas production.
Oil and Gas
production of ONGC Group, including PSC-JVs and from overseas Assets has been
58.71 MMtoe (against 61.18 MMtoe during FY'12). The major reason for this
relative drop in production during FY'13 is the geopolitical situation and
unrest in Sudan, South Sudan and Syria which direclty affected production from
their assets in these countries. At the same time, natural decline in domestic
fields has also been a contributing factor to this year's lower production
figures.
Out of the total
production of 30.46 MMT of crude oil, 74 per cent production came from the ONGC
operated domestic fields, 14 per cent from the overseas assets and balance 12
percent from domestic joint ventures. As far as natural gas production is
concerned majority of production (84 percent) came from ONGC operated domestic
fields and of the remaining, 10 per cent came from overseas assets and 6 per
cent from domestic joint ventures.
Production from overseas assets
ONGC Videsh
Limited (OVL), the wholly owned subsidiary of the Company, has eleven producing
assets in eight countries – Venezuela (1), Brazil (1), Colombia (1), Sudan (1),
South Sudan (2), Syria (1), Vietnam (1), Russia (2) and Azerbaijan (1).
Total production
from these overseas assets during FY'13 has been 7.26 MMtoe of O+OEG (Crude
oil: 4.34 MMT and Gas: 2.92 BCM). 74 percent of the production was contributed
by the assets in Russia (36.5 per cent), Vietnam (29.5 per cent), Sudan and
South Sudan (8.3 percent), and the remaining 26 per cent from the assets in
Syria, Colombia, Venezuela, Brazil and Azerbaijan.
New projects
The Board of the
Company approved redevelopment of Western Periphery of Mumbai High South and
Integrated development of Bassein field during the year with an investment of
Rs.41132 millions. Besides this, pipeline replacement Phase-III project in the
west coast was also approved with an investment of Rs.25473 millions.
During the year,
the Company completed four major projects - Construction of new MHN Platform,
Revamping of WIN Platform, Low pressure gas processing and compression at
Rajahmundry and Additional gas processing facility at Hazira Plant.
Financial Results
Despite volatile
markets and sharing of highest-ever under-recoveries of Rs.494207 millions
during the year, the Company has earned a Profit After Tax (PAT) of Rs.209257
millions (Rs.251229 millions in 2011-12), down 16.70 percent. During the year,
the Company registered Gross revenue of Rs.833090 millions (Rs.768871 millions
in 2011-12), up 8.35 percent.
Reduction in FY 12
-13 profit as compared to FY 11-12 is primarily due to increase in share of
under recoveries (`49,550 Million), additional Cess (Rs.42140 Millions) and
exceptional income accounted for in FY 11-12 on account of Royalty adjustment
for JV Block with Cairn in Rajasthan, partly offset by increase in gross
revenue.
It would also be
pertinent to mention that the stand-alone PAT of ONGC for 2012-13 contribute
more than 86% of the Group’s PAT whereas ONGC (standalone) accounts for just
50.2% of the Group’s revenues. However, if the present trend of under-recoveries
and Cess burden on ONGC continues, the profitability and surplus generating
capacity of the Company would be affected adversely; thereby may have impact on
future growth of the group.
Subsidiaries
ONGC Videsh Limited (OVL)
ONGC Videsh Limited
(OVL), the wholly-owned subsidiary of the Company for EandP activities outside
India, achieved the highest-ever profit (PAT) of `39,291 Million during FY' 13,
an increase of 44.4 per cent as compared to the PAT of `27,211 Million during
FY'12. OVL's share in production of oil and oil equivalent gas (O+OEG),
together with its wholly-owned subsidiaries ONGC Nile Ganga B.V., ONGC Amazon
Alaknanda Limited, Imperial Energy Limited and Carabobo One AB, was 7.260 MMtoe
during FY'13 as compared to 8.753MMote during FY' 12. The oil production
decreased from 6.214 MMT during FY'12 to 4.341 MMT during FY'13 primarily due
to the geopolitical situation in Sudan, South Sudan and Syria and the natural
decline in different matured fields in Sakhalin-1, Russia, San Cristobal
Project, Venezuela and BC-10, Brazil.
OVL has resumed
its production from Block 5A, South Sudan on April 6, 2013 and from Blocks 1, 2
and 4, South Sudan on April 13, 2013. However, the operations of Al Furat
Project (AFPC), Syria would resume only after improvement in geopolitical
situations and softening of sanctions. OVL Furat Project presently has
participation in 32 assets in 16 countries out of which 11 are producing
assets, 5 discovered/ under-development assets, 14 exploratory assets and 2 pipelines.
Significant highlights of OVL during FY'13 are:
i. Acquisition of
Hess Corporation's 2.7213 per cent 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 per cent interest in the
Baku-Tbilisi-Ceyhan ("BTC") Pipeline was completed on March 28, 2013.
The acquisition would bring about 9 per cent additional proved reserves to the
portfolio of OVL and daily oil production of about 19,000 barrels (about 0.9
MMT per annum.
ii. OVL has won
two exploration blocks in Colombia under Colombian Bid Round 2012 (i) Offshore
block Guaoff-2 in Guajira Basin with 100 per cent Participative Interest (PI)
and (ii) Onshore Llanos-69 (LLA-69) block in prolific llanos basin of Colombia
was won by Mansarovar Energy Colombia Limited (MECL); a 50:50 joint venture
between OVL and Sinopec of China.
iii. OVL
discovered Oil in the first well of the onshore exploration block CPO-5 in
Colombia in which it is the Operator with 70 per cent participating interest.
