ONGC rose 0.41% to Rs 394.95 at 9:25 IST as at the time of announcement of Q2 September 2014 results, the board of directors of ONGC approved two major investment decisions valued over Rs 10600 crore.
ONGC announced the second quarter results after trading hours on Friday, 14 November 2014.
Meanwhile, the S&P BSE Sensex was down 48.26 points or 0.17% at 27,998.40.
On BSE, so far 11,754 shares were traded in the counter as against average daily volume of 4.69 lakh shares in the past one quarter.
The stock hit a high of Rs 395.40 and a low of Rs 393.35 so far during the day. The stock had hit a record high of Rs 472 on 9 June 2014. The stock had hit a 52-week low of Rs 264 on 4 February 2014.
ONGC's profit after tax (PAT) declined 10.2% to Rs 5445 crore on 8.8% decline in gross revenue to Rs 20512 crore in Q2 September 2014 over Q2 September 2013. ONCG attributed the decline in PAT to lower crude oil price. ONGC offered a gross discount of Rs 13641 crore in Q2 September 2014 to public sector oil marketing companies on sale of crude oil, PDS kerosene and domestic LPG based on the rates of discount communicated by the Ministry of Petroleum & Natural Gas. This was lower than gross discount of Rs 13796 crore in Q2 September 2013. ONGC's profit after tax was reduced by Rs 7645 crore in Q2 September 2014 due to discount on product sales to PSU OMCs. This was higher than an adverse impact on profit after tax to the extent of Rs 7621 crore in Q2 September 2013. ONGC's crude oil production rose 2.1% to 5.21 MMT in Q2 September 2014 over Q2 September 2013.
At the time of announcement of Q2 September 2014 results, the board of directors of ONGC approved two major investment decisions valued over Rs 10600 crore for further enhancing production from ONGC's Western Offshore fields. The Redevelopment (Phase-III) of ONGC's giant offshore field - Mumbai High (South) involved a capital investment of Rs 6069 crore. The implementation of the project will lead to incremental gain of 7.547 million tonne (MMT) crude oil and 3.864 billion cubic meter (BCM) gas by 2030, ONGC said. This project is designed to carry forward the success of the previous two phases of redevelopment project and give a new lease of life to the giant field, ONGC said in a statement.
The second project viz. the Integrated Development of Mukta, Bassein and Panna Formations involves an estimated capital expenditure of Rs 4620 crore. This project located is designed to carry forward the success of the previous two phases of redevelopment. The incremental production is expected to start in 2014-15 with peak incremental production rate of 10 MMSCMD of gas, 950 barrels of oil and about 1,100 cubic meters of condensate per day by 2017-18. The cumulative production till 2027-28 is pegged at 19.56 BCM of Gas, 1.97 million cubic meter of Condensate and 1.83 MMT of Oil.
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At the time of announcement of Q2 September 2014, ONGC notified two more hydrocarbon discoveries; one new Prospect (GKS092NAA-1 (NELP block GK-OSN-2009/2) at Kutch Offshore shallow water) and one New Pool discovery at well RSAK (R-184) in Rudrasagar ML Block, North Assam Shelf, A&AA Basin. With this, ONGC notified total 10 discoveries (5 new Prospects and 5 new Pools) so far in this fiscal year.
ONGC is India's largest oil and gas exploration firm by sales.
The Government of India holds 68.94% stake in ONGC as at 30 September 2014.
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