Corporate presentation feb2011

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  • 1. Corporate Presentation
  • 2. Disclaimer This Presentation is for information purposes only and does not constitute an offer, solicitation or advertisement with respect to the purchase or sale of any security of Oil and Natural Gas Corporation Limited (the "Company") and no part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This Presentation is being furnished to you solely for your information and may not be reproduced, redistributed or published, directly or indirectly, in whole or in part, to any other person. This document contains certain forward-looking statements relating to the business, financial performance, strategy and results of the Company and/or the industry in which it operates. Forward-looking statements are statements concerning future circumstances and results, and any other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements, including those cited from third party sources, contained in this Presentation are based on numerous assumptions and are uncertain and subject to risks. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Neither the Company nor its affiliates or advisors or representatives nor any of its or their parent or subsidiary undertakings or any such persons officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward- looking statements contained in this Presentation or the actual occurrence of the forecasted developments. Forward-looking statements speak only as of the date of this presentation. As a result, the Company expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements in this presentation as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, the accuracy, completeness or correctness of any information, including any projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein and, accordingly, none of the Company or its affiliates, its advisors or representatives or any of its or their parent or subsidiary undertakings or any such persons officers or employees accepts any liability (in negligence or otherwise) whatsoever arising directly or indirectly from the use of this Presentation. By attending this Presentation you acknowledge that will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Companys business. This Presentation speaks as of its date. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. This presentation may not be used, reproduced, copied, distributed, shared, or disseminated in any other manner. This presentation does not constitute an offer or invitation to purchase or subscribe for any shares in the Company and neither any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.2
  • 3. ONGC Group: An Introduction India’s Flag Bearer  Significant role in defining India’s hydrocarbon landscape  Largest domestic exploration acreage and mining lease owned (PEL:51%, ML: 67% and for Energy Security reserves 58%)(1) as on March 31, 2010 With Global Footprint  Significant overseas investments with 34 projects in 15 countries(2)  One of India’s most profitable enterprise (3)  Most valuable Indian public sector enterprise by Market Capitalisation (4) Global Size & Scale  MCap of INR 2,517 bn(4), Revenues: INR 1,086 bn, EBITDA: INR 475 bn; Profit:INR 194 bn in FY10  Produced 60.9 mtoe of oil / oil equivalent gas, refining capacity of 12.5mtpa and extracted 3.4mtpa of LPG, Naptha etc from gas / condensate in fiscal year 2010  Presence across the hydrocarbon value chain and strength in Exploration & Production Integrated Oil & Gas  In-house capabilities in all