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Oil & Natural Gas Corpn Ltd

BSE Code : 500312 | NSE Symbol : ONGC | ISIN:INE213A01029| SECTOR : Crude Oil & Natural Gas |

NSE BSE
 
SMC down arrow

78.50

-1.70 (-2.12%) Volume 280564

27-Nov-2020 EOD

Prev. Close

80.20

Open Price

80.80

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

78.50(49)

 

Today’s High/Low 81.15 - 78.00

52 wk High/Low 133.55 - 50.00

Key Stats

MARKET CAP (RS CR) 98755.19
P/E 10.61
BOOK VALUE (RS) 156.4813836
DIV (%) 100
MARKET LOT 1
EPS (TTM) 7.4
PRICE/BOOK 0.501657118527676
DIV YIELD.(%) 6.37
FACE VALUE (RS) 5
DELIVERABLES (%) 41.33
4

News & Announcements

25-Nov-2020

Oil & Natural Gas Corpn Ltd Spurts 3.81%, S&P BSE Oil&Gas index Rises 1.14%

25-Nov-2020

ONGC spurts on firm crude oil prices

24-Nov-2020

Oil & Natural Gas Corpn Ltd - Oil & Natural Gas Corporation Limited - Reply to Clarification Sought

18-Nov-2020

Oil & Natural Gas Corpn Ltd - Oil & Natural Gas Corporation Limited - Updates

06-Nov-2020

ONGC announces board meeting date

21-Oct-2020

Oil & Natural Gas Corpn allots NCDs aggregating Rs 1140 cr

20-Oct-2020

Oil & Natural Gas Corpn approves NCD issuance of up to Rs 1140 cr

17-Oct-2020

ONGC to conduct board meeting

Corporate Actions

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Splits
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Book Closure
Board Meeting
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EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Aakash Exploration Services Ltd 535076 AAKASH
Aban Offshore Ltd 523204 ABAN
Alphageo (India) Ltd 526397 ALPHAGEO
Asian Energy Services Ltd 530355
Cairn India Ltd(Merged) 532792 CAIRN
Dolphin Offshore Enterprises (India) Ltd 522261 DOLPHINOFF
Duke Offshore Ltd 531471
Exxoteq Corporation Ltd 526498
Gemmia Oiltech (India) Ltd 511652
Geologging Industries Ltd 526630
Hindustan Oil Exploration Company Ltd 500186 HINDOILEXP
Hitech Drilling Services India Ltd (Merged) 500190 HITECDRIL
Interlink Petroleum Ltd 526512
Jindal Drilling & Industries Ltd 511034 JINDRILL
Oil India Ltd 533106 OIL
Selan Explorations Technology Ltd 530075 SELAN
Sterling International Enterprises Ltd 508998
SVOGL Oil Gas & Energy Ltd 522175 SVOGL

Share Holding

Category No. of shares Percentage
Total Foreign 968024129 7.70
Total Institutions 2205870631 17.53
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 0 0.00
Total Promoters 7599608458 60.41
Total Public & others 1806775988 14.36
Total 12580279206 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Oil & Natural Gas Corpn Ltd

