Chairman’s
Speech at the
17th
Annual General Meeting of
Oil
and Natural Gas Corporation Ltd
By
Shri R.S. Sharma, Chairman & Managing Director
New Delhi, September 23, 20=
10
=
![](3D"C&MD_Speech_17_AGM_20092010_finalspeech_files/image003.jpg")
Dear Members,
On behalf of the Board of Directors of your
Company, it is my pleasure to extend a very warm welcome to each one of you=
, at
the 17th Annual General
Meeting of the Company. I would like to convey sincere gratitude to all=
of
you for sparing your valuable time to be with us on this extremely important
occasion for the company.
The Annual Report for the Financial Year ended =
31st
March 2010, along with the Directors’ Report, Audited Annual Accounts=
and
Auditors’ Report of your Company are with you for some time now, and I
assume them to be taken as read.
To begin this address, let me congratulate all of you=
as
the Government of India has decided to bestow ‘Maharatna’ status to your Company. This recognitio=
n signifies
the continued excellence by your Company in all spheres of its activities. =
In
fact, on the Maharatna evaluation parameters, your Company occupied the Top Slot amongst all the PSEs in =
the
country.
Your Company has performed extremely well in the year
2009-10 also.
The significant achievements during the year have bee=
n:
i.&n=
bsp;
Hi=
ghest
accretion of Ultimate reserves in last two decades from domestic acreages; =
ii.&=
nbsp;
Highest-ever production of oil and gas from
overseas assets;
iii.=
Highest Reserve Replacement Ratio (RRR) in last=
two
decades;
iv.&=
nbsp;
Highest-ever Net Profit of ` 16,768 Crore;
despite sharing under-recoveries of ` 11,554 Crore.
These
achievements are the results of aggressive growth strategies which your Com=
pany
has been pursuing consistently in the recent years.
The Economy
Sluggish
recovery in major economies very much remains a concern. Initial euphoria o=
ver
green shoots is waning fast with the recent indications of decelerating
recovery in USA.
Fears of a double-dip recession are having ripple effect on major economies=
in Europe also, which are struggling hard to resolve t=
heir debt
problems.
However,
the Indian economy has kept up its momentum, and during 200=
9-10,
its GDP at constant prices registered a growth of 7.4%, against 6.7% during
2008-09.
Oil & Gas Industry
Fact remains=
that
the fundamentals of the industry have not changed. Recession propelled dema=
nd
destruction in developed world seems just temporary. Non-OECD countriesR=
17;
appetite for all forms of energy is increasing, whereas oil and gas product=
ion
in most of the countries have entered into a decline phase.
The
demand-supply equation, presently though balanced, may again get skewed once
world is out of recession. Oil prices in US$ 70-80 per barrel may be
comfortable, but remain volatile. Continued volatility will have consequent=
ial
impact on industry’s endeavours to sustain future supplies.
For
most of the new discoveries, particularly in deepwater and ultra-deepwater,=
technology a=
nd
investment remains a challenge. Likely regulatory corrections post-<=
span
style=3D'font-size:13.0pt;line-height:150%;font-family:"Century Gothic";
mso-bidi-font-family:VectoraLH-Light'>Macondo blowout in Gulf of Mexico (GO=
M), will increase operational complexit=
ies.
Hence new pragmatic solutions now become imperative for the industry.
Solutions
in the form of Shale gas, CBM, bio-fuel or oil-sands are interesting, and m=
ay
bring permanent changes in the industry. However, environmental issues rela=
ted
with these new sources, or their adverse effect on food security, needs to =
be
addressed cautiously.
Indian
E&P Industry
Commencement=
of
natural gas production from D-6 field of Reliance Industries Limited in the
East Coast, and oil from RJ-ON-90/1 block in Rajasthan, in which your Compa=
ny
has 30% participating interest, have been the significant developments in
Indian E&P industry.
Price revisi=
on
of APM gas with effect from 1st June 2010, produced by ONGC and =
OIL
from nominated blocks, is yet another welcome decision by the government. T=
his
will help us not only wiping out under-recoveries in our gas business, but =
will
also provide reasonable incentive to ONGC and OIL to invest more in
development and production of natural gas.