facets of upstream oil and gas business Company  Presence across E&P, Refining, Petrochemicals, Power, LNG, & diversification into new energy sources  Credit rating of A2 (Stable) from Moody’s and LAAA from ICRA Globally Acclaimed  # 1 E&P company in the world(5) ; # 18 energy company in the world(5)  # 155 in the Forbes Global 2000 list and a Fortune 500 Company 1. Source: MoPNG; PEL – Petroleum Exploration License, ML – Mining Lease; Reserves only for ONGC operated fields 2. Other than the 34 projects mentioned above there are 6 projects/blocks which are currently being relinquished by the ONGC Group 3. Based on Net Profit For Financial Year Ending March 31, 2010. 4. As on Feb 1, 2011, Bloomberg 5. Platts3
  • 4. ONGC Group: Presence Across The “ Energy Spectrum” E&P, the core business Indian E&P Indian E&P Overseas E&P Overseas E&P Refinery Refinery SEZ SEZ Value-chain Value-chain Power Power (100%) (71.6%) (26%) (50%) (26%) (23%) (49*%) Services Services Joint Ventures Joint Ventures Primary Subsidiaries Primary Subsidiaries (49%) (100%) (23%) (12.5%) (100%) (21.5%) (100%) (50%) ONGC Amazon Alaknanda Ltd (100%) Jarpeno Ltd (100%) Carabobo One AB * OMPL: 46% ONGC & 3% MRPL4
  • 5. ONGC Group: A Rich Heritage 1999: Stake sale by GOI to 2011: Shale Gas IOC (10%), GAIL (2.5%) 2010: Maharatna Status 1997: Navratna Status 2010: CBM, Carabobo (Venezuela) 1993/94: Divestment of 2% 2008: Acquired Imperial Energy equity by GoI; 2% offered to employees 2006: OPAL, OMPL, MSEZ & OTPC 2004: FPO (10% GOI Divestment) 1974: 1st offshore discovery - 2010 Bombay High 2003: Production in Sudan & Vietnam begins 1965: Established OVL 2003: Acquired MRPL 1956: Inception of Oil & Natural Gas Commission Group CAGR (FY02–FY10) (1) Turnover: 20.8% 2000 Net Profit: 15.3% 1950 ONGC Group is evolving into an integrated Oil & Gas Company with a Global Footprint (1) CAGR figures for ONGC Group5
  • 6. Key Highlights 1 Industry Fundamentals Remain Intact 6 2 Experienced Management Team; With Successful Track Record & India’s National Oil Champion Robust Financials “Poised for the 5 Integrating Across E&P and Future” 3 Significant International Footprint Energy Value Chain coupled with with Demonstrated Track Record New Growth Diversification 4 World Class Operations and Large Reserve Base ONGC is Well Positioned to Deliver Long Term Growth6
  • 7. Macroeconomic Environment Overview World Economy is on the Path to Recovery… .. Supported Primarily by Emerging Growth Engines 10 Emerging 10.3% 8 6.5% 9.7% 9.6% 9.5% 6 World 4.5% 4 % 8.4% 8.4% 2 Developed 2.5% 0 (2) (4) (6) 2001 2003 2005 2007 2009 2011 2012 CY2010E CY2011E CY2012E Source: IMF- Overview of the World Economic Outlook Projections, Jan 25, 2011 Source: IMF- Overview of the World Economic Outlook Projections, Jan 25, 2011 ... Resulting in Global Energy Consumption Growth Crude Price Trends (btoe) IPE Brent Close (US$) 140 120 Brent (US$/bbl) 100 Current: $99/bbl 80 5yr avg 76.2/bbl 60 40 20 - 2006 2007 2008 2009 2010 2011 IPE Brent Close (US$) Source: BP Statistical Review of World Energy June 2010 Source: Current price as on Jan 31, 2011 as per Bloomberg7
  • 8. Robust Domestic Fundamentals India’s Oil and Gas Consumption is Amongst the Highest in the World  India is the 4th largest Oil consumer in the World Oil Consumption in 2009 (mmt) Gas Consumption in 2009 (bcm) 843 647 405 390 198 149 125 122 114 104 104 132 97 89 87 87 78 77 72 70 59 52 Japan India China Russia Arabia South Korea Canada Brazil US Germany Saudi Iran Japan India Italy Russia Canada Arabia Mexico US UK UAE Germany Saudi Sources : BP Statistical Review of World Energy June 2010 Sources : BP Statistical Review of World Energy June 2010 Comparatively Low Per Capital Consumption Implying Significant Long Term Consumption Growth (mtoe) Consumption (MTOE) Sources : World Energy Outlook 2009 Sources : World Energy Outlook 20098