Oil and Natural Gas Corporation (ONGC) is the largest producer of crude oil and natural gas in India, contributing around 70% of Indian domestic production. During the financial year ended 31 March 2017, ONGC Group produced 61.60 million tonne of oil and oil equivalent gas (mmtoe). ONGC's total oil and gas reserves stood at 2,142 mmtoe as on 31 March 2017. On 25 September 2017, ONGC was ranked 11th in the coveted Platts Top 250 Global Energy Company Rankings 2017. ONGC is a public sector company. The Government of India (GoI) held 67.72% stake in ONGC as on 31 December 2017. ONGC's wholly owned subsidiary and overseas arm ONGC Videsh is India's largest international oil and gas E&P Company with 39 projects in 18 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Kazakhstan, Mozambique, Myanmar, Russia, South Sudan, Sudan, Venezuela, Vietnam, New Zealand and Namibia. ONGC Videsh is currently producing about 285,000 barrels of oil and oil equivalent gas per day and has total oil and gas reserves (2P) of about 704 mmtoe as on 1 April 2017. ONGC was set up under the visionary leadership of Pandit Jawahar Lal Nehru. Pandit Nehru reposed faith in Shri Keshav Dev Malviya who laid the foundation of ONGC in the form of Oil and Gas division, under Geological Survey of India, in 1955. A few months later, it was converted into an Oil and Natural Gas Directorate. The Directorate was converted into Commission and christened Oil & Natural Gas Commission on 14 August 1956. In 1994, Oil and Natural Gas Commission was converted in to a Corporation, and in 1997 it was recognized as one of the Navratnas by the Government of India. Subsequently, it was conferred with Maharatna status in the year 2010. On 28 March 2003, ONGC acquired the entire shareholding of A.V. Birla Group in Mangalore Refinery and Petrochemicals Limited (MRPL) and further infused equity capital of Rs 600 crore thus making MRPL a majority held subsidiary of ONGC. Before acquisition by ONGC in March 2003, MRPL was a joint venture oil refinery promoted by Hindustan Petroleum Corporation Limited (HPCL), a public sector company, and IRIL & associates (AV Birla Group). During March 1999, ONGC, Indian Oil Corporation (IOC) and Gas Authority of India Limited (GAIL) agreed to have cross holding in each other's stock to pave the way for Long-term strategic alliance amongst themselves for the domestic and overseas business opportunities in the energy value chain. The ONGIO International Pvt Ltd was incorporated in the year 2001 as 50:50 joint venture projects with Indian Oil Corporation Ltd with aim of providing Training, Consultancy & Services in Hydrocarbon Sector and later company has decided to wind up ONGIO due to loss. During 2001-02 the augment recovery from onshore fields of 13 projects 2 were resourcefully commissioned. By the end of the same year 2001-02 the company 's subsidiary unit ONGC Videsh Ltd commenced its commercial production of gas. In the year of 2004, ONGC initiated Phase-I of a collaborative project on CBM in Jharia Field and successfully completed the same in 2005. During 2004-05 the company discovered its third deep-water exploration campaign 'Sagar Samriddhi' in Krishna-Godavari (KG) Basin at the location Vashistha (VA-1A) in block KG-OS-DW-IV. In the western offshore a shallow-water oil and gas was recorded in D-33, about 60 Kilometers South-West of Mumbai High, Onshore. Oil and Gas was found in Tiphuk-1 in North Assam Shelf and Oil was struck at Wamaj in Cambay Basin. Offshore, four new Platforms (2 Well Platforms, 1 Process Platforms and 1 Clamp-on) were commissioned for enhancing production. In March 2005, ONGC launched its retail marketing business with commissioning of its first auto fuel outlet at Manglore under the brand 'ONGC Values' and 'Shopp'njoy' for fuel and non-fuel business respectively. The company also received approval/license from the Government for marketing of non-subsidised LPG cooking gas, Kerosene and Aviation refueling sales. Tripura Power Development Company Pvt Ltd (TPDCL) was incorporated to set up a gas-based power-generating project in Tripura. TPDCL was later renamed as ONGC Tripura Power Company Pvt Ltd. In the same year the company entered into various alliances in form of execution of Memorandum of Understanding with Kakinada Seaport & IL&FS with 26% equity stake for development of Port based SEZ at Kakinada, Andhra Pradesh. During the year 2006 the company was awarded 60 out of 110 exploration blocks by the Government in the five NELP rounds. In December 2009, the company entered into two broad enabling agreements with Iranian authorities for participation in development of gas fields and liquefaction facilities in Iran, in return for assured minimum 6 million tonne LNG per annum on long term basis. Also, ONGC Videsh entered into a non exclusive memorandum of understanding (MOU) to explore the possibilities of jointly studying and if mutually agreed, to participate in attractive oil and gas assets in Russia and third countries. In June 2010, Stealth Ventures Ltd entered into a Joint Study Agreement (JSA) with the company to evaluate emerging Unconventional Resource plays and opportunities in India. The objective of the JSA is to identify the unconventional resource plays within India, and a high priority has been given by both parties, to identify high growth profile shale gas and CBM prospects, on the basis of the large database available within ONGC. In December 2010, the company's subsidiary, ONGC Videsh Ltd signed a Framework Agreement on Cooperation in Hydrocarbon Sector in Delhi with Sistema, a public financial corporation in Russia and CIS. On 3 January 2011, the managements of ONGC and GAIL (India) reached a landmark understanding for mutual business growth covering natural gas as well as petrochemicals. As regards the understanding reached for gas business, both companies would work together for exclusive sale of natural gas produced by ONGC from its various fields to GAIL during next 3 years. This joint initiative will serve as a catalyst for effective monetization of gas from future E&P fields of ONGC, with GAIL providing the infrastructure and marketing tie-up for supply to potential customers. The two companies also reached an understanding in swapping gas available to both the companies so as to optimise the logistics and costs. As regards the understanding reached for the petrochemicals business, GAIL has formally agreed to become a co-promoter of 1.1 MMTPA Ethylene Cracker Petrochemical complex, under implementation in Dahej SEZ area at a capital investment of Rs19535 crore. ONGC is implanting this mega projects through its unit ONGC Petro additions Ltd (OPaL). An understanding was also reached for marketing of a portion of petrochemical products of OPaL by GAIL. GAIL and ONGC would also explore the possibility of setting up a downstream unit using Butadiene, a by-product of OPaL, to GAIL for manufacture of value-added products. On 21 January 2011, ONGC activated its emergency response measures immediately on detection of a leakage at its Mumbai Uran Trunk (MUT) oil pipeline. ONGC created an exploration landmark when gas flowed out from the Barren Measure shale at a depth of around 1700 m., in its first R & D well RNSG-1 near Durgapur at Icchapur, West Bengal on 25 January 2011. Shale gas is one of the predominant unconventional natural gas and major source of onland gas particularly in US and Canada. While noting two impressive discoveries (Exploratory Well B-127E-1 in Panna Formation to the east of B-127 area and North Kadi-472 (NKXV) in the Mandhali member of Kadi formation), ONGC's Board of Directors at its 225th Board Meeting held on 1 December 2011 also approved the integrated development of B-127 cluster along with the Additional Development of B-55 field. B-127 cluster comprises of three marginal fields namely; B-127, B-157 and B-59. The cluster is located east of Mumbai High with significant hydrocarbon accumulations in multi-layered reservoirs within Bassein and Panna formations. The estimated capital expenditure for the integrated development of B-127 cluster with additional development of B-55 field was pegged at Rs 2059.63 crore. A landmark Memorandum of Understanding (MoU) for hydrocarbon cooperation was signed between ONGC and China National Petroleum Corporation (CNPC) on 18 June 2012. Under the MoU, the two oil giants agreed to foster their cooperation either directly or through their subsidiaries by expanding cooperation in upstream E&P areas, refining or processing of crude oil and natural gas in midstream or downstream projects, marketing and distribution of petroleum products and construction and operation of oil and gas pipelines. The areas of cooperation between ONGC and CNPC will also extend to joint participation in suitable hydrocarbon projects in other countries of interest by exchanging information and working for mutual growth and benefit by extending cooperation in hydrocarbon sectors globally. On 29 June 2012, ONGC announced that the United Nations body on Climate Change has issued a massive kitty of 121,207 carbon credits to ONGC's 51 megawatt wind power project at Bhuj (Gujarat) on 7 June 2012. On 11 August 2012, ONGC announced that it had struck third largest reservoir in Western Offshore. On 8 September 2012, ONGC Videsh signed definitive agreements for the acquisition of Hess Corporation's 2.7213% participating interest in the Azeri, Chirag and the Deep Water Portion of Guneshli Fields in the Azerbaijan