ONGC=20 Q1FY=9211 net down by 24.5 %, due to excessive = subsidy=20 discounts

II.

Five=20 new discoveries in Q1FY=9211, two more in = July=92=20 10

III.

Board=20 approves new 102MW wind power investment in = Rajasthan=20 for Rs 650 crore

IV.

MRPL=20 investment for Single Point Mooring off = Mangalore coast=20 also approved for Rs 1,044 crore =

Dated:=20 29^th July, 2010

I.=20 ONGC in its 207th Board Meeting held on 29th July, 2010 = approved the=20 financial results for Q1 FY=9211 detailed as = under:

A.=20 Financial

Details

Q1=20 2010-11

Q1=20 2009-10

%
variation=20

FY=20 2009-10

Sales=20 Revenue (Rs in Crores)

13,710

14,922

(8.1)

60,205

Net=20 Profit (Rs in Crores)

3,661

4,848

(24.5)

16,768

Subsidy=20 Discounts (Rs in Crores)

5,515

429

1185.5

11,554

Gross=20 Realization (US$/bbl)

80.80

60.58

33.4

71.65

Net=20 Realization (US$/bbl)

48.04

58.25

(17.5)

55.94

Gross=20 Realization (Rs/bbl)

3,690

2,948

25.2

3,397

Net=20 Realization (Rs/bbl)

2,194

2,835

(22.6)

2,652

B.=20 Production Performance=20

Details

Q12010-11

Q12009-10

FY'10

Crude=20 oil - ONGC (MMT)

6.06

6.12

24.67

Crude=20 oil-JVs(MMT)

0.55

0.43

1.79

Total=20 Crude oil (A) (MMT)

6.61

6.55

26.46

Gas=20 -ONGC (BCM)

5.76

5.75

23.11

Gas=20 -JVs (BCM)

0.65

0.64

2.48

Total=20 Gas (B) (BCM)

6.41

6.39

25.59

Total=20 VAPs (C) (MMT)

0.77

0.82

3.40

C.=20 Subsidy Impact on Profit

(Rs=20 in Crore)

Qtr=20 ended on

For=20 the FY

Details

30.06.2010

30.06.2009

2009-10

2008-09

2007-08

Gross=20 Discount

5,515

429

11,554

28,225

22,001

Impact=20 on Statutory Levies

790

1,629

4,292

1,942

Impact=20 on Profit Before Tax

4,725

366

9,925

23,933

20,059

Impact=20 on Profit After Tax

3,119

242

6,551

15,798

13,241

II.=20 Five discoveries have been notified during Q1FY=9211; two = more in July=20 =9210
New=20 Prospect Discoveries=20

Discovery=20 Well

Location

Oil/Gas

Discoveries=20 notified during

Western=20 Onshore Basin

Well=20 Virgovindpura-3

Vadu=20 Extn-I PML

Gas

May,=20 2010

Well=20 Karannagar-1

NELP=20 Block CB-ONN-2004/1

Oil

July,=20 2010

Krishna=20 Godavari Basin- Onland

Lakshminarsimhapuram-1

1A = PEL Block

Oil

May,=20 2010

West=20 Kesavadasupalem-1

1B = PEL Block

Gas

May,=20 2010

Krishna=20 Godavari Basin- Shallow Offshore

GS-21-3

Vainateyam=20 PML Block

Gas

July,=20 2010

New=20 Pool Discoveries

Western=20 Offshore Basin

GK-28-2

Kutch=20 Offshore Block-I Extn. PEL

Oil

April,=20 2010

Cauvery=20 Basin- Onland

Kuthanalur-12

L-II=20 PEL Block

Oil

May,=20 2010

III.=20 Efforts to explore renewable energy like wind power=20 intensified=20

Intensifying efforts to explore renewable energy = like wind=20 power, ONGC has approved setting up of 102 MW wind farm in = Rajasthan=20 augmenting the 51 MW wind power project set up in Gujarat in = 2008.=20 The estimated investment for new project is approx Rs 650 = crore. The=20 project is expected to be commissioned by September=20 2011.

IV.Coastal=20 infrastructural facilities for MRPL enhanced

Coastal=20 infrastructural facilities have been enhanced with ONGC = Board=20 clearing the installation of SPM (Single Point Mooring) at = New=20 Mangalore Port. This will enable MRPL to receive crude in = VLCC (very=20 large crude carrier) tankers. The same facility can also be = used for=20 receipt of crude for Indian Strategic Petroleum Reserves = Limited=20 (ISPRL) being set up by Government of India at Mangalore = near the=20 refinery. The estimated cost is Rs 1,044 crore with = completion=20 target of April 2012.

Reviewing the quarterly = result, Mr. R=20 S Sharma, CMD, ONGC commented that a well defined equitable=20 mechanism for subsidy discounts would ensure much higher = commercial=20 values.

Issued=20 By
Oil=20 and Natural Gas Corporation Ltd.
Corporate=20 Communications, New Delhi,
Phone: +91-11-23320032,=20 23301302;
Tele-Fax: 011-23357860
Mail: ongcdelhicc@ongc.co.in,=20 ongcdelhicc@gmail.com

Issued=20 By :- Corporate Communications,=20 Oil=20 and Natural Gas Corporation Ltd. New Delhi