Wednesday 20th February 2019

ONGC ends FY’16 with continued growth in oil production

May 27th, 2016 1:26 pm | By | Category: LATEST NEWS

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ONGC crude oil production recorded a rise for the second consecutive year. Offshore oil production has gone up by 2.1% rising from 16.19 MMT (FY’15) to 16.54 MMT (FY’16) while ONGC Crude Oil production from nominated fields has gone up by 0.5%; from 22.26 MMT (FY’15) to 22.36 MMT (FY’16) and ONGC’s total Crude Oil production including its share in PSC Joint Ventures (JVs) during FY’16 has been 25.93 MMT against 25.94 MMT during FY’15. Besides, ONGC has notified 17 hydrocarbon discoveries this year (8 new Prospects & 9 New Pools; 7 in NELP & 10 in nominated areas; Oil & Gas:7 and Gas & Condensate: 10; Onshore: 7 and Offshore: 10). The estimated accretion to In-place Hydrocarbons from ONGC operated areas in India during 2015-16 was 150.30 MMTOE, while accretion to Ultimate 2P Reserves was 65.58 MMToe. Reserve Replacement Ratio (RRR), the ratio of reserve accretion to total oil and gas production in one year, stands at 1.51. ONGC, thus, maintains RRR at more than one for last 10 years (2P). Considering the global trends, this is a significant achievement. Gross Revenue INR 78,569 Crore (against INR 83,094 Crore in FY’15). Net Profit INR 16,004 Crore (against INR 17,733 Crore in FY’15). Board recommended final dividend of 65% in addition to interim dividend of 105% paid earlier, making the total dividend for FY’16 at 170% (against 190%in FY’15).

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