sector of the Caspian Sea (ACG) and 2.36% interest in the Baku-Tbilisi-Ceyhan Pipeline (BTC), for US$ 1 Billion. On 5 November 2012, ONGC announced that Japan's largest oil company INPEX CORPORATION (INPEX) has acquired a 26% participating interest farmed-out by ONGC in the exploration block KG-DWN-2004/6, located in the deep waters of Krishna Godavari Basin in the Bay of Bengal. ONGC continues as operator of the block with a 34% participating interest in consortium with existing partners GAIL (India) Limited (10%), Gujarat State Petroleum Corporation Limited (10%), Hindustan Petroleum Corporation Limited (10%) and Oil India Limited (10%). On 18 March 2013, ONGC with its consortium partners BPCL and Japanese conglomerate Mitsui signed a Memorandum of Understanding with New Mangalore Port Trust (NMPT) for setting up a Re-gasification LNG terminal at New Mangalore Port. The consortium will carry out a feasibility study for a terminal of 2-3 MMTPA capacity, expandable to 5 MMTPA. The Board of Directors of ONGC at its 241st meeting held on 20 March 2013 took note of three significant hydrocarbon discoveries and also accorded approval for investment of over Rs 4050 crore to upgrade western offshore facilities on the Arabian Sea through two major projects. On 1 April 2013, ONGC Videsh announced the completion of acquisition of Hess Corporation's 2.7213% participating interest in the Azeri, Chirag and the Deep Water Portion of Guneshli Fields (ACG) in the Azerbaijan sector of the Caspian Sea and 2.36% interest in the Baku-Tbilisi-Ceyhan Pipeline (BTC). Earlier, on 7 September 2012, ONGC Videsh and Hess had entered into definitive agreements and subsequently all relevant government and regulatory approvals were received. On 9 April 2013, ONGC inked a Memorandum of Understanding (MoU) with Chambal Fertilisers and Chemicals Ltd. (CFCL) and the state government of Tripura for setting up a urea fertilizer project in Tripura. On 28 July 2013, ONGC announced that it has inked a Memorandum of Understanding with the Reliance Industries Ltd (RIL) to explore the possibility of sharing the latter's infrastructural facility in the East Coast. On 14 October 2013, ONGC Videsh announced that the company through its affiliates signed definitive agreements to acquire additional 12% Participating Interest (PI) in Block BC-10, Campos Basin, Deep Offshore Brazil as part of the sale of 35% share made by Petrobras. ONGC Videsh had earlier acquired 15% PI in the block in 2006. On 20 November 2013, ONGC Videsh announced that it has signed a Memorandum of Understanding with Petrovietnam (PVN) to promote the joint cooperation in hydrocarbon sector in Vietnam, India and other countries. On 31 December 2013, ONGC Videsh announced that the company through its affiliates has acquired an additional 12% Participating Interest (PI) in Block BC-10, a deepwater offshore block in Campos Basin, Brazil taking its total PI in the block to 27%. Shell, the operator of the block, holds the balance 73% PI in the block. On 12 February 2014, ONGC Videsh announced that it has entered into separate agreements with two consortiums of international banks to raise USD 2.5 billion by way of offshore borrowings to finance its acquisition of 10% participating interest in Rovuma Area I Block in Mozambique offshore.ONGC Videsh (OVL) signed Production Sharing Contract (PSC) for two shallow water exploration blocks SS-09 & SS-04 in the Bay of Bengal of Bangladesh on 17 February 2014. OVL along with Oil India Limited (OIL) formed a consortium (50:50) and participated in the Bangladesh Offshore Bidding Round 2012, launched by Bangladesh Government during December 2012. OVL/OIL consortium was officially notified as the winner of two shallow water blocks SS-09 & SS-04 on 20 August 2013. On 28 February 2014, ONGC Videsh (OVL) announced that it had completed the acquisition of 10% participating interest (PI) in the Rovuma Area 1 offshore Block in Mozambique from Anadarko Moambique Area 1 Limitada (Anadarko). On the 24 August 2013, OVL signed definitive agreements with Anadarko to acquire this interest.On 14 March 2014, ONGC announced that it has acquired Government of India's (GoI) 5% stake in Indian Oil Corporation Ltd (IOCL) pursuant to a decision by GoI to divest a total 10% stake in IOCL to ONGC and Oil India. ONGC paid a total consideration of Rs 2670.74 crore for acquiring 12.13 crore IOCL shares at Rs 220 per share. The Board of Directors of ONGC at its 254th meeting held on 24 March 2014 accorded approval for additional development of its Vasai East Field in Arabian Sea at a total estimated capital cost of Rs 2476.82 crore.. On 27 June 2014, ONGC announced that its Board of Directors approved the proposal for redevelopment of its giant offshore field - Mumbai High (North) involving a capital investment of Rs 5706.47 crore, including foreign exchange component of Rs 4421.76 Crore (USD 743.15 Million at exchange rate of Rs. 59.50/USD). On 8 July 2014, ONGC Videsh announced that it had priced US$ 1.5 Billion and Euro 525 million unsecured bonds in the international capital markets. It was the maiden offering by ONGC Videsh in the Euro bond markets. The offering was oversubscribed approximately 4.5 times in USD and 3.6 times in Euro. ONGC Videsh signed Production Sharing Contracts (PSCs) for two onland exploration blocks B-2 & EP-3 in Myanmar on 8 August 2014. ONGC Videsh participated in the Myanmar Onland Bidding Round 2013, launched by Myanmar Government during January 2013 and was awarded two onshore blocks namely B2 and EP-3 on 10 October 2013. On 28 August 2014, ONGC announced that it would invest Rs 5219 crore towards Daman Development project to enhance production of natural gas and condensate in its Tapti Daman Block in Arabian Sea. The investment decision was approved by the ONGC Board at its 260th neeting. The project is located about 90-100 Km from Daman coast and includes additional development of C-24 field and monetization of B-12 marginal fields (B-12-11, B-12-13 and B-12-15).ONGC Videsh and YPF S.A., the major oil producing company of Argentina, entered into a Memorandum of Understanding (MOU) on 1 September 2014 to cooperate in the hydrocarbon sector. Under the MOU, the two companies will analyse the opportunities for cooperation in upstream sector in Argentina, India and third countries. The MOU also envisages collaboration in the areas of research & development and human resources. ONGC Videsh and Pemex-Exploracion Y Produccion (PEP), the upstream subsidiary of Pemex, the national oil company of Mexico, entered into a Memorandum of Understanding and Cooperation (MOU) on 25 September 2014 to cooperate in the hydrocarbon sector in Mexico. Under the MOU, the two companies plan to discuss future cooperation and collaboration in the upstream sector in Mexico. The MOU also envisages cooperation in the fields of technology, human resources, research & development. On 28 October 2014, ONGC signed a Memorandum of Understanding (MOU) with Petrovietnam Exploration Production Corporation Ltd. (PVEP), a wholly owned subsidiary of Vietnam Oil and Gas Group (Petrovietnam), for mutual cooperation for exploration in the NELP Blocks of ONGC in Andaman and Cauvery basins, subject to due diligence and negotiations on terms of participation. Simultaneously, ONGC Videsh signed a Heads of Agreement (HOA) with PVEP for mutual cooperation for exploration in Blocks 102/10 & 106/10 of PVEP and Block 128 of ONGC Videsh in offshore Vietnam, subject to due diligence and negotiations on terms of participation. The Board of Directors of ONGC at its meeting held on 14 November 2014 approved two major investment decisions valued over Rs 10600 crore for further enhancing production from its Western Offshore fields. The projects are- Redevelopment (Phase-III) of its giant offshore field - Mumbai High (South) involving a capital investment of Rs 6069 crore and Integrated Development of Mukta, Bassein and Panna Formations at an estimated capex of Rs 4620 crore. On 10 December 2014, ONGC Videsh announced that it has won an Exploration Block- 14TAR-R1 in the Taranaki offshore basin in New Zealand in the Bidding Round Block Offer-2014 by the Government of New Zealand. The bidding round was launched in April 2014 offering five offshore and three onshore release areas for competitive bidding. On 13 December 2014, ONGC notified three hydrocarbon discoveries; one in deepwater Krishna Godavari Basin, off the east coast of the country, one in Mumbai offshore Basin, off the west coast of the country and one in Cauvery basin in the southern onland part of the country. On 13 February 2015, ONGC Videsh announced that its flagship project Sakhalin 1' in Far East Russia added another feather to its crown by commencing oil production from Arkutun Dagi, the third and final field being developed as part of the larger Sakhalin 1 project. The Arkutun-Dagi oil and gas field is located 25 km offshore Sakhalin Island in water depths ranging from 15 to 40 m. Crude oil production from ONGC's Western Offshore Fields touched 325,000 barrels oil per day (BOPD) on 3 March 2015. This was the highest production from Mumbai Offshore in five year period. On 1 April 2015, ONGC, IL&FS Energy Development Company Limited (IEDCL) and the state government of Tripura, thee three promoters of ONGC Tripura Power Company Ltd (OTPC), entered into definitive agreements with India Infrastructure Fund II by which the latter will be acquiring 23.5% stake in OTPC. The total consideration of the