The first of the two commitment wells i.e. Kamal-1 was spudded on October 29,
2012 and drilled up to the target depth of 10,500 feet with oil discovery. The
second well is currently under testing with encouraging results.
iv. The
development of Lan-Do field in Block 06.1, Vietnam, where OVL has 45 per cent
PI, has been completed and the field was put to production on October 7, 2012.
The completion of Lan-Do field enhanced the production capacity of the Block
06.1 by 0.20 BCM.
v. OVL has
relinquished/ surrendered its interest from three non-operated exploration
blocks namely N-25 to 29 and N-36 in Cuba; BM-S-74 and BM-BAR-1, both in Brazil
due to unsuccessful exploratory wells.
vi. Project
Carabobo-1 in Venezuela is under development and had started early production
in January 2013.
vii. OVL made an
inaugural US$ bond offering in international capital market with a duel tranche
US$ 800 million Notes in April, 2013 to part finance the ACG and BTC
acquisition. The offering was well received with the order book closing at
about US$ 3 billion. The 5 year tranche of US$ 300 million was priced at a
spread of 190 basis point above the 5 year US treasury at yield of 2.574 per
cent per annum and the 10 year tranche of US$ 500 million was priced at a
spread of 210 basis point above the 10 year US treasury at yield of 3.756 per
cent per annum. This inaugural bond offering, guaranteed by the parent company
ONGC, represents the largest REG-S only issuance by an Indian issuer in the US$
bond markets at the lowest coupon rates and has set a benchmark in pricing by
Indian issuer.
Direct
Subsidiaries and Joint Ventures of OVL
ONGC Nile Ganga B.V. (ONGBV)
ONGBV, a
subsidiary of OVL, is engaged in E&P activities in Sudan, South Sudan,
Syria, Venezuela, Brazil and Myanmar. ONGBV holds 25 per cent Participating
Interest (PI) in Greater Nile Oil Project (GNOP), Sudan with its share of oil
production of about 0.596 MMT during 2012-13. ONGBV holds 25 per cent
Participating Interest (PI) in Greater Pioneer Operating Company (GPOC), South
Sudan but due to adverse geo-political conditions, OVL could not produce any
oil in GPOC, South Sudan during FY'13.
ONGBV holds 16.66
per cent to 18.75 per cent PI in four Production Sharing Contracts in Al Furat
Project (AFPC), Syria with its share of oil and gas production of about 0.126
MMtoe during FY' 13. ONGBV holds 40 per cent PI in San Cristobal Project in
Venezuela through its wholly owned subsidiary ONGC Nile Ganga (San Cristobal)
BV with its share of oil production of about 0.800 MMT during FY' 13. ONGBV
holds 15 per cent PI in BC-10 Project in Brazil through its wholly owned
subsidiary ONGC Campos Ltda with its share of oil and gas production of about
0.303 MMtoe during FY' 13. ONGBV held 43.5 per cent PI in exploratory block
BM-S-74 and 25 per cent PI in exploratory block BM-BAR-1 and holds Block
BM-SEAL-4 all located in deep-water offshore, Brazil through its wholly owned
subsidiary ONGC Campos Ltda. ONGBV also holds 8.347 per cent PI in South East
Asia Gas Pipeline Co. Limited, (SEAGP) Myanmar for Pipeline project, through
its wholly owned subsidiary ONGC Caspian E&P B.V.
ONGC Narmada Limited (ONL)
ONL has been retained for acquisition of future E&P projects in
Nigeria.
ONGC Amazon Alaknanda Limited (OAAL)
OAAL, a
wholly-owned subsidiary of OVL, holds stake in E&P projects in Colombia,
through Mansarovar Energy Colombia Limited (MECL), a 50:50 joint venture
company with Sinopec of China. During FY' 13, OVL's share of oil production in
MECL was about 0.552 MMT.
Imperial Energy
Limited (Erstwhile Jarpeno Limited)
Imperial Energy
Limited (Name changed from Jarpeno Limited with effect from April 19, 2013), a
wholly-owned subsidiary of OVL incorporated in Cyprus, holds Operatorship with
100 per cent PI in Imperial Energy having its main activities in the Tomsk
region of Western Siberia, Russia. During FY' 13, Imperial Energy's oil
production was about 0.560 MMT.
Carabobo One AB
Carabobo One AB, a
wholly-owned subsidiary of OVL incorporated in Sweden, holds 11 per cent PI in
Carabobo-1 Project, Venezuela. The early production has already started from
first well (CGO005) on 27 December 2012 @ 300 bopd.
ONGC (BTC) Limited
ONGC (BTC) Limited
holding 2.36 per cent interest in the Baku-Tbilisi-Ceyhan Pipeline
("BTC") with effect from 28 March, 2013 owns and operates 1,768 km
oil pipeline running through Azerbaijan, Georgia and Turkey. The pipeline
mainly carries crude from the ACG fields from Azerbaijan to Mediterranean Sea.