  • 9. Untapped Opportunities in India Despite Increasing Production, India Remains a Net Importer of Crude (1)  Significant increase in Net Crude Imports over the last 10 years (153 mmt in FY10)  Import value currently stands at INR 3.7 tr (FY10)  One of the largest net importers of oil globally, imports ~77% of its oil needs based on consumption (1) India’s Hydrocarbon Reserves are a Small Fraction of Global Reserves (2) Oil India, Gas ROW, India, ROW, 0.4% 15% 0.6% Iran, 22%  0.44% of World’s Oil reserves 16% Qatar,  0.60% of World’s gas reserves Russia, 14% 24% OPEC, FSU, 77% 31% Domestic Resources Remain Significantly Under-explored (3) Poorly  ~1.79 mn sq. km. of sedimentary basins in India Explored, 22% Explored, 22% – Only 22% of basins well explored Unexplored,  ~1.35 mn sq. km. of deep waters sedimentary area 12% Exploration Initiated, 44% 1) Source: MoPNG 2) Sources : BP Statistical Review of World Energy June 2010 3) Source: DGH report 20109
  • 10. Indian National Oil Champion : ONGC Domestic Operations India Footprint  Highest share of hydrocarbon acreage in India Discoveries Since Prospects Pools 1 FY09 Western Onshore 7 3 Assam Shelf 2 1 2  Discovered 6 of 7 Domestic Producing Basins (1) 6 Tripura 2 0 3 7 Mahanadi 1 0 8  21 new notified discoveries in FY10 & 19 in FY11 (2) KG Offshore 2 2 Western Offshore 2 6 4 9 KG Onshore 6 2 10 11  All Crudes are Sweet and large portion being light Cauvery 1 3 5 Onshore Region ONGC Operated Area 1,000 km 2) (1,000 km 1 Himalaya & Ganga Valley 14.9 2 Rajasthan 0.2  158 bn of capital / exploration in progress(3) 3 Cambay 9.4 INR Mumbai Offshore 40.6 4 Kutch - Saurashtra 43.8 Kerala - Kinkan 108.8 Krishna - Godavari 101.3 5 Cauveri 84.9 Mahanadi - Bengal 57.6 6 Assam - Arakan 16.6  INR 592 bn of capex plan over FY11 and FY12 (4) 7 8 Mahanadi - Bengal - Purnea Satpura - S.Rew a - Vindhyan - 6.8 Pranhita - Godavari 15.7 1) Source DGH. Category 1 sedimentary basins 9 Krishna - Godavari 4.9 2) Through Jan 27, 2011 3) As of FY10 10 Cauveri 5.4 4) As approved by the board of directors 11 Andaman - Nicobar Offshore 70.3 Source: DGH; All data as on March 31, 2010.10 Principal Producing Areas Discoveries as of Jan 27, 2011
  • 11. ONGC: Domestic Strength in Acreage and Production ONGC awarded more than 50% of NELP blocks Cairn OIL Others Others 4% 2% 9% Cairn 15% 10% ONGC OIL 51% 13% RIL RIL ONGC 28% 1% 67% PEL Area (Sq. km) ML Area (Sq. km) 1) Note: PEL – Petroleum Exploration License, ML – Mining Lease; Includes NELP and nomination blocks 2) Source: DGH Domestic Reserve Crude Oil Production Natural Gas Production Strong Reserves Accretion Replacement Ratio (RRR) (FY10) (FY10)  Highest in last 2 decades in  RRR more than 1 Others ONGC operated domestic 10% OIL fields 11% Others 41% ONGC 54% ONGC 79% OIL 5% Note: Excludes JVs ; RRR for 3 P reserves Note: Excludes JVs ; Reserve accretion for 3P Source MoPNG ; ONGC figures include its share in JV11