Government o=
f India
decontrolled the price of Motor Sprit (MS) on 25th June 2010. Di=
esel,
LPG and SKO prices were also hiked. This may help in reducing under-recover=
ies;
which your Company is sharing with Oil Marketing Companies (OMCs) as per the
Government directives. We are also expecting a futuristic mechanism for sha=
ring
of these under-recoveries to be in place soon.
Performance
During FY’10, y=
our
Company accreted, from its domestic acreages, ultimate reserves of 82.98
million tonnes of oil and oil equivalent gas (MTOE); the highest in last=
two
decades.
Organic Reserve Repla=
cement
Ratio (RRR) at 1.74 has also been the highest in last two decades. This is the fifth consecutive year wh=
en
your Company registered RRR of more than one.
Your Company=
has
been able to sustain oil and gas production levels in recent years, despite
natural decline having set in all major fields. During FY’10, combined
Oil and Gas production of your Company, including OVL and share in PSC-JVs,=
was
60.93 MTOE against 61.23 MTOE in FY’09. Production from overseas fiel=
ds at
8.87 MTOE has been the highest-ever.
<=
/o:p>
NELP-VIII
Your Company=
has
been awarded 17 NELP blocks (including 3 as non-operator and 1 as joint-operator)
in NELP-VIII round of bidding for which the contracts were signed on 30th
June 2010. You will be pleased to know that your Company maintains its posi=
tion
as the largest acreage holder in the country.
<=
/o:p>
Financial Appraisal=
<=
![if !supportLists]>a)&n=
bsp;
ONG=
C
Your Com=
pany
recorded the highest-ever Net Profit of ` 16,768
Crore during FY’10,
despite sharing huge under-recoveries.
&nb=
sp;
<=
![if !supportLists]>b)&n=
bsp;
ONGC
Videsh Limited (OVL)
On accou=
nt
of lower crude oil prices in the international markets, the Gross Revenue, =
as
well as the Profits After Tax (PAT) were under pressure. OVL’s
consolidated gross revenue during FY’10 has been `
15,383 Crore; lower by 16.5%. OVL’s consolidated Net Profit was `
2,090 Crore; down by 25.5%. The first quarterly results for the current year
have however shown a remarkable improvement.
<=
![if !supportLists]>c)&n=
bsp;
Man=
galore
Refinery & Petrochemicals Limited (MRPL)
MRPL
registered gross revenue of ` 36,081 Crore; lower by 15.5%. Net Profit was <=
/span>` 1,112 Crore;
lower by 6.8%. Lower gross revenue has been mainly on account of lower prod=
uct
prices.
<=
![if !supportLists]>d)&n=
bsp;
ONGC
Consolidated
Consolid=
ated
Turnover of ONGC Group of Companies, in FY’10, has been `
108,579 Crore; marginally lower by 1.8% against last year figure of =
` 110,562
Crore. Consolidated Net Profit of the Group was 2% lower at ` 19,404
Crore, against ` 19,795 Crore in FY’09.
Dividend
Your
Company had paid an interim dividend of `=
18 per share (180%) in December, 2009. After y=
our
approval, in this AGM today, the final dividend of `15 per share
(150%) shall be paid in the next few days, making an aggregate dividend
payout of ` 33 per share (330%), which is the highest-ever payout. Total dividend payout will be `7=
,058
Crore; besides ` 1,162 Crore
payable as tax on dividend.
=
So=
und
Accounting Practices
You may be pleased to know t=
hat
this year also your Company received ‘nil’ comments from=
CAG
as well as Statutory Auditors; the fourth time in a row and six times in la=
st
seven years.