ONGC Mittal Energy Limited (OMEL)
OVL along with
Mittal Investments Sarl (MIS) promoted OMEL, a joint venture company
incorporated in Cyprus. OVL and MIS together hold 98 per cent equity shares of
OMEL in the ratio of 49.98 per cent (OVL) and 48.02 per cent (MIS) with the
balance 2 per cent shares held by SBI Capital Markets Limited OMEL held 45.5
per cent PI in exploration Block OPL 279, Nigeria and holds 64.33 per cent PI
in exploration Block OPL 285, Nigeria.
OMEL also holds
1.11 per cent of the issued share capital of ONGBV by way of Class-C shares
issued by ONGBV exclusively for AFPC Syrian Assets; such investment being
financed by Class-C Preference Shares issued by OMEL in the ratio of 51:49 to
OVL and MIS respectively.
Mangalore Refinery and Petrochemicals Limited
(MRPL)
The Company continues
to hold 71.62 per cent equity stake in MRPL, a Schedule A Mini Ratna, which is
a single location 15 MMTPA Refinery on the west coast.
Performance Highlights FY 2012-13
• MRPL achieved
the highest-ever thru'put of 14.40 MMT and it produced 13.4 MMT of petroleum
products, the highest-ever.
• MRPL exported
6.82 MMT of products against 5.59 MMT in the previous year.
• Crude sourcing:
14.2 MMT; Iran (28.8 per cent), Saudi Arabia (19.4 per cent), ADNOC (15.9 per
cent), Kuwait (8.9 percent), Mumbai High (12.3 per cent), Azeri (4.2 per cent)
and Spot (10.6 per cent).
• MRPL achieved
all its MOU targets.
MRPL incurred a
net loss of Rs.7569.100 millions during FY'13 mainly on account of reduced
gross margins and foreign exchange fluctuation loss of Rs.5364.900 millions.
Accordingly, no dividend has been declared for the FY'13.
Marketing
In view of the
continued under recoveries in retail marketing of Auto fuels, the Company
operated in a limited way, thereby keeping the under recoveries to the minimum.
The Company is in all readiness to take up retail marketing within a short
time, if the under recoveries are eliminated.
Retail Operations
Govt. has announced complete decontrol of HSD prices for bulk consumers
and MRPL has already made inroads in the bulk HSD market. In line with the
Govt. policy towards eventual decontrol of HSD in retail segment, MRPL has
taken cautious steps to set up few retail outlets in select markets and the
advertisement for the same has been released. MS prices remain decontrolled and
market determined and sales from existing retail outlets continue to grow.
Phase III - Brownfield expansion Project and SPM
Under Phase-III
expansion of MRPL, Hydrogen generation unit and Diesel Hydro-Treater Unit have
been commissioned along with Amine Treating Unit and Stripped sour water units.
At the same time, SBM/SPM trial run was also undertaken. Commissioning of SRU-3
will be done after the replacement of the gaskets. The Phase-III project is
expected to be complete by this year end.
Joint Ventures/ Associates
i. ONGC Petro-additions Limited (OPaL)
The Company has
promoted OPaL, a Joint Venture (JV) Company, with envisaged equity stake of 26%
along with GAIL (15.5%) and GSPC (5%); the balance equity is to be tied up from
Strategic Partners / FIs / IPO. It is a mega downstream petrochemical
integrated project at Dahej SEZ put in place for utilizing the in-house
production of C2-C3 and Naphtha from various units of ONGC. It is scheduled to
be completed by Q1 2014.
Present status
• Overall
Cumulative progress is 77.65 per cent as on March 31, 2013.
• Total cumulative
expenditure as on March 31, 2013 is Rs.137081 millions. Approved project cost
is Rs.213960 millions.
• Debt closure has
been attained with the execution of Rupee Term Loan agreement, for Rs.149,770
million on 29.01.2013.
ii. ONGC Mangalore Petrochemicals Limited (OMPL)
OMPL is a
value-chain integration project for manufacturing Para-Xylene and Benzene from
the Aromatic streams of MRPL promoted by ONGC with an envisaged equity
participation of 46% along with MRPL (3%) with balance equity being tied up.
Present status
• Overall
cumulative progress is 91.83 per cent as on March 31, 2013.
• Total cumulative
expenditure on the project is Rs.40170 millions. Approved project cost is
Rs.57500 millions.
• The scheduled
completion of the project is slated for Q3 of FY 2013-14.
iii. Dahej SEZ Limited (DSL)
It is envisioned
as a multi-product SEZ at Dahej in coastal Gujarat for setting up world-class
mega infrastructure facilities which would anchor ONGC's upcoming C2-C3
Extraction Plant and a value-chain integration project (OPaL).
Paid up capital:
ONGC: 49.99% and GIDC: 49.99%
Envisaged equity structure: ONGC: 23%; GIDC: 26%; balance equity is
being tied up.
iv. ONGC Tripura Power Company Limited (OTPC)
OTPC is setting up
a 726.6 MW (2 X 363.3 MW) gas based Combined Cycle Power Plant at Palatana,
Tripura. The basic objective of the project has been to monetize idle gas
assets of ONGC in land-locked Tripura state and to give further boost to
exploratory efforts in the region. The Company has promoted OTPC with an
envisaged stake of 50% along with Govt. of Tripura (0.5%) and IL&FS Energy
Development Co. Limited (IEDCL - an IL&FS subsidiary) (24.5%); the balance
is proposed to be tied up through IPO.
