investors’ & analysts’ - wordpress.com and 13.7% from new fields western offshore crude...
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27th May 2016Mumbai
Investors’ & Analysts’ MeetFY’16
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Presentation overview
2
1 Highlights
3
2
4
ONGC: Performance FY’16
5
Overseas operations
7
6
ONGC Group
MRPL
8
Integration projects
Pursuits
Commitments
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ONGC Highlights: FY’16
17 hydrocarbon discoveries; 2P RRR: 1.51
Domestic crude oil production level maintained at 25.93 MMT (25.94 MMT in FY’15)
29.6% of Crude oil production from IOR/EOR schemes and 13.7% from New fields
Western Offshore crude production up by 1% defying declining trend – 2nd consecutive year
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ONGC Highlights: FY’16
FY’16 Gross Revenue = ` 78,569 Crore (against `83,094 Crore in FY’15)
FY’16 PAT = ` 16,004 Crore (against ` 17,733 Crore in FY’15)
Subsidy in FY’16 has been ` 1,096 Crore against ` 36,300 Crore in FY’15
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ONGC Videsh Highlights: FY’16
FY’16: ONGC Videsh production = 8.92 Mmtoeagainst 8.87 Mtoe in FY’15)
FY’16, Total Income = ` 12,772 Crore against `19,149 Crore in FY’15) – low crude price
FY’16: PAT = {(-) ` 2,094 Crore against ` 1,904Crore in FY’15
Acquisition of 15% shares in Vankorneft, Russia - Vankor oil & gas field
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MRPL Highlights: FY’16
OMPL: ONGC Mangalore Petrochemicals Ltd.
FY’16 Gross Revenue: ` 50,864 Crore (` 62,412 Crore
in FY’15). PAT ` 1,148 Crore {(-) ` 1,712 Crore in FY’15}
MRPL increases its equity in OMPL* (51%) for synergy of operations.
MRPL registers highest-ever thu’put of 15.69 MMT in FY’16
All units under Phase-III refinery expansion project commissioned
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ONGC: Q4, FY’16
7
Domestic crude oil production levels maintained
Crude oil production (MMT) Gas production (BCM)
5.43 4.91
0.380.33
Q4 FY'15 Q4 FY'16
ONGC PSC-JV
5.54 5.48
0.91 0.86
Q4 FY'15 Q4 FY'16
ONGC PSC-JV
6.346.455.245.81
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ONGC Financials: Q4, FY’16
8
Gross Revenue down up by 24% ; PAT up by 12%
21,683
16,424
Q4 FY'15 Q4 FY'16
3,935 4,416
Q4 FY'15 Q4 FY'16
Turnover PAT
` Crore
24%
12%
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Presentation overview
9
1 Highlights
3
2
4
ONGC: Performance FY’16
5
Overseas operations
7
6
ONGC Group
MRPL
8
Integration projects
Pursuits
Commitments
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ONGC: Reserve Accretion
10
63.0958.67
67.59
56.26
61.0665.58
1.33 1.25
1.47
1.24
1.381.51
0.00
0.18
0.36
0.54
0.72
0.90
1.08
1.26
1.44
1.62
0
10
20
30
40
50
60
70
80
90
Res
erve
Rep
lace
men
t R
atio
Ult
imat
e R
eser
ves
(MM
Toe
)
2P Reserve Accretion RRR
2P Reserve Accretion = 65.58 MMToe; RRR# > 1
New Prospects Discovery: 8
1 KG-OSN-041-NASG#1 (Sarangi)* Gas
2 KG-DWN-98/2-AF-1* Oil & Gas
3 Rauvulapalem-1 (RVP-AA) Gas
4 B-127N-1 Oil & Gas
5 KG-OSN-41NAML#AA (Malhar#1)* Gas
6 MBS-O53-NAA#1* Gas
7 B-66#2 Oil & Gas
8 GKS-101-NAA-1* Gas
New Pool Discovery = 9