transaction is about Rs 426 crore. Post this transaction, the shareholding in OTPC will stand as: ONGC - 50%, IEDCL - 26%, Tripura state government 0.5% and India Infrastructure Fund II- 23.5%. This consummates the equity structure as was envisaged at the time of setting up the project. OTPC has been promoted by ONGC, IEDCL and the state government of Tripura for implementation of a gas based 726.6 MW combined cycle thermal power project at Palatana, Tripura. The project was conceived to utilize the stranded gas reserves of ONGC found in the state of Tripura so as to aid in the economic progress of the north-eastern (NE) states. The project is backed by a long term gas supply agreement with ONGC, while the power off-take is tied up on long term basis with the 7 north-eastern states. ONGC mobilized its Crisis Management Team (CMT) and all resources at its command to control the fire which broke out around 12.30 PM on 18 April 2015 in an onshore well in Olpad area 80 km away from Ankleshwar, during repair and maintenance job. On 29 April 2015, ONGC announced that it made two hydrocarbon discoveries in April 2015. ONGC notified four hydrocarbon discoveries in Q4 March 2015, taking the total number of discoveries in the fiscal year 2014-15 to 22. The Board of Directors of ONGC at its meting held on 28 May 2015 approved investment of Rs 1881.22 crore for redevelopment of Gamij field under Stage Gate Process at Ahmedabad Asset. Gamij field, located in east of Ahmedabad city, is the first Onshore field being developed under Stage Gate Process. The project cost includes drilling of 280 wells and creation of surface facilities like Group Gathering Stations. Drilling program of well STP-1 at Satpayev block in Kazakhstan was formally launched on 7 July 2015. ONGC Videsh had acquired 25% stake in 2011 in the Satpayev Offshore block in Kazakhstan. The Board of Directors of ONGC at its 280th meeting held on 28 March 2016 approved the Field Development Plan (FDP) for the development of fields falling under Cluster 2 of the Deep-water NELP Block KG-DWN-98/2. The development would involve a capital expenditure of USD 5,076.37 million (equivalent to Rs 34012 crore). The project envisages first gas to be produced by June 2019, first oil by March 2020, with overall completion in June 2020.11 On 4 September 2015, ONGC Videsh announced that it has signed definitive agreements to acquire up to 15% shares in CSJC Vankorneft, a company organized under the law of Russian Federation which is the owner of Vankor Field and NorthVankor license. Rosneft Oil Company, NOC of Russia holds 100% shares in Vankorneft. Vankor is Rosneft's (and Russia's) second largest field by production and accounts for 4% of Russian production. The daily production from the field is around 442,000 bpd of crude oil on an average with ONGC Videsh's share of daily oil production at about 66,000 bpd. On 22 July 2016, ONGC Videsh Vankorneft Pte. Ltd. (OVVL), an indirect wholly-owned subsidiary of ONGC Videsh Limited, which itself is a direct wholly owned subsidiary of ONGC announced that it had successfully raised US$ 1 billion Notes comprising of US$ 400 million Senior Unsecured Notes due 2022 and US$ 600 million Senior Unsecured Notes due 2026 in the international capital markets. ONGC's Daman development project went live with the commencement of natural gas production from its first well C24-P4#3 on 20 August 2016. On 14 September 2016, ONGC Videsh and its wholly-owned subsidiary ONGC Videsh Vankorneft Pte. Ltd., Singapore (OVVL), jointly signed definitive agreements with Rosneft, the national oil company of Russia, for acquiring additional 11% shares in JSC Vankorneft, a company organized under the law of Russian Federation which is the owner of Vankor Field and North Vankor license. After the closing of the transaction, ONGC Videsh will raise its participation share in Vankorneft to 26%. Earlier, ONGC Videsh had successfully closed the acquisition of 15% shareholding interest on 31 May 2016. Vankor is Rosneft's (and Russia's) second largest field by production and accounts for 4% of Russian production. The daily production from the field is around 421,000 bpd of crude oil on an average and together with earlier acquisition of 15%, ONGC Videsh's share of daily oil production from Vankor will be about 110,000 bpd. On 7 December 2016, ONGC signed agreements with Schlumberger Overseas S.A. and Halliburton Offshore Services Inc for enhancement of production from its matured fields of Geleki in Assam and Kalol in Gujarat, respectively.On 24 December 2016, the Board of Directors of ONGC approved the acquisition of the entire 80% Participating Interest (PI) of GSPC along with operatorship rights in NELP-III Block KG-OSN-2001/3 (Block) in Krishna Godavari (KG) Basin offshore. ONGC will pay purchase consideration of US$ 995.26 million for the Deen Dayal West Field in the Block. ONGC will additionally pay part consideration of US$ 200 million to GSPC towards future consideration for six discoveries other than Deen Dayal West Field, which will be adjusted upon valuation of these discoveries subsequent to approval of the Field Development Plans by DGH/Management Committee of the Block.At its 290th Board meeting held on 23 February 2017, ONGC Board approved development of five projects with an aggregate investment of Rs 7327 crore which will lead to production of 14.969 MMT of oil and 2.972 BCM of gas. On 7 March 2017, ONGC Petro additions Ltd's (OPaL) petrochemical plant at Dahej in Gujarat was dedicated to the nation by India's Prime Minister. OPaL is a joint venture company promoted by ONGC, GAIL and GSPC, implementing a grass root integrated petrochemical complex located in Special Economic Zone (SEZ) under Petroleum, Chemical and Petrochemical Investment Region (PCPIR) at Dahej, Gujarat. The company was incorporated on 15 November 2006.On 5 May 2017, ONGC Videsh announced that it has encountered exciting result in its well Mariposa-1 which is under drilling in CPO-5 block of Colombia. ONGC Videsh is the operator of the block and holds 70% participating interest and Amerisur Resources holds the remaining 30%.On 29 April 2017, ONGC announced that it made 23 hydrocarbon discoveries in the year ended 31 March 2017 (FY 2017) compared with 17 discoveries in the year ended 31 March 2016 FY 2016. Out of 23 discoveries, 13 discoveries were made onland and 10 in offshore. Out of 13 onland discoveries, 9 were monetized during the year itself having a potential of 0.218 MMTOE per year. On 14 September 2017, ONGC Videsh announced that the Consortium partners of the giant ACG Fields in Azerbaijan have entered into an agreement with Azerbaijan Government and State Oil Company of the Azerbaijan Republic (SOCAR) for extension of duration of the Production Sharing Agreement (PSA) for Azeri-Chirag-Deep water portion of Gunashli (ACG) oil fields until 31 December 2049. ONGC Videsh holds a participating interest in ACG oil fields in the Azerbaijan Sector of Caspian Sea. The agreement is subject to ratification by the Parliament (Milli Majlis) of the Republic of Azerbaijan.On 5 October 2017, ONGC Videsh announced that it has completed the acquisition of 30% Participating Interest in Namibia Petroleum Exploration License 0037 for Blocks 2112A, 2012B and 2113B and related agreements (License), Offshore Namibia from Tullow Namibia Limited (Tullow), a wholly owned subsidiary of Tullow Oil plc.ONGC Videsh through its wholly owned indirect subsidiary ONGC Videsh Vankorneft Pte. Ltd. (OVVL) signed definitive binding agreements with Tullow Namibia Limited (Tullow), a wholly owned subsidiary of Tullow Oil plc, on 20 November 2017 for acquiring 15% participating interest in Namibia Petroleum Exploration License 0030 for Block 2012A and related agreements (License) from Tullow's existing participating interest of 25% in the License. Eco Oil and Gas Namibia (Pty) Ltd. with 32.5% Participating interest, Azimuth Namibia Limited with 32.5% participating interest and National Petroleum Corporation of Namibia (Pty) Ltd with 10% participating interest are other partners in the License. The License is currently under First Renewal Exploration Period and the joint venture partners are carrying out data evaluation for identifying a drill prospect. In a major development, ONGC's Board of Directors at its meeting held on 19 January 2018 considered the proposal and approved acquisition of Government of India's (GoI) entire 51.11% shareholding in Hindustan Petroleum Corporation Limited (HPCL) at a cash purchase consideration of Rs 473.97 per share with a total acquisition cost of Rs 36915 crore. On 20 January 2018, ONGC entered into a share purchase agreement with GoI for the acquisition of 51.11% of HPCL which has a strong presence in refining and marketing of petroleum products in the country.On 12 February 2018, ONGC announced that an Indian consortium led by its wholly owned subsidiary and overseas arm ONGC Videsh, BPRL & IOCL have signed a pact for acquisition of 10% participating interest in the ADNOC Group owned offshore Lower Zakum Concession for 40 years from 2018 to 2057. This is the first time that Indian oil & gas companies have been given a stake in the development of Abu Dhabi's hydrocarbon resources. Sixty percent of the participating interest will be retained by ADNOC and the rest will be awarded to other international oil companies. Lower Zakum is one of three separate offshore concession areas that were formerly part of the ADMA offshore concession.