Present status
• The total
expenditure incurred on the project till March 31, 2013 is Rs.28353 millions
against approved project cost of Rs.34180 millions.
• Entire debt for
the project has been tied up with Power Finance Corporation at a Debt: Equity
ratio of 3:1.
• Physical
Progress: In Unit-I, unforeseen technical problems had arisen since first
full-load trial operations in early Jan 2013.
The same have been
attended and the Unit-I has been restarted to commence trial operations to
achieve commercial operations by July 2013. Unit-II commissioning is now
scheduled in August 2013.
• The
Palatana-Bongaigaon transmission line being implemented by NETC is now commissioned
up to Byrnihat. This would facilitate full evacuation of power generated from
Unit-I. For complete evacuation of Unit-II power, the Byrnihat-Bongaigaon
section of the line needs to be completed by December 2013 subject to
resolution of certain issues related to forest clearance in Assam state.
v. Mangalore Special Economic Zone Limited (MSEZ)
With an envisaged
equity stake of 26% along with KIADB (23%), IL&FS (50%), OMPL (0.96%) and
KCCI (0.04%),
ONGC has proposed
to set up MSEZ to serve as site for development of necessary infrastructure to
facilitate and locate ONGC / MRPL's Aromatic complex being promoted by ONGC.
Present status
• In respect of
Pipeline Corridor development, Ministry of Environment and Forest (MoEF)
clearance is awaited for construction works at Reach 2 (about 1.8 km). Pursuant
to the presentation made by MSEZ to Expert Committee of MoEF on Feb 18-19,
2013, the committee has favourably recommended the case to MoEF.
• As far as land
acquisition issues at Reach 3 (about 1.5 km) is concerned, Gazette notification
has already been issued by the Government of Karnataka; however, land price
fixation is yet to be done by the Government.
• Required work
for river water infrastructure has been completed. Trial runs to MRPL and OMPL
have also been conducted successfully. Facilities are ready for supply of
water. Water supply agreement is under finalization.
vi. ONGC TERI Biotech Limited (OTBL)
OTBL is a Joint
Venture company of ONGC which was incorporated on March 26, 2007, in
association with 'The Energy Research Institute' (TERI) with shareholding of 49
per cent each. Balance 2 per cent equity is held by the Financial Institutions.
The JV has been promoted for addressing the requirement of Bioremediation of
oily sludge, Microbial Enhanced Oil Recovery, prevention of wax deposition in
tubulars and solution for other oil field problems. The turnover of OTBL in
FY'13 is Rs.136.610 millions and Profit after Tax is Rs.40.050 millions as
against turnover of Rs.129.960 millions and Profit after Tax is Rs.32.780
millions in FY'12.
vii. Petronet MHB Limited (PMHBL)
PMHBL is a JV
company where in ONGC (28.766%), HPCL (28.7%) and PIL (7.898%) have equity
stakes. Balance 34.57 per cent of equity is held by leading banks. It owns and
operates a multi-product pipeline to transport MRPL's products to hinterland of
Karnataka. Throughput in FY'13 is 2.816 MMT against 2.771 MMT during the last
year. As per audited results for the year 2012-13, the turnover and PAT of
PMHBL are Rs.834.530 millions and Rs.273.090 millions, respectively.
viii. Petronet LNG Limited (PLL)
ONGC has 12.5 per
cent equity stake in PLL, identical to stakes held by other Oil PSU
co-promoters viz., IOCL, GAIL and BPCL. Dahej LNG terminal of PLL having a
capacity of 10 MMTPA is currently meeting around 20 per cent of the total gas
demand of the country. A new LNG terminal of 5 MMTPA capacity is under
construction at Kochi and is expected to be completed by the 2 quarter of
FY'13. The turnover of PLL during 2012-13 is Rs.314674 millions (previous year
Rs.226959 millions) and net profit is Rs.11493 millions (previous year Rs.10575
millions).
ix. Pawan Hans Limited (PHL)
ONGC has 49 per
cent equity stake in PHL (previously known as Pawan Hans Helicopters Limited).
Balance 51 per cent equity is held by the Government of India. PHL is one of
Asia's largest helicopter operators having a well-balanced operational fleet of
40 helicopters. It provides helicopter support for ONGC's offshore operations.
PHL was successful in providing all the 12 Dauphin N and N3 helicopters fully
compliant with AS-4 as per the new contract with ONGC. The accounts of PHL for
2012-13 are under finalisation.
Other Projects/ Business initiatives
a. C2-C3-C4 Extraction Plant
The company has
set up a C2-C3-C4 extraction plant at Dahej with LNG from Petronet LNG Limited
(PLL) as the feed stock. This plant will be supplying C2-C3-C4 extracts as
feedstock to OPaL. Presently, the plant systems are under preservation and
periodic inspection of static and rotary equipment is continuing as per
Preservation Plan.
b. Urea Fertilizer Business
ONGC signed a
Memorandum of Understanding (MoU) with M/s Chambal Fertilizers and Chemicals
Limited (CFCL) and the Government of Tripura for setting up a 1.3 MMTPA
capacity urea fertilizer plant in Tripura. MoU was signed on April 9, 2013 at
Agartala in presence of Shri Manik Sarkar, Hon'ble Chief Minister of Tripura.