St=
rategic
Pursuits
Your Company has well defined its strateg=
ies
for sustaining growth. Basic premise for the strategy evolves around intens=
ifying
exploratory and development efforts for creating energy and value assets on
continuous basis.
a) Exploration<=
o:p>
Your Company is pursuing three-pronged exploration strategy –
intensive exploration in proven areas, exploration for unconventional resou=
rces
and knowledge building in alliance with global majors for frontier areas. D=
ue
to technology driven exploratory efforts, we were able to accrete in aggreg=
ate more
than one billion tonnes of in-place hydrocarbon reserves in domestic basins=
in
the last five years.
b) Production
Maintaining reservoir health in old and matured fields is yet another f=
ocus
area for your Company. Continuous and systematic interventions through IOR/=
EOR
schemes helped your Company to maintain production levels and noticeable
increase in the recovery factor in the major fields.
c) New Streams<=
o:p>
Your Company has set an accelerated programme for monetiz=
ing
marginal and new fields. 58 out of 134 discoveries made since 2002 have alr=
eady
been put on production. Few others are on fast track of appraisal and
development; especially the Cluster-7, WO series, B-193, D-1 additional, B-=
22, North Tapti, etc. In addition, development programm=
e for
KG-DWN 98/2 is set to begin after DGH approval for the Declaration of
Commerciality (DoC) submitted by us.
We have also taken up expeditious development of Daman-Ta=
pti
block. These are expected to propel our crude oil and gas production in next
few years.
d) Overseas Ass=
ets
The growth vehicle of=
your
Company, ONGC Videsh Limited (OVL), is aggressively pursuing oil and gas
opportunities globally. I am pleased to share that recently OVL led consort=
ium
acquired 40% participating interest in mega Carabobo project in Venezuela which
is expected to commence production from 2013.
e) Refining
Name-plate capacity of
Mangalore Refinery & Petrochemicals Ltd. (MRPL) has been increased from
9.69 MMTPA to 11.82 MMTPA during FY’10. MRPL’s refining capacity
would be enhanced to 15 MMTPA by March, 2012 on completion of its Phase-III
expansion project, which is progressing well on schedule.=
f) =
New Sources =
of
Energy
Beyond core E&P
activities, your Company’s efforts towards new gas sources are also
laudable. CBM production from the pilot Parbatpur, Jharia project has start=
ed
in January 2010. Environmental clearance for UCG pilot project at Vastan, <=
st1:place
w:st=3D"on">Gujarat has been obtained. Your Company has also taken lead in
exploration of Shale Gas in the country by launching an integrated pilot Sh=
ale
gas project in Damodar
Valley. The first w=
ell
has been spudded just two days back, on 21st September, 2010.
g) Alternate
Sources of Energy
Your Company has appr=
oved
setting up a 102 MW Wind Farm in Rajasthan, in addition to a 51 MW Unit alr=
eady
working successfully in Bhuj, Gujarat. W=
e are
also planning to establish a Photo-voltaic Solar Plant. Three Sol=
ar
Thermal Engines, for the first time in India, have been commissioned=
by
your Company at the Solar Energy Centre (SEC), Ministry of New and Renewable
Energy (MNRE) campus at Gurgaon. ONGC Energy Centre which is
pursuing a number of alternate energy source projects generates lot of hope=
in
this regard.
h) Value-multip=
lier
Projects
Two petrochemical
plants being implemented by ONGC promoted SPVs, ONGC Petro-additions
Limited (OPaL) at Dahej in Gujarat at the
estimated investment of ` 19,500 crore and ONGC Mangal=
ore
Petrochemicals Limited (OMPL) at Mangalore at the estimated investment of <=
/span>` =
5,=
750
crore, are progressing well and are expected to become operational in 2013.=
Both
of these plants are unique in terms of their size and investment. These pla=
nts
have been located in Dahej SEZ and Mangalore SEZ respectively, which are al=
so
being co-promoted by your Company.
A gas based Combined Cycle Power Plant (CCPP) of 726.6
MW, being set up by ONGC Tripura Power Company Limited (OTPC), an SPV promo=
ted
by your Company, at Palatana, Tripura, at an estimated investment of ` =
3,=
500
crore, aims to monetize ONGC’s id=
le
gas assets in the state of Tripura. This plant is schedule to be operationa=
l in
2011-12.
Caring for Environment
Your
Company’s 6th Clean Development Mechanism (CDM) project was
registered with United Nations Framework Convention on Climate Change (UNFC=
CC)
on 1st March 2010.
Your
Company has published its ‘A=
ssured’
Corporate Sustainability Report for the year 2009-10, which has been releas=
ed
on 15th September, 2010.