Oil & Natural Gas Corpn Ltd Chairman Speech

Dear Shareholders,

The business of oil and gas continues to be challenging, complex and uncertain. However, ONGC has continued to grow, first as a dominant E&P company and now as a diversified entire value chain. You have been an important partner and stakeholder of this transformative journey. Your faith in us, is what propels and sustains us through the ups and downs and the uncertainties that we face in this constant pursuit of business growth and value-creation while delivering on our role as the country's foremost energy explorer.

FY'19 was yet again a year of growth for ONGC and its business. Internationally as well, it was a period of steady recovery in the oil and gas sector as crude oil prices stabilised at levels higher than a year ago and E&P sector recorded impressive numbers.

That being said, uncertainty, still, remains a key feature of the industry. Crude oil prices swung from a high of USD80 a barrel to around USD50 in a span of few months as markets reacted to, first, the impending impact of US sanctions on Iran and then to record US production and a more conservative outlook on global economic growth due to escalating trade tensions between US and China.

While the need to plan for energy transition in the wake of the global consensus and policy actions on the issue of climate change and sustainability does make the current period within the oil and gas community an exciting one as it opens up new opportunity areas, it does bring its own set of challenges with it.

As a Maharatna NOC in the energy sector, ONGC's decisions and actions during this period will be of immense consequence to the country's future energy landscape and I want to assure you that the Company has chalked out a comprehensive roadmap for its future growth factoring in its historical competencies as well as emerging avenues that align with its business objective of ensuring country's energy security. On behalf of the Board of Directors and around 31,000 dedicated energy soldiers of Oil & Natural Gas Corporation Ltd (ONGC), I now present to you the Company's Annual Report for the financial year 2018-19.

Performance in our core business of E&P remained impressive during FY'19. With another year of positive reserve replacement and meaningful discoveries, Exploration continues to power the Company's promises of future growth in the domestic basins. We made a total of 13 discoveries during the year, of which 8 were onland and 5 in offshore areas. More importantly, we monetized 5 of those discoveries during the year itself. Reserve accretion for the year stood at 63.02 MMtoe on 2P basis and a Reserve replacement ratio of 1.41 means that we replenished more than the total quantum of hydrocarbon produced during the period.

A big positive of our exploratory efforts were the first-time discoveries in Bengal Basin (Well Asokenagar-1) and Vindhyan Basin (Well Hatta-2). With this exploratory success, these basins have now been upgraded to Category-II (basins with known accumulation of hydrocarbons) from Category III (basins with just having hydrocarbon shows). Production of standalone oil and gas edged up marginally relative to FY'18 – we produced 45.86 MMtoe in FY'19 against 45.79 MMtoe in the preceding fiscal. The higher output was driven by pickup in gas output, which grew 5.4% year-on-year, on the back of additional supplies from Daman in Western offshore, S1-Vashistha in deepwater Eastern offshore and Tripura onland. It represents the fourth yearsin succession that gas output has increased and production outlook remains positive for the next few years with significant contribution coming from East-Coast Deepwater development project KG-DWN-98/2 coupled withupswingin output from Daman in Western Offshore. In view of the critical role of energy, especially Oil and Gas in the country's economic growth and development agenda, the Company is actively implementing redevelopment and Enhanced Oil Recovery schemes.

Overall, our cumulative domestic hydrocarbon volumes (inclusive of our share in JV-operated properties), stood at 50.04 MMtoe. Production of Value Added Products increased for the fifth consecutive year VAP output FY'19 stood at 3.64 MMT versus 3.39 MMT in FY'18 i.e. a growth of 7% over previous year.

Management will remain focussed on the E&P business, even as it diversifies value-chain. 10 E&P projects, worth र 112,585 Million, were completed during the year. As many as 25 projects, with an estimated outlay of around र 830,000 Million, are currently under execution, of which 15 would directly contribute to hydrocarbon production. Envisaged cumulative oil and gas gains from these projects through their lifecycle stand at over 180 MMtoe.

Beyond greenfield projects, there is significant room for maximizing production fromour mature fields as well Globally, as per Wood Mackenzie report, almost 20% of new production will come from incremental projects between 2017 and 2025. Within ONGC, we expect as much as 190 MMT of incremental oil from the 29 IOR/EOR projects that are currently underway. DuringFY'19, more than one-third of our standalone crude production came via these projects.

There is significant EOR technologies in the mature fields. ONGC has been a pioneer in implementation of EOR technologies in India both in Onshore and Offshore fields. Presently, EOR projects contributes 9% of total onshore production. ONGC has given renewed thrust on Enhanced Oil Recovery (EOR) schemes after recently announced policy framework by the Government of India for incentivising production through improved recovery schemes in domestic fields. Some of the EOR schemes which are at various stages of implementation are Thermal EOR Heavy Oil belt of Mehasana viz In-situ combustion in its business, the Balol, Santhal Company remains steadfast and Cyclic Steam Stimulation in Lanwa; Chemical EOR-Polymer Flooding in North Kadi, Sanand, Bechraji and Alkali Surfactant Polymer in Viraj, Jhalora, Kalol, Sobhasan, Lakwa-Lakhmani (Assam); Gas based EOR - Immiscible Gas Injection in Borholla (Assam),

Miscible Gas injection in Gandhar (Gujarat), Miscible CO2 injection (CCUS) in Gandhar (Gujarat), Gas Assisted Gravity Drainage (GAGD) in Kasomarigaon (Assam) besides Low Salinity Water Flooding at Mumbai High.