Feedstock for the proposed plant (Natural gas) will be supplied from Khubal
field in AA-ONN-2001/1 block where substantial gas reserves have been
established. Gas requirement for the plant is estimated to be 2.4 mmscmd. The
project cost is estimated to be Rs.50,000 million. Government of Tripura will
have 10 per cent equity in the venture.
c. LNG terminal
ONGC along with
its consortium partners BPCL and Japanese conglomerate Mitsui signed an MoU
with the New Mangalore Port Trust (NMPT) on March 18, 2013. The MoU documents
the Port's No-Objection to carry out the feasibility studies and intention to
extend all cooperation to the consortium in this regard. The MoU was executed
in presence of Hon'ble Minister of Petroleum and Natural Gas Dr. M. Veerappa
Moily and the erstwhile Chief Minister of Karnataka Shri Jagadish Shettar. The
consortium expects to commission the facility by 2018.
Alliances and Partnerships for Business Growth
a MoU with
Ecopetrol
ONGC signed a MoU
with Ecopetrol, Ecuador for collaboration on jointly studying the fan belt
traps of the Cachar Region in India and cooperating on studying and developing
EOR and IOR technologies during 7 National Oil Companies (NOC) Forum held
during May 25-27, 2012 at Istanbul.
b Collaboration
Agreements with GAIL
ONGC signed the
following four agreements with GAIL on July 21, 2012:
1. Gas Cooperation
Agreement,
2. Gas Swap
Agreement for C2-C3 Plant,
3. OPaL
Shareholders' Agreement,
4. Side Letter for polymer marketing rights for GAIL.
While the Gas
Cooperation agreement bestows rights on GAIL to market gas produced from ONGC
fields on a case-by-case basis, the gas swap agreement is of importance for C2+
extraction plant at Dahej as it facilitates swapping of domestic non-APM gas
for shrinkage due to extraction of C2+ components from PLL's LNG. The
Shareholders' Agreement spells out the ownership pattern in the OPaL project
wherein ONGC and GAIL are inter-alia sponsors and the Side Letter bestows
marketing rights on GAIL, which is running/expanding petrochemical plant at
Pata and is in the process of setting up another one in Assam, for partial
quantity of polymers produced by OPaL facility.
Farm-out agreement with M/s INPEX for block
KG-DWN-2004/6
ONGC entered into
a strategic partnership with M/s INPEX CORPORATION (INPEX), Japan's largest
national oil company. ONGC signed a Farm-Out Agreement (FOA) on November 5,
2012, at New Delhi for handing over 26 per cent participating interest to M/s
INPEX in the deep water exploration Block KG-DWN-2004/6 of Krishna-Godavari
Basin, which was awarded to ONGC-led consortium under the NELP-VI licensing
round. ONGC continues to remain as the operator with 34 per cent participating
interest. The existing consortium partners GAIL (India) Limited (10%), Gujarat
State Petroleum Corporation Limited (10%), Hindustan Petroleum Corporation
Limited (10%) and Oil India Limited (10%) have given their consent to this farm
out.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Economy
Post 2008 global
economic crisis, the growth and direction of recovery of the economies of the
world manifested a clear dichotomy - if, on one hand, the recovery in developed
world has been weak and hesitant on the other hand, the economic reality and
outlook in emerging countries remained comparatively stronger and more stable.
However, in the wake of the on-going Euro zone crisis, another dimension has
emerged in the current context of the global economic order as owing to the
distinctive nature of its collective economy, Euro zone seems to be gradually
decoupling from the US and rest of the developed world. Global economy, which
grew by 3.2% in 2012, mainly driven by the emerging markets and developing
economies, is forecasted to grow at a rate of 3.3% in 2013. However,
maintaining this growth rate may be a challenge due to impediments and
deeper-than-expected complexities in Euro zone. A recession-gripped Euro
economy has the potential for bearing significant political risks in peripheral
economies.
The three biggest
economies of the world - USA, China and Japan are at economic crossroads
despite fiscal and monetary policy initiatives. In USA, fiscal tightening and
the planned withdrawal of Fed Bank stimulus runs the risk of curtailing growth.
China's policy dilemma of maintaining GDP growth has its own complexities.
Despite rapid credit expansion, Chinese GDP witnessed a slow start in 2013.
Japanese government's money creation move may look to be necessary; however, it
carries with it the risk of adversely affecting global economy.
World Economic
Outlook, April 2013 (International Monetary Fund publication) projects that the
global economy will grow @ 4% during 2014. USA is expected to grow @ 1.9% in
2013 and its growth rate is expected to move up to 2.8% in 2014 and further to
3% in 2015. Some good expansion in Euro zone and acceleration of the Japanese
economy (projected to grow at a rate of 1.6% in 2013) may also buoy the
recovery.
Emerging economies
are projected to lead the global recovery. China, though witnessed slowing of
growth in Q1 2013 to 7.7% and thereby sparking off the weakening of global expansion,
it is expected to achieve 8% growth in 2013 and 8.2% in 2014, both better than
what was targeted in 2012 (@7.8%). India is expected to steer South Asia's
regional growth. It is projected to grow at 5.7% and 6.2% in 2013 and 2014
respectively.
