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Oil & Natural Gas Corporation Limited
Sector:Oil and Gas Oil and Gas - Exploration and Production
BSE:500312NSE:ONGCBloomberg:ONGC@INReuters:ONGC.BO
Market Lot: 1Face Value: 5ISIN Demat: INE213A01029
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22-Jan-2018
Business Profile
Oil & Natural Gas Corporation (ONGC) is into exploration and production of oil and gas, both onshore and offshore. It was set up in 1956 and converted into a public limited company on June 23, 1993.

The company has established 6.42 billion tons of in-place hydrocarbon reserves with more than 300 discoveries of oil and gas. It has cumulatively produced 762.3 million metric tons (MMT) of crude and 440.7 billion cubic meters (BCM) of natural gas from 115 fields. ONGC has more than 15,800 Km of pipelines in India, including nearly 3,800 Km of sub-sea pipelines, and has 240 onshore production installations and 147 offshore well platforms. It ranks as the numero uno oil and gas exploration and production company in Asia as per Platts 250 global energy companies list for the year 2007. ONGC Videsh Limited, its overseas arm, has several projects in Russia, Iran, Sudan, Vietnam, Columbia and Nigeria, among other countries.

ONGC has planned a Rs 77.5 billion revamp of onshore pipelines and installations and approved a Rs 23.5 billion investment in Assam. It registered five oil and gas discoveries on the East Coast and Northeast in May 2007. ONGC aims to produce 25 million metric standard cubic meters per day of gas from the Krishna Godavari basin by 2012-2013 from the estimated available 6 trillion cubic feet of gas reserves. It signed a feedstock supply agreement with Brahmaptura Cracker and Polymer (BCPL) for the Assam gas cracker plant being set up in Lepetkata, Dibrugarh and a memorandum of understanding with British Pertoleum to jointly undertake oil and gas exploration and production projects in India and abroad. An agreement with Hindustan Petroleum Corporation (HPCL) enables its Tatipaka refinery and MRPL (subsidiary) to supply petroleum products to HPCL.

The company`s registered office is at Jeevan Bharti Building, Tower-II, 124, Indira Chowk, New Delhi-110001.


Financials
The company announced rise of 3.13% in standalone net profit on y-o-y basis to Rs 51.31 billion, while total income rose 13.60% y-o-y basis to Rs 208.96 billion for the quarter ended September 2017.

Recent Developments
22-JAN-18
The Government of India has entered into an agreement with Oil and Natural Gas Corporation (ONGC) for the strategic sale of its 51.11% equity share-holding in Hindustan Petroleum Corporation (HPCL) at a consideration of Rs 369.15 billion.

04-DEC-17
Alphageo (India) has received notification of award of contract from Oil & Natural Gas Corporation (ONGC), Vadodara (Gujarat) for an estimated contract value of Rs 1.54 billion. The order is for acquisition of 3D Seismic Data in Mehsana Carpet Area of Cambay basin, India.

13-NOV-17
L&T Hydrocarbon Engineering (LTHE), a wholly-owned subsidiary of Larsen & Toubro, has bagged an offshore contract for the Balance Work for Pipeline Replacement Project-4 from Oil & Natural Gas Corporation (ONGC) valued at approximately Rs 12.67 billion (~ 194 million USD).

11-OCT-17
L&T Hydrocarbon Engineering (LTHE), a wholly owned subsidiary of Larsen & Toubro, has bagged an offshore contract for the Transportation & Installation-Daman Development Project from Oil & Natural Gas Corporation (ONGC) valued at approximately Rs 11.50 billion (~ 177 million USD). The Contract, won against international competitive bidding, encompasses total 'EPCIC'

22-AUG-17
Oil and Natural Gas Corporation (ONGC) has received an in-principle approval to acquire the government's 51.11% stake in Hindustan Petroleum Corporation (HPCL). The board of directors of the company at its meeting held on August 21, 2017 has approved for the same.

20-JUL-17
The Cabinet approved sale of government''s 51.11% stake in oil refiner Hindustan Petroleum Corporation (HPCL) to India''s largest oil producer Oil & Natural Gas Corporation (ONGC) for a potential Rs 260 billion to Rs 300 billion, a top source said.

24-MAR-17
Asian Oilfield Services has received a Letter of Award (LoA) of contract worth Rs 1.08 billionfrom ONGC for 2D Seismic Data Acquisition in unapprised on land areas of Sedimentary Basins of India for Sector 6 (Ganga).

24-FEB-17
Oil and Natural Gas Corporation (ONGC) has received approval for development of five projects with an aggregate investment of Rs 73.27 billion which will lead to production of 14.969 MMT of Oil and 2.972 BCM of Gas.



Future Plans
ONGC has planned to invest Rs 77.5 billion on revamping pipelines and installations of its onshore assets.

The company has outlined strategic vision for 2001-2020. The company is focusing on doubling reserves (i.e. accreting 6 billion tons of O+OEG) by 2020. Out of this, 4 billion tons are targeted from deep waters. It also plans to improve average recovery from 28% to 40%. It has plans to tie up 20 MMTPA of equity hydrocarbon from abroad. ONGC has also ventured into coal bed methane (CBM) and underground coal gasification (UCG); UCG in 2008-2009. It is also looking at gas hydrates as it is one possible source that could make India self sufficient in energy.

It is planning to erect a new mini refinery unit at Tatipaka in the Krishna-Godavari basin. The new refinery having a capacity of 200 tons will cost Rs 450 million. The oil major also intends to expand its presence in the power sector by adding about 2,700 MW of gas-based generation capacity, for both captive and commercial use, through three plants. It will be pumping in Rs 12,850 million to upgrade the marginal offshore fields located on the north west of Bombay High, the country`s largest offshore field. The overseas component of investment is estimated to be Rs 12,400 million.

The oil major picked up 71.6% equity in the Mangalore Refinery & Petrochemicals (MRPL) and also took up a 23% stake in the 364 km long Mangalore-Hasan-Bangalore product pipeline connecting the refinery to the Karnataka hinterland. ONGC has also entered the global field through its subsidiary, ONGC Videsh. ONGC has made major investments in Vietnam, Sakhalin and Sudan and earned its first hydrocarbon revenue from its investment in Vietnam. It has acquired 25% equity in the Greater Nile oil project in Sudan, the first producing oil property. ONGC Nile Ganga BV, a wholly-owned subsidiary, has been set up in the Netherlands to manage this property.

In Brief

 
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