FY'19 marked another year of strong performance for our Drilling operations. ONGC drilled a record a number of wells – 516, the highest ever in the last 28 years. This comprised of 105 exploratory wells and 411 development wells.

Oil and gas is a capital-intensive enterprise and your Company's capital commitments over the years is testament to this. Capex for FY'19 stood at र 294,498 Million, while budgeted capex for the ongoing fiscal i.e. FY'20 isर 329,208 Million. Cumulative core capex, exclusive of any non-core expenditure on account of mergers/acquisitions etc., of the past 5 years stood at र 1,495,106 Million.

Evidently, even through the downturn, when service sector costsdeflated, ONGCdid not implement any cuts in its budget. While the focus on ‘doing more with less' has gained substantial support in the E&P community in the aftermath of the recent oil price crisis, it is also true, at least in the case of our country, producing every additional barrel of oil has also become more difficult, complex and costly. This is why managing costs will be vital to securing profitability in the business, especially now when we are moving to more logistically difficult and operationally complex terrains such as deep and Ultra-deepwater, HP-HT etc.

In terms of financial performance, your Company recorded a Gross Revenue of र 1,096,546 Million in FY'19 compared to र 850,041 Million in FY'18. Net profit touched a record high at र 267,158 Million (an increase of 34% as compared to FY'18 which was at र 199,453 Million). The Company realized USD 68.19/bbl for crude sold in the domestic market in FY'19 as compared to USD 55.19/bbl in FY'18. Dividend to shareholders for FY'19 remained healthy with a total payout of र 88,062 Million which again was the highest ever with impressive payout ratio (including Dividend distribution tax) of 39.7%. Dividend per share was र 7.00 as against र 6.60 in FY'18. Even as your Company expands and diversifies in its commitment to equitable value-creation for all its stakeholders, and a healthy and consistent dividend payment track record is part of this business philosophy.

Your Company's wholly-owned subsidiary mandated with international operations, ONGC Videsh Limited, has achieved a stellar landmark by achieving its higher-ever production of 14.833 MMToe for the year. This constitutes 23% of ONGC group production for the year, indicating the significance that the Group ascribes to its overseas operations. ONGC Videsh's 2P reserves stand at 675.72 MMtoe at the end of the year, constituting 36% of ONGC group reserves. These two significant metrics establish that ONGC Videsh continues to be the second-largest E&P company of India, second only to its Parent. Consolidated revenue from operations and PAT for ONGC Videsh during FY'19 stood at र 146,320 Million and र 16,823 Million as against र 104,176 Million and र 9,815 Million in FY'18, respectively.

It also gives me great pleasure in informing you that production from Greater Pioneer Operating Company (GPOC), South Sudan project of ONGC Videsh, has resumed during the year after prolonged shutdown since December 2013, and presently the block is flowing oil at ~38,000 bopd. ONGC Videsh also achieved its second consecutive exploratory drilling success in Block CPO-5, Colombia. This follows the first success in the same block CPO-5 where commercial oil of 40 API was discovered in 2017. With above two wells, current production from CPO-5 is ~8000 bopd. Continuing its thrust towards ensuring equity oil, the first equity oil crude produced from Lower Zakum Concession, ADNOC Offshore, UAE, arrived at New Mangalore port on 08th June 2018. This equity crude of ONGC Videsh was refined MRPL (a group company).

True to our vision of becoming an integrated energy major of global reckoning, your Company has, over the years, built up a sizeable presence in the downstream arena as well. The process of integration which was initiated with the acquisition of MRPL way back in 2003, has gained further steam with the acquisition of HPCL, the country's third largest retailer, in FY'18. While E&P business remains the predominant cash-generator for the group, our downstream businesses lend the desirable balance to our energy portfolio and acts as a necessary hedge during periods of market volatility.

FY'19 was a strong year for our downstream refining and petrochemical units. Physical and financial performance of HPCL during the year has been very impressive. Its refineries at Mumbai and Vizag have maximized crude processing and achieved the highest ever combined refining throughput of 18.44 MMT with capacity utilization of 117%, compared to throughput of 18.28 MMT achieved during FY'18. It also achieved the highest ever market sales of 38.7 MMT. HPCL also expanded its retail network by commissioning 478 new outlets, expanding its retail reach to a total of 15,440 as on March'19. Gross Sales during the financial year has increased to र 2,957,126 Million as against र 2,432,267 Million during the previous financial year. Net profit for the year stood at र 60,287 Million, against र 63,571 Million in FY'18. Further, FY'19 also marked the company's foray into the gas distribution business as it received PNGRB authorization for CGD network in 20 geographical areas in 9 states.

MRPL registered highest ever throughput at 16.43 MMT in FY'19. At र 723,151 Million, the company also recorded a 14.6% growth in its turnover while posting a net profit of र 3,320 Million. During the year, MRPL also achieved the highest ever poly-propylene production of 388 TMT and LPG production of 970 TMT. A new retail outlet was also commissioned during the year, bringing the total number of operated outlets for the refiner to 7.

In the Petrochemical segment, both ONGC Petro additions Ltd (OPaL) and ONGC Mangalore Petrochemicals Limited (OMPL) registered operational successes and improved cargo of ONGC Videsh of Das Blend financial performance. During FY'19, OPaL has run at an average plant capacity of 70%; it is expected to reach 100% operating capacity in the current financial year. OPaL at has sold more than 1 MMT of polymers and has grossed र 97,854 Million as revenues. OMPL operated at close to 100% capacity in FY'19. It also achieved a 12.5% increase in its throughput and 18.2% exports growth. Total revenue in FY'19 stood at र 83,624 Million. It also recorded itsfirst-ever profits with PAT ofर 229 Million.

ONGC Tripura Power Company (OTPC), our Power JV in the country's North-eastern state of Tripura, has been one of the most cost effective & efficient power producer in India having reliable fuel supply arrangements. During FY 2018-19, OTPC catered to about 29% of the total electricity requirement of the North Eastern region. With 5 years of consistent operations, OTPC has positioned itself well and gained reputation of a credible power generator in the Region. As per the report published by Central Electricity

Authority (CEA), OTPC has emerged as the largest central sector gas based power plant in the country in terms of generation during FY 18-19. It achieved its highest ever turnover of र 14,558 Million and net profit of र 2,139 Million. The largest Indian Clean development Mechanism (CDM) project, OTPC is also the only dividend paying standalone gas based Power Generation Company in India.

The global energy universe is changing – in fact change has been a constant theme in our business, be it through new technologies, or new markets or new oil and gas frontiers. But, the transformation of the current period has been brought on by a convergence of multiple factors, key among them being a near-universal acknowledgment of the need for a cleaner energy, increasing instability of traditional energy markets, sovereign policy support for renewables and, most importantly, a growing tribe of and electrification ‘conscious' energy consumers. More and more, as we move forward, we will talk and act more as an ‘energy' company and not merely as oil and gas explorer and producer. It is through these lens that ONGC views the landscape of tomorrow and defines its role and responsibilities. The ONGC Board recently approved the business roadmap for the Company and its other group entities – "ONGC Energy Strategy 2040". It envisions ONGC as "A diversified energy company with strong contribution from non E&P businesses; 3x revenues and ~5-6x market capitalization".