However, the
recent US Federal Reserves' announcement of winding up of US$ 85
billion-a-month bond-buying programme has resulted in the exit of hot money
from the emerging markets. Due to the exit of foreign investors, local
currencies in most of the emerging economies have depreciated alarmingly. India
is not an exception. Compared to beginning of April 2013, Rupee depreciated by
more than 11% against US Dollar within a period of less than three months
(April to late June 2013); and compared to beginning of the fiscal 2012-13 it
slipped by more than 18% in June 2013. Depreciation of local currencies has
wide ramifications not only on the national economy but also on global economy.
All growth forecasts, even for the BRICS countries (Brazil, Russia, India, China
and South Africa), may require a downward revision.
As far as India is
concerned, strengthening of exports and private investment (which slowed down
in 2012) now becomes imperative. At the same time structural policy and fiscal
reforms are must as Rupee devaluation may have a cascading effect on current
account deficit in view of increasing oil import bills. Weakening of the
manufacturing sector, stubbornly high inflationary pressures and structural
bottlenecks have all the potential to adversely impact investment and growth.
However, some of
the recent moves of the Government such as the newly instituted Cabinet
Committee on Investments to expedite decisions on approvals/ clearances for
implementation of major infrastructure projects, proposed increase of gas
prices and gradual decontrol of diesel prices have infused optimism and
confidence about the overall economic climate. These reforms could well
contribute effectively towards addressing the fiscal deficit situation of the
country.
Operational performance
The company has
yet again retained its dominant position in FY'13 in E&P business in India.
During FY'13, ONGC has been the largest producer of oil and gas in the country
contributing 69% of oil production and 62% of natural gas production.
The company has
been able to sustain production levels from domestic as well as overseas fields
through innovative solutions.
Total production
during FY'13 (including overseas assets) has been 58.71 MMtoe of oil and oil
equivalent gas; slightly lower than the production during FY'12 (61.18 MMtoe)
mainly on account of lower production from South Sudan and Syria due to
geo-political reasons. Natural decline in domestic matured fields have also
been the reason for lower production.
Outlook
a. Exploration acreage and mining Lease
The Company holds
the largest exploration acreage in India as an operator. It has 16 nomination
blocks (43,056 Sq.Km) and is presently operating 74 NELP blocks (308,296 Sq.Km)
and 4 CBM blocks covering an area of 875 Sq.Km. In addition ONGC has
participative interest in 10 NELP blocks where it is not the operator.
Exploration/ appraisal of all these blocks is underway except for four blocks
falling in the state of Nagaland/ DAB area where activities have been suspended
awaiting signing of MOU with the Nagaland State government/ resolution of
border dispute between Nagaland and Assam states and 19 offshore blocks where
Ministry of Defence (MoD) clearance is conditional or denied. The Company is
also the largest Mining Lease holder in the country with 348 blocks with total
area of 54,879 Sq.Km.
b. NELP discoveries
The Company has
made 35 discoveries in 18 NELP blocks operated by ONGC (as on March 31, 2013);
15 in deep-water, 8 in shallow water and 12 in onshore areas. Out of these 35,
nine discoveries were made during FY'13. Commencement of production from these
discoveries is governed by stipulations laid down in the respective PSCs and is
to be taken up after successful completion of appraisal programme followed by
submission of commerciality and approval of Field Development Plan.
c. Deep-water exploration
The Company has
taken structured initiatives towards deep-water exploration. So far ONGC has
made 35 deep-water discoveries (7 oil and gas and 28 gas discoveries) and has
drilled 104 deep-water wells as on March 31, 2013. In FY'13 alone, 14 wells
have been drilled and 7 out of that were found to be hydrocarbon bearing.
The company has
made 7 significant discoveries in the NELP block KG-DWN-98/2 which has been
divided into two discovery areas - Northern Discovery Area (NDA) and Southern
Discovery Area (SDA). Proposals for Declaration of Commerciality (DOC) for both
the areas were submitted on July 15, 2010 and December 21, 2009 respectively.
However, for further appraisal of the block, on ONGC's request, exploration
period has been extended up to December 29, 2013. The Company has already
drilled 4 out of 8 wells planned under appraisal programme. A-2 (oil and gas)
discovery in the block has given a big positive fillip to the ONGC's efforts towards
monetizing discoveries in Northern Discovery Area (NDA) of this block.
This is the first
time that substantial amount of oil has been established in this block. At the
same time the well DWN-U-3 has given the highest quantity of commercial gas i.e.,
7 LCMD. Revised DOCs would be submitted after completion of the additional
drilling programme. After approval of the DOCs, the Company will prepare
detailed Field Development Programme (FDP).
The Company has
also made significant discoveries in NELP block MN-DWN-98/3 in Mahanadi Basin.