  • 12. Significant International Footprint (OVL)  34(1) projects across 15 countries  Access to International Partners / NOCs • Sole Operated (11); Jointly Operated (6) and  Amongst the largest overseas investors from India – Non Operated (16) INR535 bn  20 years of 1P and 40 years of 2P reserves  Net worth of INR116 bn  Production accounts for ~11% of India’s FY10 production Syria 1 1 Russia 2 2 Cuba Libya 1 Iraq 1 Venezuela 1 1 2 Myanmar Nigeria 2 Colombia 1 5 Iran 1 1 1 Vietnam Brazil 1 5 1 Nigeria JDZ Sudan 2 Egypt 1 9 Producing Assets 4 Under Development Assets 20 Exploration Assets Note: 34th Asset is Sudan’s 741km long product pipeline (1) Other than the 34 projects mentioned above there are 6 projects/blocks which are currently being relinquished by the ONGC Group12
  • 13. Strong Relationship and Access to International Partners / NOC Partnership Across Regions…… and with International NOCs and Oil Companies… Sodeco Statoil Rosneft Total BP Exxon Repsol YPF CNPC Shell Sinopec Daewoo IOCL PV MOGE OIL ECOPETROL Sudapet GAIL KOGAS BPCL Petronas PDVSA Petrobras13
  • 14. OVL : Key Investments Russia: Sudan Vietnam Sakhalin-I  OVL 20% stake GNOP (25%) Block 6.1 (45%)  Exxon (Operator)–30% , Sodeco –  CNPC –40% , Petronas –30%,  BP (Operator) -35%, PV-20% 30% , Rosneft (20%) Sudapet –5%  Produced Oil of 0.042mmt during FY10  Produced Oil of 1.532mmt during  Produced Oil of 2.126mmt during  Produced Gas of 1.97bcm during FY10 FY10 FY10  Produced Gas of 0.39bcm during Block 5A (24.125%) FY10  Petronas 67.9%, Sudapet 8%  Produced Oil of 0.247mmt during FY10 Venezuela Colombia Syria San Cristobal (40%) MECL (50%) AFPC (Himalaya Energy (Syria) B.V. – 33.3% to 37.5%)  CVP (60%)  Sinopec (50%)  Himalaya Energy is a 50%-50% JV of  Produced Oil of 0.704 mmt during FY10  Produced Oil of 0.409 mmt during FY10 OVL and CNPC  Shell – 66.7% to 62.5%  Produced Oil of 0.718 mmt during FY1014
  • 15. OVL : Key Investments (Cont’d) Imperial Carabobo BC-10, Brazil Energy Venezuela  Producing Asset in West  Deepwater offshore Block  Ownership interest developing Siberia Carabobo blocks Consortium:  ONGC 15%, Shell 50%,  Acquired in Jan 2009 for Petrobras 35%  ONGC 11%, Oil 3.5%, IOCL US$2.1 bn 3.5%  First oil production on July 12th  Production of 0.543 mmt in 2009  Repsol 11%, Petronas11% & FY10 PDVSA 60%  Production of 0.192 mmt in  Extension of one of the field FY10 discovered in 2010 to be put on production in the near term15
  • 16. ONGC Group : Large and Growing Reserve Base Reserve Base (As Per Management Estimates) mtoe ONGC OVL 1P 737 186 2P 969 357 3P 1,175 398 Diversified Reserve Base mtoe OVL 22% OVL 29% Gas Oil ONGC ONGC 78% 71% Note: The management estimates of the reserves of ONGC Group are under review by independent third party and maybe subject to changes. We intend to make the outcome of that review publicly available16
  • 17. ONGC Group: Operating Performance Steady Production With production from OVL Increasing Domestic Production (in MTOE) Gas (FY10) 61.8 61.2 60.9 60.7 Onshore, 23% 57.4 25.0 24.9 25.1 25.5 25.6 27.1 27.0 27.7 28.0 1.8 2.2 2.0 2.2 2.4 26.8 FY06 FY07 FY08 FY09 FY 10 Offshore, 77% ONGC (incl. JVs) OVL Oil (FY10) Onshore, 30% 33.7 34.7 33.6 33.0 30.7 26.1 27.9 27.9 27.1 26.5 5.8 6.8 6.6 6.5 4.6 Offshore, FY06 FY07 FY08 FY09 FY 10 70% FY06 FY07 FY08 FY09 FY 10 ONGC (incl. JVs) OVL Oil Gas Note: ONGC includes JVs17
  • 18. Improved Recovery Through Prudent Measures 21 IOR/EOR & Redevelopment projects worth ~INR209 bn of investment upto FY10 Strong impetus on EOR / 15 Successfully IOR Process to improve completed Projects global recovery factor by 2020 Arresting Arresting Production Production Decline Decline Fast track development 6 Projects under of discoveries implementation Recovery Factor Cumulative oil gain of improving from 28% in more than 56 mmt FY01 to 33.5% in FY1018