1 KG-DWN-98/2A--M-4* Oil & Gas
2 Komarada# 3 Oil & Gas
3 Gojalia # 14 Gas
4 North Kovilkalappal-06 (NKKAC) Oil & Gas
5 Rokhia#62 Gas
6 West Penugonda#1 (WPG-AA) Oil & Gas
7 Kesanapalli West # 47 (KW#47) Gas
8 GK-28#10 (GK-28-10) Gas
9 GSS-041-NAA-2* Gas
17 Oil & Gas discoveries (7 in NELP blocks)Oil & Gas: 7; Gas & Condensate: 10 (Onshore: 7; Offshore:10)
* NELP # From domestic ONGC operated fields
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23.71 22.56 22.25 22.26 22.36
3.21 3.57 3.75 3.68 3.57
23.32 23.55 23.28 22.02 21.18
2.19 1.79 1.57 1.50 1.35
FY'12 FY'13 FY'14 FY'15 FY'16ONGC (Oil) PSC-JV (Oil)ONGC (Gas) PSC-JV (Gas)
ONGC: Domestic Production
11
Crude oil production (MMT)
FY’15 FY’16
ONGC 22.26 22.36
PSC-JV 3.68 3.57
Total 25.94 25.93
Natural gas production (BCM)
FY’15 FY’16
ONGC 22.02 21.18
PSC-JV 1.50 1.35
Total 23.52 22.53
52.43
Domestic production = 48.46 MMtoe
51.47 50.84
O+OEG 49.46 48.46
49.46
Continuous decline in production since FY’07
arrested
48.46
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ONGC: Crude oil sales
12
Crude oil sales increased in last 5 years
90 94 92 94 94
0
20
40
60
80
100
0
5
10
15
20
25
FY'12 FY'13 FY'14 FY'15 FY'16
Cru
de
sal
es
as %
of
pro
du
ctio
n
Cru
de
pro
du
ctio
n/
sale
s (M
MT)
Oil Production Oil Sales % Sales
Crude sales Increased from 90% in FY’12 to
94% in FY’16
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61-6
2
62-6
3
63-6
4
64-6
5
65-6
6
66-6
7
67-6
8
68-6
9
69-7
0
70-7
1
71-7
2
72-7
3
73-7
4
74-7
5
75-7
6
76-7
7
77-7
8
78-7
9
79-8
0
80-8
1
81-8
2
82-8
3
83-8
4
84-8
5
85-8
6
86-8
7
87-8
8
88-8
9
89-9
0
90-9
1
91-9
2
92-9
3
93-9
4
94-9
5
95-9
6
96-9
7
97-9
8
98-9
9
99-0
0
00-0
1
01-0
2
02-0
3
03-0
4
04-0
5
05-0
6
06-0
7
07-0
8
08-0
9
09-1
0
10-1
1
11-1
2
12-1
3
13-1
4
14-1
5
ONGC: IOR/EOR
13
Onshore
Offshore
23 out of 28 IOR/EOR, Redevelopment projects completed
Incremental gain in FY’16: 6.92 MMT (29.6% of ONGC’s crude
oil production)
Total Investment` 42,350 Crore against planned investment of
` 56,253 Crore
Total incremental gain ~ 103.97 MMT up to FY’16
Total envisaged gain : 190 MMT
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76,888
83,309 84,201 83,09478,569
25,12320,926 22,095
17,733 16,004
FY'12 FY'13 FY'14 FY'15 FY'16
ONGC: Financials
14
Gross Revenue & PAT (` Crore)
• Due to fall in international crude
prices impacting JV crude
revenue and VAP revenue
• Exceptional item for impairment
Reasons for lower profit in FY’16
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8,342 8,128 8,128 8,1287,272
1,329 1,301 1,381 1,626 1,480
FY'12
(195%)
FY'13
(190%)
FY'14
(190%)
FY'15
(190%)
FY'16
(170)
Dividend Tax on Dividend
ONGC: Dividend
15
Plus Dividend Tax of ` 1,480 Crore
FY’16: Dividend 170%; total payout ` 7,272 Crore
45.84 45.44
55.00 54.69
30
35
40
45
50
55
60
FY'12 FY'13 FY'14 FY'15 FY'16
Perc
enta
ge
With dividend tax
Without dividend tax
Dividend (` Crore) Dividend pay-out ratio (%)
87528,702 9,671 9,429 9,754
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ONGC: Capex
16
Capex FY’16
29246.56 29508
32,470
29,997 30,110 29,307
FY'12 FY'13 FY'14 FY'15 FY'16 FY'17#
(` Crore)
` 151,332 Crore Capex in last 5 years
Survey
5.0%Expl.