As per the request of ONGC, exploration programme of the block has been
extended up to November 18, 2013. Two wells have already been drilled against
the plan of 5 wells and both the wells have indicated presence of gas. Based on
the results of the appraisal of the block, the Company will revisit the DOC and
after necessary approvals go ahead with preparation of FDP for the block.
d. Development of new fields
The company is
developing 37 new fields through 13 projects with an estimated investment of
Rs.342.23 billion. G-1 and GS-15 fields, off Eastern offshore, are being
developed in an integrated manner. Production from GS-15 has already started
and G-1 field is expected to be on commence production by Sept' 2013. Production
from the fields under projects B-22 Cluster, B- 46 Cluster, C-Series, North
Tapti and additional development of N.B. Prasad (D-1) field has already
commenced. In FY'13
North Tapti field
development project was completed. Seven out of 13 projects are expected to be
completed this year and the remaining five in subsequent years.
In addition,
Vasistha (VA) and S-1 fields have been planned to be developed in integrated
manner and are likely to come on stream by 2015. Considering the potential of
C-23, C-26 and B-12 fields (Daman project) ONGC revisited the development
schedule of the project and prioritized it to put the field on stream three
years earlier than scheduled and now it is expected to come on stream by
2014-15. G-4 field is planned to be developed by sharing the spare capacity
available in the existing infrastructure of Reliance Industries in KG D6 field
and production from this project is likely to commence by end of the 12th Plan.
e. IOR/EOR and Redevelopment projects
Prudent reservoir
management is the cornerstone of success for an E&P company. The Company is
aware of it and the same has been one of its strong areas of focus. Today, more
than 70 per cent of ONGC's domestic production is contributed by 15 major
fields which are of vintage of 25 to 50 years. Technology intensive Improved
Oil Recovery (IOR) and Enhanced
Oil Recovery (EOR)
and Redevelopment schemes have been adopted for these 15 major fields since
2000 with the objective to maintain production levels and improve recovery
factor, and encouragingly enough, these efforts have produced the desired
results. In the case of Mumbai High field, the second phase of redevelopment is
nearing completion. In the two phases of redevelopment of Mumbai high, the
Company targeted an incremental oil gain of around 93 MMT by 2030 against which
they have already achieved around 47 MMT (up to March 31, 2013). Buoyed by this
success, ONGC has adopted a policy of rolling redevelopment scheme for the
major fields. The third phase of Mumbai High field redevelopment, with an
estimated investment of around Rs.170 billion, is under finalization. Besides
that, continuous efforts in the areas of MEOR (Microbial Enhanced Oil Recovery)
application in high temperature reservoirs, development of reservoir specific and
crude oil specific thermophilic, anaerobic bacterial culture bank for enhanced
oil recovery, exploitation of basement reservoirs, exploitation of tight plays,
cyclic steam stimulation to strengthen In-situ combustion process, MEOR
flooding, etc., are being made towards prudent reservoir management.
During FY'13 two
more IOR projects- development of Western Periphery of Mumbai High South (MHS)
Field and IOR of B-173A field have been taken up. By the end of FY'13, 16 out
of 24 IOR/EOR and redevelopment projects have been completed. During FY'13
these projects contributed an incremental oil gain of 7.94 MMT. Cumulative
incremental gain so far has been 79.94 MMT. As of March 31, 2013 the Company
has invested Rs.310.81 billion in these schemes against planned investment of
Rs.413.16 billion.
f. Infrastructure creation
Acknowledging the
significance of its existing infrastructure and production pursuits, the
company is also investing towards improving the integrity of existing
facilities and creating new facilities as well to handle additional production
volumes. At present the company is implementing 20 projects with an investment
of Rs.206.74 billion.
g. Unconventional and alternate sources of energy
Committed to grow
as an integrated energy company, ONGC has prioritized exploration and
development of unconventional sources and development of alternate sources of
energy. The major thrust areas are -
i. Exploration of shale plays
The company was
the first to establish shale gas presence in India and has also supported Govt.
of India in assessing shale gas potential in the country. ONGC has prioritized
Cambay basin for initiating a pilot for shale gas exploration which is planned
to be carried out in 2013-14. Concurrently two more pilots, one in KG Basin and
another in Cauvery Basin, have also been planned in 2014-15. Anticipating
positive results from the initial pilots, shale exploration and exploitation
activities are likely to pick up from 2015-16 onwards.
ii. Coal Bed Methane (CBM)
The Company is operating
four CBM blocks in Jharia, Bokaro, North Karanpura and Raniganj. For all the 4
blocks, development plans have been submitted; however, approval from the
Government of India is awaited. Nearly 400 wells completion and 2,000
hydro-fracturing jobs have to be carried out in the coming 4-5 years as per
timelines of the CBM Contract. In view of the mammoth and time bound task, ONGC
has decided to farm-in experienced partners to execute the operations, the
process for which is at an advanced stage.
iii. Underground Coal Gasification (UCG)
The company is
also pursuing Underground Coal Gasification (UCG) and for this, Vastan Mine
block in Surat district of Gujarat has been identified for the pilot project.
