ONGC Q1 gas production up 10.8% and 2.9% increase in crude production q-o-q

Gross revenue up 7.2 % at Rs 19,073 crore in Q1

Notified 5 discoveries in Q1FY'18 (3 new prospects and 2 new pool discoveries). 10.8% increase in standalone natural gas production

NEW DELHI, JULY 27 : Oil and natural GAS corporation registered the gross revenue of Rs 19,073 crore in the first quarter of the financial year 2017-18 (Q1FY'18) , up 7.2 per cent as against Rs 17,784 crore in the first quarter of 2016-17 (Q1FY17).

Net profit:

The company's net profit decelerated to Rs 3,885 in the first quarter of the fiscal 2017-18 (Q1FY'18) as against Rs 4233 crore in the corresponding quarter(Q1fy'17). , a decline of Rs 8.2 per cent. In the fiscal 2016-17 the company's net profit was Rs 17,900 crore.

New discoveries:

ONGC has notified 5 discoveries in Q1, FY'18 (3 new prospects and 2 new pool discoveries). Out of the five discoveries, three have been made in offshore blocks while two discoveries have been made in onshore blocks.

The company's new prospectdiscoverires are :

1. West Matar-1(MRAS) in Matar ML Block in Cambay Basin
The Exploratory well West Matar-1(MRAS) in Matar ML Block in Cambay Basin was drilled to a depth of 2256 m. A sand (GS-9) (Object-I, interval: 2046-2048.50 m) in Hazad Formation (Middle Eocene) on conventional testing flowed Oil @93.98 m3/day and Gas @ 3,497 m3/day through 6 mm bean. This lead has opened up a new area for exploration of Hazad Sands towards West of Matar field.

2. SW-WO-24(WO-24-3,WO-24-C), SWMH ML, Mumbai Offshore Basin
The Exploratory well WO-24-3 (WO-24-C) falling in SWMH ML, Mumbai Offshore was drilled to a depth of 2360 m. Nine zones were identified for testing. Three objects (Object-I, II & III) falling in Basal Clastics, Mukta and Panvel Formation were tested. Object-I (interval: 2292-2295 m, Basal Clastic) flowed Gas @ 3,35,269 m3/day, Condensate @210 bpd, Object-II (interval: 2282-2287 m, Mukta) flowed Gas @ 2,24,224 m3/day, Condensate @146 bpd and Object-III (interval: 2174-2179 m, Panvel, L-VI) flowed Gas @ 43,600 m3/day, Condensate @46.4 bpd through ½" choke respectively. This is a new prospect (SW-WO-24) discovery. Further testing of other objects is in progress.

3. GD-10-1(AA),KG-OS-DW-III PEL Block, KG Offshore Basin
The Exploratory well GD-10-1(AA) falling in KG-OS-DW-III, Nomination PEL Block, KG Offshore Basin was drilled to a depth of 2829 m. Two hydrocarbon zones (sand) in Godavari Clay Formation were identified for testing. Object-I (interval: 2316-2321.50 m) has flowed Gas @ 3,90,484 m3/day through 24/64"choke whereas Object-II (interval: 2182-2188 m, 2193-2205 m) also flowed Gas @ 2,29,222 m3/day through 20/64"choke.

New Pool Discoveries:

1. KU-8(KUAF) in Kunjanban PML, West Tripura, A&AA Basin,br> The Exploratory well KU-8(KUAF) in Kunjanban PML, West Tripura in A&AA Basin was drilled to a depth of 3,460 m. A sand interval KUP-60 (Object: I 3408-3411 m) in Middle Bhuban Formation (Middle Miocene) on conventional testing flowed Gas @1,47,490 m3/day through 8 mm bean. This lead has improved the prospectivity of Middle Bhuban area and opened up this area for further exploration.

2. GS-29#11(GS-29-AL) in GS-29 Extn. PML,KG Offshore
The Exploratory well GS-29#11(GS-29-AL) in GS-29 Extn. PML, KG Offshore Basin was drilled to a depth of 2718 m. A sand (Object-I, interval: 2018-2029.50 m) in Godavari Clay Formation (Pliocene) on conventional testing flowed Oil @596.66 m3/day and Gas @133,592 m3/day through 32/64" bean. This lead has further augmented the reserve base of Pliocene in GS-29 area and may improve the development viability of the prospect.