Corporate Governance
Your
Company launched a Whistle Blower Policy on 1st December
2009, again among the firsts, to voluntarily adopt this unique policy for s=
ound
governance and transparency.
Corporate Social Responsibility
As
a responsible Corporate Citizen your Company has decided to enhance its
contribution to Corporate Social Responsibility (CSR) projects to 2% of its=
Net
Profits.
Sports
Your
Company won the Petroleum Minister’s PSPB Trophy for overall best
performance in 2009-10 for the seventh year in succession.
Accolades
Your
Company has been consistently getting meritorious recognitions in various
spheres of its activities. Details of such recognitions have been provided =
in
Annexure-C to the Directors’ Report, forming part of the Annual Repor=
t.
Few of such
significant recognitions in recent past are:
i.&n=
bsp;
Four OISD Safety Aw=
ards
in various categories – conferred by Hon’ble Minister for Petro=
leum
& Natural Gas on 20th October, 2009.
ii.&=
nbsp;
Four National Safety
Awards in Oil Mines Category – conferred by H.E. Vice President of In=
dia
on 23rd October, 2009.
iii.=
Best Overall
Performance Award for Oil & Gas Conservation – conferred by
Hon’ble Minister for Petroleum & Natural Gas on 19th
January, 2010.
iv.&=
nbsp;
BML Munjal Award for
Excellence in Learning & Development – conferred by Hon’ble
Minister of HRD on 11th March, 2010.
v.&n=
bsp;
Two Dalal Street
Investment Journal PSU Awards for Excellence in Overall Performance and Mar=
ket
Capitalization – conferred by Hon’ble Minister of Steel on 6th
April, 2010.
vi.&=
nbsp;
SCOPE Meritorious A=
ward
for CSR - conferred by H.E. President of India on Public Sector Day i.=
e. 10th
April, 2010.
vii.=
India Pride Award on
CSR (Gold) instituted by Dainik Bhaskar – conferred by Hon’ble
Finance Minister on 13th September, 2010.
viii.
Amity HR Excellence
Award for Best Intellectual Human Resource Utilization Practices, received =
on 18th
September, 2010.
Culmination
of all these achievements has been the recognition to the Company by the
Investors in terms of market capitalization of the Company, cross=
ing ` =
3
trillion mark on 15th September, 2010.
The
18th September, 2010 edition of Business Standard has published =
an
analysis of performance of various scrips traded on NSE, compiled by BS
Research Bureau, which inter-alia reads – “The maximum rise =
in
m-cap since the markets bottomed in March, 2009 has been in ONGC’s sc=
rip.
In absolute terms, the Company added close to ` =
1.=
56 Lakh
crore”.
As
you may be aware, Government has decided to divest another 5% of the share
capital through an FPO during early 2011. I am sure, the FPO will invite
similar enthusiasm and response from all investors as it was during the
company’s IPO in 2004.
Acknowledgements=
Dear Shareholders,
Before
I conclude, on behalf of the Board of Directors of your Company, I wish to
convey earnest thanks for your continued support and trust in us. This
motivates us to excel in all our pursuits and constantly create value for y=
ou.
I
appreciate the unstinted support and valuable guidance from Ministry of
Petroleum & Natural Gas, Government of India. I acknowledge the support=
of
the various other Ministries, Authorities and Agencies of the Union Governm=
ent,
the State Governments and all other stakeholders. I also acknowledge with
appreciation the warm cooperation extended by all the authorities in various
countries who recognized us as partners in progress.
Above
all, I would like to place on record the commendable efforts and commitments
shown by our most valued resource i.e. the Human Resource of the Company; as
our employees have always contributed their best for the Company to set new
benchmarks.
Thank you,
Jai Bharat! <=
o:p>
------=_NextPart_01CB5B3E.E1DC6B10
Content-Location: file:///C:/2D3420C8/C&MD_Speech_17_AGM_20092010_finalspeech_files/image003.jpg
Content-Transfer-Encoding: base64
Content-Type: image/jpeg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------=_NextPart_01CB5B3E.E1DC6B10
Content-Location: file:///C:/2D3420C8/C&MD_Speech_17_AGM_20092010_finalspeech_files/header.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="us-ascii"