Environmental clearance for the project has been obtained from Ministry of
Environment and Forest, Government of India and request has been submitted to
Ministry of Coal for award of Mining Lease which is awaited. The company in
association with Neyveli Lignite Corporation Limited (NLC) has identified
Tadkeshwar in Gujarat and Hodu-Sindhari and East Kurla in Rajasthan, for UCG
pursuits. One more site has been identified in association with GMDC at Surkha
in Bhavnagar district, Gujarat. The data of all the fields have already been
analysed for evaluating the suitability of these sites for UCG and all the
sites have been found suitable for UCG.
iv. Alternate sources of energy
The Company is
also pursuing green energy options. Though the Company is already generating
wind power of 51 MW, another 102 MW wind farm is likely to be commissioned in
2014. ONGC Energy Centre (OEC), a trust set up by the Company, has contemplated
a Geothermal Pilot Project in association with technology partner M/s. Talboom,
Belgium in Cambay Basin, which has a high geothermal gradient. Further, OEC in
association with M/S Natural Power Concepts (NPC), Hawaii, USA has identified a
site near Koyna Dam in Maharashtra for Kinetic Hydro Power Generation project.
In this project, North Eastern Electrical Power Corporation (NEEPCO) has agreed
to facilitate OEC in conducting field trials in the tail-races of their dams in
Assam and Nagaland.
v. Uranium exploration
ONGC Energy Center
(OEC) is exploring for uranium prospects, suitable for exploitation by
"In-situ Leaching" (ISL) in collaboration with Atomic Minerals
Directorate (AMD), the exploratory arm of Department of Atomic Energy,
Government of India. Ten parametric wells have been completed in KG Basin and
Cauvery Basin. In addition, 12 wells have further been planned - 7 wells in Suket
Region near Jhalawar in Rajasthan and 5 wells in Kaikalur-Lingala area of KG
Basin.
CONTINGENT
LIABILITIES:
Claims against the
Company/ disputed demands not acknowledged as debt:-
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
I. In respect of
Company |
|
|
|
i. Income Tax |
30315.360 |
17697.920 |
|
ii. Excise Duty |
8498.820 |
6407.220 |
|
iii. Custom Duty |
1452.760 |
1452.760 |
|
iv. Royalty |
90178.000 |
66123.540 |
|
v. Cess |
6.570 |
6.570 |
|
vi. AP Mineral Bearing Lands (Infrastructure) Cess |
1962.840 |
1694.820 |
|
vii. Sales Tax |
45853.770 |
38177.940 |
|
viii. Service Tax |
5036.080 |
4362.000 |
|
ix. Octroi |
68.540 |
66.890 |
|
x. Specified Land Tax (Assam) |
3194.730 |
2860.570 |
|
xi. Claims of contractors in Arbitration / Court |
29270.460 |
36981.110 |
|
xii. Employees Provident Fund |
66.350 |
0.000 |
|
xiii. Others |
36596.250 |
16807.050 |
|
Sub Total (A) |
252500.530 |
192638.390 |
|
II. In respect of
Joint Ventures |
|
|
|
i. Income Tax |
8.910 |
8.910 |
|
ii. Excise Duty |
0.000 |
0.000 |
|
iii. Custom Duty |
3744.000 |
3620.120 |
|
iv. Cess |
0.000 |
0.000 |
|
v. Sales Tax and Service Tax |
3115.130 |
3125.390 |
|
vii Claims of contractors in Arbitration / Court |
333.240 |
299.920 |
|
viii. Others |
5193.840 |
5023.970 |
|
Sub Total (B) |
12395.120 |
12078.310 |
|
TOTAL (A + B) |
264895.650 |
|
FIXED ASSETS:
· Land Freehold
Land
Leasehold
Building
and Bunk Houses
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Office
Equipment
WEBSITE DETAILS:
PRESS RELEASES:
ONGC SIGNS MOU WITH
RIL ON EASTERN OFFSHORE FACILITY SHARING ARRANGEMENT
Dated: July 28, 2013
Mumbai July 27: In a significant move that may open up new opportunities in India’s quest of energy security, the Oil and Natural Gas Corporation (ONGC) has inked a Memorandum of Understanding with the Reliance Industries Limited (RIL) to explore the possibility of sharing the latter’s infrastructural facility in the East Coast.
The MoU aims at working out the modalities for sharing of infrastructure, identifying additional requirements as well as firming up the commercial terms.
This shall not only minimize ONGC’s initial Capex but also expedite its field development resulting in early monetization of its deep water fields adjacent to the fields of RIL.
ONGC, the country’s largest oil and gas producer, has drawn a roadmap to make substantial investment over a period of next five years both in exploration and developmental activities, and deepwater exploration and development constitutes a major component of the same. Under this plan, ONGC has a conservative estimate to produce about 6 to 9 MMSCMD of gas by mid-2017 from G-4, KG-DWN - D & E fields in the first phase.
The companies intend to enter into a formal agreement after conducting a joint study which will be spread over the next nine months.
The MoU was signed by Mr. Ashok Varma, Executive Director, Asset Manager Eastern Offshore Asset, ONGC and Mr. Naresh K Narang, Sr. Vice President, Development Projects, Petroleum E&P, RIL in the presence of Chairman Mr. Sudhir Vasudeva, Director (Offshore) Mr. P.K. Borthakur and Director (Exploration) Mr. N K Verma from ONGC and Mr. P.M. S Prasad, Executive Director from RIL.
ONGC CMD Mr. Sudhir Vasudeva said that it is a win- win situation not only for both the companies which are striving hard to accrete new reserves and put them on production at the quickest time but also for energy starved nation. Vasudeva and PMS Prasad agreed that it is an uphill task ahead and today’s MoU is just the beginning.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
75 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.