It aims to transform ONGC into a future-ready energy entity, one that positions itself well to respond to the challenges and opportunities of the tomorrow's energy scene. Of course, Technology, Digitalization of operations, Meaningful partnerships and Organizational restructuring will play critical roles in the successful implementation of the plan. Beyond business, our CSR initiatives have also helped the organization in making a positive impact in people's lives. At the same time, it also sensitizes us to our role as an important stakeholder of the society and environment. In FY'19, your Company spent र 6,146 Million for its various CSR programs with target areas spanning from Healthcare, Poverty, Environment, Women Empowerment and Heritage preservation.

Your Company has also taken a lead role in implementing the Government's Startup India program within oil and gas. Having launched the र 1,000 Million dedicated Startup corpus, the Company, in response to Hon'ble PM's call for a solar revolution, launched a nationwide Solar Chulha Challenge inviting Entrepreneurs/ Scientists/ Researchers to participate in the indigenous development effort of Solar Chulha suitable for cooking Indian food. Concepts of 3 teams (IIT-Bombay, NIT-Kurukhsetra and BMS College of Engg., Bangalore) were selected and awarded prizes by Hon'ble Minister of Petroleum and Natural Gas. ONGC took up the task of pilot project implementation. A total of 86 Solar PV cooking stoves were installed at two villages (74 at Bacha covering the entire village and 12 at Jamthi) in Betul District of Madhya Pradesh. With further reduction in cost of battery and PV module, it is believed that it can become one of the preferred cooking solution. An additional benefit of this solution can be to use the stored electrical energy to power home lighting systems and other appliances.

Your Company is committed to conduct the business in a legal, ethical and transparent manner and observes highest standards of corporate governance. Accordingly, your Company has been continuously rated "Excellent" grade for its compliances with the DPE Guidelines on corporate governance.

Here, I would like to thank the Government of India, especially our administrative Ministry of Petroleum and Natural Gas, for its positive approach to policymaking and the constant endeavours to improve attractiveness of the industry. As a National Energy Company with a mandate that goes beyond business, we are grateful for Government's guiding hand and timely counsel on key issues. Before I conclude, I would like to make special mention of the dedication and commitment of all the employees of ONGC for contributing wholeheartedly to the success and growth of the Company.

Finally, while our operating environment may undergo changes, we are quietly reassured by your continued confidence in ONGC. We deeply value this relationship it is a source of strength and stability to us, one that allows us to dream big while holding us accountable and responsible for all our plans and pursuits. I thank you for having chosen us and remaining invested through all these years. I firmly believe that the future energy landscape holds great promises and we can together add another meaningful chapter to ONGC's rich history.

Sd/-

Shashi Shanker

Chairman and Managing Director

   