  • 19. E&P Infrastructure And Capabilities Exploration Facilities(1) Integration Across E&P Value Chain 28 Seismic Survey 107 Well Stimulation 58 Workover Rigs 77 Drilling Rigs Crews Units 26,598 km of pipelines in India Production & Transportation 6,707 km of sub-sea pipeline Facilities(1) ~34% of the Entire Nation’s 198 Offshore 25 Offshore Supply 240 Onshore Crude Pipeline Installations Vessels Installations Ankleshwar and Gandhar, Gujarat Handling Capacity: 0.1 mmtpa Oil & 1 mmscmd Gas Products: LPG, Naptha Tatipaka, Andhra Pradesh Handling Capacity: 0.1 mmtpa Oil Processing Products: Naptha, SKO, HSD, Hazira, Gujarat Fuel Oil Infrastructure Handling Capacity: 42 mmscmd Sour Gas Products: LPG, C2-C3, LAN Kuthalam, Kaveri, Tamil Nadu Uran, Maharashtra Products: Naptha, SKO, Handling Capacity: 20 mmtpa Oil & 16 mmscmd Gas heavy cut Products: LPG, ARN, SKO, ATF, Propane, HSD (1) Does not include 6 seismic crews, 47 drilling rigs, 21 workover rigs, 1 simulation vessel and 36 OSV/SMSVs charter hired19
  • 20. Integration into Refining  Acquired MRPL(1) in March ’03 (holds 71.6%) Current Plant – Turned around in less than 4 quarters post acquisition Overview – Market value up 737%(2); Market Cap of INR116 bn (3)  Capacity: 11.82 mmtpa; T-Put: 12.5 mmtpa and 106% Utilization in FY10 Strong  Revenue of INR360 bn in FY10 ; PAT of INR11 bn Financials  Strong Credit rating - ICRA “IR AAA” & CRISIL “CCR AAA” Current Plant Strong  Flexibility to process diverse crude varieties (24-46 API) Technological  Designed to maximize middle distillates Capabilities  Capability to produce high grade fuels  Captive Power Plant with capacity of 112.5 MW Integrated Expansion Project  All weather port at Mangalore Infrastructure  Mangalore-Hassan-Bangalore product pipeline  Expansion to 15 MMTPA at cost of INR 121.6bn (scheduled completion Expansion in Dec, 11) MRPL is Well Positioned to leverage Improving Refining Fundamentals 1. MRPL: Mangalore Refinery and Petrochemical Limited 2. 2003 till February 1, 2011 3. As on February 1, 201120
  • 21. Integration Across Energy Value Chain OPAL ONGC : 26%  Incorporated in FY07 GSPC : 5%  Dual feed cracker & polymer plants GAIL : 19%  Scheduled completion Q3, 2013 SIs/FIs: 50% ONGC Mangalore Petrochemicals Ltd  Incorporated in FY07 ONGC : 46%  Aromatic Petrochemical Complex for manufacturing paraxylene MRPL : 3%  Scheduled completion Q4, 2012 ONGC Tripura Power Company ONGC : 50%  OTPC incorporated in FY2005 ILFS: 26%  726.6 MW (2x363.3) Power Project in Tripura Govt. Tripura: 0.5%  Scheduled Completion Q2, 2012 Others: 23.5% Dahej SEZ Limited  Incorporated in FY05 ONGC : 23%  Proposed SEZ for petrochemical industries GIDC : 26%  Scheduled completion Q3, 2011 Mangalore SEZ Limited ONGC : 26%  Incorporated in FY06 KIADB : 23%  Proposed SEZ for petrochemical industries ILFS+KCCI: 51%  Scheduled completion Q3, 201321
  • 22. New Growth Initiatives : Others Shale Gas  Integrated Pilot project launched in Damodar valley (eastern India) in April, 2010 Shale  In association with Schlumberger Gas  First well spudded on 21st Sept 2010; Created exploration landmark on Jan 25, 2011 as Gas flowed from the R&D well in Durgapur Coal Bed Methane CBM  Operating in 5 CBM blocks  CBM production from Parbatpur, Jharia (Pilot project) commenced from Jan, 2010  MoU with Arrow Energy, Australia Underground Coal Gasification  Collaboration with Skochinsky Institute of Mining (SIM), Russia UCG  Site at Vastan, Gujarat selected  Environmental clearance obtained for the Pilot Project in Feb, 2010  Mining Lease awaited from GoI Wind Farms  50 MW Wind Farm commissioned in Sep FY08 - in Gujarat  Estimated financial benefit to the tune of INR 450 mn per annum  Plan approved for another 100 MW Wind Farm in Rajasthan22