Drilling
25.4%
Dev.
Drilling
23.6%
Capital
Projects
35.7%
R&D
1.8%
PSC-JVs
2.2%
Integrati
on
6.2%
#Plan
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Presentation overview
17
1 Highlights
3
2
4
ONGC: Performance FY’16
5
Overseas operations
7
6
ONGC Group
MRPL
8
Integration projects
Pursuits
Commitments
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ONGC Videsh, a wholly owned subsidiary of ONGC
Overseas investment
US$ 24.8 billion till FY’16
2P Reserves of 596 MMTOE
FY’16: Oil & Gas production 8.92 MMTOE (165,528 boe/day)
ONGC Videsh
1818
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36 projects in 17 countries
Exploration: 17Discovered/ Develop: 4
Producing: 13 Pipeline: 2
Libya 1
Sudan 1
South Sudan 2
Mozambique 1
Venezuela 1 1
Colombia 7 1
Brazil 1 1
Syria 1 1
Iraq 1
Iran 1
Middle East
Latin AmericaAfrica
Vietnam 1 1
Myanmar 2 2
Bangladesh 2
South East Asia
Azerbaijan 1
Russia 2
Kazakhstan 1
CIS
N.
Zealand1
Asia-Pacific
ONGC Videsh: Global footprint
19
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ONGC Videsh in Russia
20
Vankor Field is an oil & gas field in Russia, located130 km west of Igarka in the TurukhanskDistrict in Eastern Siberia.
Estimated 2P reserves as on 31st May 2015 - 2,604MMbbl of oil and 130 BCM of natural gas.
Discovered in 1998, production commenced inAugust, 2009. The field is operated byRussian NOC Rosneft through its subsidiaryVankorneft.
The present oil production is ~440,000 bopd.
The transaction is expected to be Closed by end ofMay, 2016.
Acquisition of 15% shareholding in Vankorneft of Russia
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6.21
4.345.49 5.53 5.51
2.54
2.92
2.87 3.34 3.41
FY'12 FY'13 FY'14 FY'15 FY'16
Oil (MMT) Gas (BCM)
ONGC Videsh: Overseas Production
21
7.26
FY’16 Production 8.92 MMtoe (FY’15: 8.87 MMtoe)
8.75
Russia30% Syria
0%
Myanmar10%
Sudan7%
S.Sudan0%
Colombia7%
Vietnam19%
Venezuela8%
Brazil8%
Azerbaijan11%
8.36 8.87Country wise production
Continuing problem
Incremental production from BC-10 (Brazil), Blocks A-1 & A-3 (Myanmar) and Shakhalin-1 (Russia)
8.92
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ONGC Videsh: Financials
22
Total Income & PAT (` Crore)
Lower Revenue & PAT due to
22,637
18,029
22,224
19,149
12,772
2,7123,929
4,445
1,904
-2,094
FY'12 FY'13 FY'14 FY'15 FY'16
Turnover (Rs. Crore) PAT (Rs. Crore)
Lower oil prices
Higher financing cost & Exchange loss
Higher depletion & impairment
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Presentation overview
23
1 Highlights
3
2
4
ONGC: Performance FY’16
5
Overseas operations
7
6
ONGC Group
MRPL
8
Integration projects
Pursuits
Commitments
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Mangalore Refinery Petrochemicals Ltd.(MRPL)
24
15 MMTPA state-of-art Refinery
Now a Schedule-A Company
FY’16: Highest-ever Throughput of
15.69 MMT (14.65 MMT in FY’15)
• All units under Phase-III refinery
expansion commissioned
• Plan for opening of 100 retail
outlets
• MRPL producing EURO IV grade of
petrol & diesel and is equipped for
commercial production of EURO V
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MRPL Financials*
25
