ONGC reports strong numbers with quarter profit to Rs 8,264.6 crore


State-run Oil and Natural Gas Corporation (ONGC) has announced its results for the second quarter ending on September 30, 2018, with the net profit at Rs. 8,265 crore, up 61.1% quarter on quarter (QoQ).

The company announced that the gas production segment witnessed an increasing trend on year on year basis (YoY). It increased by about 3% in H1’19 compared to H1’18.

However, the gas production is expected to increase further with the completion of Daman Development Project in Western Offshore and further increase from VA-S1 field in Eastern Offshore.

Drilling Rig Sagar Samrat was under conversion into a Mobile Offshore Production Unit (MOPU) for oil production from WO-16 Cluster. The MOPU was scheduled to be commissioned in the beginning of FY’19, which could not be done because of failure on part of the contractor.

The non-availability of MOPU as per schedule led to a loss of oil production of about .35 MMT. ONGC took stringent action to terminate the contract and proactively awarded a new contract recently for commissioning of MOPU by March 2019.

In WO-16 Cluster, all the 15 wells have been completed, which will be put on production once the MOPU is commissioned.

ONGC also notified that 7 discoveries so far in FY’19, out of which 4 new discoveries have been made since last press release in this regard on 30th May, 2018 (2 new prospect and 2 new pool discoveries). Out of the four new discoveries, 3 have been made in onshore blocks while one discovery has been made in offshore block.


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