  • 23. Key Industry Themes  Oil & Gas Production  Forge New Partnerships (Eg. from Overseas Assets Recent Framework Agt.)  Equity Oil –  Enhance Production Inorganic Growth (IOR/EOR)  Integration Projects  Subsidy Sharing Mechanism23
  • 24. Visionary Leadership and Strong Management Team Board Of Directors Chairman & Managing Director Shri A.K.Hazarika* Functional Director Functional Director Government Government Independent Independent Special Invitees Special Invitees (Full Time) (Full Time) Nominees Nominees Directors Directors Shri Sudhir Bhargava Shri R.S.Butola Shri R.S.Butola Director (Onshore) Director (Onshore) Shri Sudhir Bhargava Shri S.Balachandran Shri S.Balachandran Addl. Secretary, MOP&NG MD, OVL MD, OVL Shri A.K.Hazarika Shri A.K.Hazarika Addl. Secretary, MOP&NG Director (T&FS) Smt.L.M.Vas Smt.L.M.Vas Shri S.S.Rajsekar Director (T&FS) Shri S.S.Rajsekar Shri U.N.Bose Addl. Secretary, MOF Addl. Secretary, MOF Shri U.N.Bose Director (Finance) Director (Finance) Shri Santosh Nautiyal Shri Santosh Nautiyal Shri D.K.Sarraf Shri D.K.Sarraf Director (Offshore) Director (Offshore) Smt. Anita Das Smt. Anita Das Shri S.Vasudeva Shri S.Vasudeva Management Team with significant experience in the Oil & Gas industry * Officiating Chairman and Managing Director24
  • 25. ONGC Group: Consolidated Financial Performance Total Revenues (INR in bn) EBITDA (INR in bn) Sustained Performance Improving EBITDA Margins 43.7% 1,106 1,036 1,086 475 40.6% 39.2% 434 421 FY08 FY09 FY10 FY08 FY09 FY10 PAT (INR in bn) Cash from Operations (INR in bn) Maintaining Profitability Stable Cash flows 19.2% 17.9% 17.9% 290 290 288 199 198 194 FY08 FY09 FY10 FY08 FY09 FY1025
  • 26. ONGC Group: Consolidated Financial Performance (Cont’d) Networth (INR in bn) EPS (INR / share) Strong Reserves 1,006 92.55 92.91 90.72 916 774 FY08 FY09 FY10 FY08 FY09 FY10 Dividend (INR in bn), Payout Ratio (%) Debt Equity Ratio (INR in bn) High Dividend Payouts 36.6% 34.2% 34.4% 71 0.05x 68 68 0.01x 0.01x FY08 FY09 FY10 FY08 FY09 FY1026
  • 27. ONGC: Standalone 9 month FY11 Result Overview Overview Revenue (INR bn) 21%  Revenue growth of 11.4% during nine month 11% Rs 506 Rs 186 Rs 154 period ended December 31, 2010 Rs 454 Q3 revenue up by 21.4%  Net Profit up by 24% during nine month period 9M FY10 9M FY11 Q3 FY10 Q3 FY11 EBITDA (INR bn) ended December 31, 2010 45% 18%  Q3 Net Profit up by 132% Rs 331 Rs 135 Rs 93 Rs 281  For 9M FY11Gross Realisation of US$83.00/bbl  For 9M FY11 Net Realisation of US$58.72 /bbl 9M FY10 9M FY11 Q3 FY10 Q3 FY11 Net Profit (INR bn) 24% 132% Rs 71 Rs 161 Rs 130 Rs 31 9M FY10 9M FY11 Q3 FY10 Q3 FY1127
  • 28. The Subsidy Impact …. Overview of the Subsidiary Mechanism  Subsidy sharing mechanism devised by Government of India in 2004  Under-recovery is on the production from ‘nominated’ fields  ONGC Group continues to realize international prices on production from PSC JVs and OVL  There is no surrender of ‘Profit Petroleum’ to Government on revenue from nominated fields Subsidy and Impact of Subsidy on PAT (INR in bn) 282 158 128 116 66 73 2009 2010 9M FY1128
  • 29. Corporate Governance and CSR Policies  First ‘Sustainability Report’ as per GRi-G3 guidelines published  Health Safety and Environment Framework in place  CSR allocation increased to 2% of net profit in FY10 from 0.75%  ONGC Whistle Blower Policy in place  Robust IT Infrastructure in place Environmental Focus Whistle Blower Policy CSR Initiatives29
  • 30. Thank you