Turnover (` Crore) Profit after Tax (` Crore)
43,724
57,207
68,834 75,227
62,412
50,864
FY'11 FY'12 FY'13 FY'14 FY'15 FY'16
1,177
909
-757
601
-1,712
1,148
FY'11 FY'12 FY'13 FY'14 FY'15 FY'16
* Stand-alone
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Presentation overview
26
1 Highlights
3
2
4
ONGC: Performance FY’16
5
Overseas operations
7
6
ONGC Group
MRPL
8
Integration projects
Pursuits
Commitments
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27
(Mtoe)Mtoe Oil Gas Total
ONGC 472.12 602.18 1074.30
PSC JV 15.09 7.79 22.88
OVL 244.58 351.55 596.13
Total 731.79 961.52 1693.31
691
19
202
912
1,074
23
596
1,693
1,366
24
633
2,022
ONGC JV OVL Total
1P 2P 3P
2P Reserves = 1,693.31 MMToe (ONGC: 67%; OVL: 32%)
ONGC Group: Reserves (as on 1st April 2016)
Reserves (2P)
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ONGC Group: O+OEG Production, FY’16
28
FY’16: Decline in production contributed by Onshore fields and JVs
23.71 22.56 22.25 22.26 22.36
3.21 3.57 3.75 3.68 3.57
6.214.34 5.49 5.53 5.51
23.3223.55 23.28 22.03 21.18
2.191.79 1.57 1.50 1.35
2.542.92 2.87 3.34 3.41
FY'12 FY'13 FY'14 FY'15 FY'16
ONGC (Oil) PSC-JV (Oil) OVL (Oil) ONGC (Gas) PSC-JV (Gas) OVL (Gas)
61.1858.73 59.20 58.34 57.38
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ONGC Group: Financials, FY’16
29
166,389
18,334
179,474
142,927
14,124
183,912
Turnover Net Profit Networth
FY'15 FY'16
` Crore
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Presentation overview
30
1 Highlights
3
2
4
ONGC: Performance FY’16
5
Overseas operations
7
6
ONGC Group
MRPL
8
Integration projects
Pursuits
Commitments
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Project cost: ` 6,875 Crore
Aromatic Petrochemical Complex producing Paraxylene & Benzene
Equity Structure*: MRPL-51%; ONGC-49%
Now a subsidiary of MRPL – synergy between MRPL & OMPL
ONGC Mangalore Petrochemicals Ltd.
31@ MRPL
Benzene & Para-xylene production started – October 2014
* wef 28th Feb 2015
Naphtha & Aromatic streams
Feedstock@
Para-xylene: 914,000 TPABenzene: 283,000 TPA
Products
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Project cost: ` 27,011 Crore
1.1 MMTPA Ethylene Cracker & Polymer plant
ONGC Petro Additions Ltd. (OPaL)
32
Project status: Commissioning in progress
* Hazira (1.2 MMTPA) & Uran (0.3 MMTPA) @ From C2-C3 Plant
C2: 0.535 MMTPAC3: 0.271 MMTPAC4: 0.167 MMTPANaphtha*: 1.5 MMTPA
Feedstock@
HDPE/LLDPE: 1,020 KTPAPoly-propylene: 340 KTPABenzene: 150 KTPAButadiene: 115 KTPAPyrolysis Gasoline: 135 KTPACarbon Black Feed Stock: KTPA
Products
Envisaged equity Structure: ONGC (26%), GAIL (15.5%) GSPC (0.5%), other PSUs (8%), Strategic Investor 25%, and IPO (25%).
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726.6 MW (363.3x2) Combined Cycle Gas Turbine (CCGT) thermal power plant
Equity holding: ONGC (50%), Govt. of Tripura (0.5%), IL&FS (26%) & IDFC (23.5%)
ONGC Tripura Power Company Ltd. (OTPC)
IL&FS: IL&FS Energy Development Company Limited
IDFC: India Infrastructure Fund-II through IDFC Alternatives Ltd’s
1st Unit operational since Jan’14.
2nd unit dedicated to nation by Hon’ble Prime Minister of India in Dec’14.
Project cost: ` 4,047 Crore. (Debt/Equity=75:25)
Biggest project in NE region considering investment in E&P, gas & power transmission
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Presentation overview
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1 Highlights
3
2
4
ONGC: Performance FY’16
5
Overseas operations
7
6
ONGC Group
MRPL
8
Integration projects
Pursuits
Commitments
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Sl No Project NameProject Cost
` Crore
1 Development of B-193 Cluster Fields 5633
2 Development of Cluster-7 Fields 6639
3 Pipeline Replacement Project-3, Western Offshore 1417
4 C2-C3 plant Dahej 976
5 Integrated Development of G-1 and GS-15 fields 3955
6 Construction of 23 Immediate Support Vessels 269
7 Upgradation of Konaban GCS & Pipeline Grid Project 253
8 Heera and South Heera Redev. Ph-II 5608
9 102 MW Wind Power Project 678
10Development of Lower Pays in NBP-14 Block of NBP (D-1)Field
429
11 Development of WO-16 Cluster Fields 2523
Total 28,380
Projects completed during FY’16
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New Projects approved in FY’16
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Sl. No Name of ProjectsProject Cost
` Crore
1 Redevelopment of Gamij field, Ahmedabad 1,881
2Neelam Redev plan(NRP) for exploiting Bassin and Muktaplay-Neelam field*
2,819
3Field Development of NELP Block CY ONN-2003/1Nagyalanka-KG Onland
4,954
4Field development of Madanam Nelp-IV Block CY ONN-2002/2: (60% ONGC share)
390
5 Development Plan of Bokaro Block (80% ONGC share) 659
6 Life extension of 48 well Platforms (EDC-30.04.18) 3,191
7 FDP for the development of KG-DWN-98/2 34,012
Total 47,902.79
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KG-DWN-98/2
KG-DWN-98/2 development being taken up with an investment of
US$ 5,076 million
Cluster-2 being developed first
Peak oil: 77,305 bpdPeak Gas: 16.5 mmscmd
Cumulative productionOil: 23.53 MMTGas: 50.71 BCM
First Gas: June’2019First Oil: March’2020
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Shale gas
ONGC exploring Cambay, KG, Cauvery & A&AA basins
ONGC completed the first well in Cambay.
18 wells drilled for shale gas assessment in Cambay, KG, Cauvery and Assam & Assam-Arakan Basins.
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Shale gasONGC the first to establish Shale gas presence in India
Potential Shale Gas basins
CambayGondwana
Assam-Arakan
Vindhayan
Bengal
Rajasthan
USGS estimates 63tcf of Shale gas resources in India
KG
Cauvery
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CBM
Operating in 4 blocks Jharia, Bokaro, North Karanpura and Raniganj
In-place reserves of 83 BCM established
Development operation in Bokaro and North Karanpura to commence in 2017
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CBM production commenced in 2010
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Gas Hydrates: The next frontier in unconventional
40
The US Geological Survey (USGS) estimated between 100,000 tcf and 270,000,000 tcf. Compared to natural gas reserves of just over 6600 tcf (BP Statistical Review of World Energy 2015)
H
i
g
h
l
i
g
h
t
s
As on date two National Gas Hydrates Program (NGHP) Expeditions – NGHP 01 in 2006 and NGHP 02 in 2015 – have been executed
Focus Areas: NGHP 01 – Kerala-Konkan, Krishna-Godavari, Mahanadi & AndamanNGHP 02 – KG and deep offshore Mahanadi
25 most prospective sites for NGHP 02 were identified based on ONGC studies during 1998-2003 on KG (offshore), Cauvery (offshore), Gulf of Mannar and Western offshore.
NGHP 02 was completed on 28th July 2015. 42 wells have been drilled under the mission. Initial results encouraging.
Pilot production testing planned for 2017-18 in KG area
ONGC has taken a lead role in the national mission for gas hydrates
Deepwater D/S Chikyu as deployed in NGHP 02
US Department of Energy estimates 933 tcf (2012) gas in the country
NGHP 02 estimates 134 tcf gas in 8400 sq. km in KG
Basin
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Presentation overview
41
1 Highlights
3
2
4
ONGC: Performance FY’16
5
Overseas operations
7
6
ONGC Group
MRPL
8
Integration projects
Pursuits
Commitments
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Focus Areas
Health care
Entrepreneurship devl.
Infrastructure devl.
Environment protection
Promotion of artisans
Education
Water management
Care for differently abled
Women empowerment
Promoting sports
11
6 17
0
16
9
26
9
21
9
12
1
26
2 34
1
21
5
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1
0
50
100
150
200
250
300
350
400
450
FY'07 FY'08 FY'09 FY'10 FY'11 FY'12 FY'13 FY'14 FY'15 FY'16
`C
rore
CSR (` Crore)
CSR Expenditure ` 2,303 Crore in last 10 years
ONGC pursuing major projects - setting up Educational Institutes, Hospitals, Wind farm
2% of PBT for CSR activities
Caring society
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Thank you