Oil & Natural Gas Corpn Ltd Company History

Oil and Natural Gas Corporation (ONGC) is the largest producer of crude oil and natural gas in India, contributing around 70% of Indian domestic production. During the financial year ended 31 March 2017, ONGC Group produced 61.60 million tonne of oil and oil equivalent gas (mmtoe). ONGC's total oil and gas reserves stood at 2,142 mmtoe as on 31 March 2017. On 25 September 2017, ONGC was ranked 11th in the coveted Platts Top 250 Global Energy Company Rankings 2017. ONGC is a public sector company. The Government of India (GoI) held 67.72% stake in ONGC as on 31 December 2017. ONGC's wholly owned subsidiary and overseas arm ONGC Videsh is India's largest international oil and gas E&P Company with 39 projects in 18 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Kazakhstan, Mozambique, Myanmar, Russia, South Sudan, Sudan, Venezuela, Vietnam, New Zealand and Namibia. ONGC Videsh is currently producing about 285,000 barrels of oil and oil equivalent gas per day and has total oil and gas reserves (2P) of about 704 mmtoe as on 1 April 2017. ONGC was set up under the visionary leadership of Pandit Jawahar Lal Nehru. Pandit Nehru reposed faith in Shri Keshav Dev Malviya who laid the foundation of ONGC in the form of Oil and Gas division, under Geological Survey of India, in 1955. A few months later, it was converted into an Oil and Natural Gas Directorate. The Directorate was converted into Commission and christened Oil & Natural Gas Commission on 14 August 1956. In 1994, Oil and Natural Gas Commission was converted in to a Corporation, and in 1997 it was recognized as one of the Navratnas by the Government of India. Subsequently, it was conferred with Maharatna status in the year 2010. On 28 March 2003, ONGC acquired the entire shareholding of A.V. Birla Group in Mangalore Refinery and Petrochemicals Limited (MRPL) and further infused equity capital of Rs 600 crore thus making MRPL a majority held subsidiary of ONGC. Before acquisition by ONGC in March 2003, MRPL was a joint venture oil refinery promoted by Hindustan Petroleum Corporation Limited (HPCL), a public sector company, and IRIL & associates (AV Birla Group). During March 1999, ONGC, Indian Oil Corporation (IOC) and Gas Authority of India Limited (GAIL) agreed to have cross holding in each other's stock to pave the way for Long-term strategic alliance amongst themselves for the domestic and overseas business opportunities in the energy value chain. The ONGIO International Pvt Ltd was incorporated in the year 2001 as 50:50 joint venture projects with Indian Oil Corporation Ltd with aim of providing Training, Consultancy & Services in Hydrocarbon Sector and later company has decided to wind up ONGIO due to loss. During 2001-02 the augment recovery from onshore fields of 13 projects 2 were resourcefully commissioned. By the end of the same year 2001-02 the company 's subsidiary unit ONGC Videsh Ltd commenced its commercial production of gas. In the year of 2004, ONGC initiated Phase-I of a collaborative project on CBM in Jharia Field and successfully completed the same in 2005. During 2004-05 the company discovered its third deep-water exploration campaign 'Sagar Samriddhi' in Krishna-Godavari (KG) Basin at the location Vashistha (VA-1A) in block KG-OS-DW-IV. In the western offshore a shallow-water oil and gas was recorded in D-33, about 60 Kilometers South-West of Mumbai High, Onshore. Oil and Gas was found in Tiphuk-1 in North Assam Shelf and Oil was struck at Wamaj in Cambay Basin. Offshore, four new Platforms (2 Well Platforms, 1 Process Platforms and 1 Clamp-on) were commissioned for enhancing production. In March 2005, ONGC launched its retail marketing business with commissioning of its first auto fuel outlet at Manglore under the brand 'ONGC Values' and 'Shopp'njoy' for fuel and non-fuel business respectively. The company also received approval/license from the Government for marketing of non-subsidised LPG cooking gas, Kerosene and Aviation refueling sales. Tripura Power Development Company Pvt Ltd (TPDCL) was incorporated to set up a gas-based power-generating project in Tripura. TPDCL was later renamed as ONGC Tripura Power Company Pvt Ltd. In the same year the company entered into various alliances in form of execution of Memorandum of Understanding with Kakinada Seaport & IL&FS with 26% equity stake for development of Port based SEZ at Kakinada, Andhra Pradesh. During the year 2006 the company was awarded 60 out of 110 exploration blocks by the Government in the five NELP rounds. In December 2009, the company entered into two broad enabling agreements with Iranian authorities for participation in development of gas fields and liquefaction facilities in Iran, in return for assured minimum 6 million tonne LNG per annum on long term basis. Also, ONGC Videsh entered into a non exclusive memorandum of understanding (MOU) to explore the possibilities of jointly studying and if mutually agreed, to participate in attractive oil and gas assets in Russia and third countries. In June 2010, Stealth Ventures Ltd entered into a Joint Study Agreement (JSA) with the company to evaluate emerging Unconventional Resource plays and opportunities in India. The objective of the JSA is to identify the unconventional resource plays within India, and a high priority has been given by both parties, to identify high growth profile shale gas and CBM prospects, on the basis of the large database available within ONGC. In December 2010, the company's subsidiary, ONGC Videsh Ltd signed a Framework Agreement on Cooperation in Hydrocarbon Sector in Delhi with Sistema, a public financial corporation in Russia and CIS. On 3 January 2011, the managements of ONGC and GAIL (India) reached a landmark understanding for mutual business growth covering natural gas as well as petrochemicals. As regards the understanding reached for gas business, both companies would work together for exclusive sale of natural gas produced by ONGC from its various fields to GAIL during next 3 years. This joint initiative will serve as a catalyst for effective monetization of gas from future E&P fields of ONGC, with GAIL providing the infrastructure and marketing tie-up for supply to potential customers. The two companies also reached an understanding in swapping gas available to both the companies so as to optimise the logistics and costs. As regards the understanding reached for the petrochemicals business, GAIL has formally agreed to become a co-promoter of 1.1 MMTPA Ethylene Cracker Petrochemical complex, under implementation in Dahej SEZ area at a capital investment of Rs19535 crore. ONGC is implanting this mega projects through its unit ONGC Petro additions Ltd (OPaL). An understanding was also reached for marketing of a portion of petrochemical products of OPaL by GAIL. GAIL and ONGC would also explore the possibility of setting up a downstream unit using Butadiene, a by-product of OPaL, to GAIL for manufacture of value-added products. On 21 January 2011, ONGC activated its emergency response measures immediately on detection of a leakage at its Mumbai Uran Trunk (MUT) oil pipeline. ONGC created an exploration landmark when gas flowed out from the Barren Measure shale at a depth of around 1700 m., in its first R & D well RNSG-1 near Durgapur at Icchapur, West Bengal on 25 January 2011. Shale gas is one of the predominant unconventional natural gas and major source of onland gas particularly in US and Canada. While noting two impressive discoveries (Exploratory Well B-127E-1 in Panna Formation to the east of B-127 area and North Kadi-472 (NKXV) in the Mandhali member of Kadi formation), ONGC's Board of Directors at its 225th Board Meeting held on 1 December 2011 also approved the integrated development of B-127 cluster along with the Additional Development of B-55 field. B-127 cluster comprises of three marginal fields namely; B-127, B-157 and B-59. The cluster is located east of Mumbai High with significant hydrocarbon accumulations in multi-layered reservoirs within Bassein and Panna formations. The estimated capital expenditure for the integrated development of B-127 cluster with additional development of B-55 field was pegged at Rs 2059.63 crore. A landmark Memorandum of Understanding (MoU) for hydrocarbon cooperation was signed between ONGC and China National Petroleum Corporation (CNPC) on 18 June 2012. Under the MoU, the two oil giants agreed to foster their cooperation either directly or through their subsidiaries by expanding cooperation in upstream E&P areas, refining or processing of crude oil and natural gas in midstream or downstream projects, marketing and distribution of petroleum products and construction and operation of oil and gas pipelines. The areas of cooperation between ONGC and CNPC will also extend to joint participation in suitable hydrocarbon projects in other countries of interest by exchanging information and working for mutual growth and benefit by extending cooperation in hydrocarbon sectors globally. On 29 June 2012, ONGC announced that the United Nations body on Climate Change has issued a massive kitty of 121,207 carbon credits to ONGC's 51 megawatt wind power project at Bhuj (Gujarat) on 7 June 2012. On 11 August 2012, ONGC announced that it had struck third largest reservoir in Western Offshore. On 8 September 2012, ONGC Videsh signed definitive agreements for the acquisition of Hess Corporation's 2.7213% participating interest in the Azeri, Chirag and the Deep Water Portion of Guneshli Fields in the Azerbaijan sector of the Caspian Sea (ACG) and 2.36% interest in the Baku-Tbilisi-Ceyhan Pipeline (BTC), for US$ 1 Billion. On 5 November 2012, ONGC announced that Japan's largest oil company INPEX CORPORATION (INPEX) has acquired a 26% participating interest farmed-out by ONGC in the exploration block KG-DWN-2004/6, located in the deep waters of Krishna Godavari Basin in the Bay of Bengal. ONGC continues as operator of the block with a 34% participating interest in consortium with existing partners GAIL (India) Limited (10%), Gujarat State Petroleum Corporation Limited (10%), Hindustan Petroleum Corporation Limited (10%) and Oil India Limited (10%). On 18 March 2013, ONGC with its consortium partners BPCL and Japanese conglomerate Mitsui signed a Memorandum of Understanding with New Mangalore Port Trust (NMPT) for setting up a Re-gasification LNG terminal at New Mangalore Port. The consortium will carry out a feasibility study for a terminal of 2-3 MMTPA capacity, expandable to 5 MMTPA. The Board of Directors of ONGC at its 241st meeting held on 20 March 2013 took note of three significant hydrocarbon discoveries and also accorded approval for investment of over Rs 4050 crore to upgrade western offshore facilities on the Arabian Sea through two major projects. On 1 April 2013, ONGC Videsh announced the completion of acquisition of Hess Corporation's 2.7213% participating interest in the Azeri, Chirag and the Deep Water Portion of Guneshli Fields (ACG) in the Azerbaijan sector of the Caspian Sea and 2.36% interest in the Baku-Tbilisi-Ceyhan Pipeline (BTC). Earlier, on 7 September 2012, ONGC Videsh and Hess had entered into definitive agreements and subsequently all relevant government and regulatory approvals were received. On 9 April 2013, ONGC inked a Memorandum of Understanding (MoU) with Chambal Fertilisers and Chemicals Ltd. (CFCL) and the state government of Tripura for setting up a urea fertilizer project in Tripura. On 28 July 2013, ONGC announced that it has inked a Memorandum of Understanding with the Reliance Industries Ltd (RIL) to explore the possibility of sharing the latter's infrastructural facility in the East Coast. On 14 October 2013, ONGC Videsh announced that the company through its affiliates signed definitive agreements to acquire additional 12% Participating Interest (PI) in Block BC-10, Campos Basin, Deep Offshore Brazil as part of the sale of 35% share made by Petrobras. ONGC Videsh had earlier acquired 15% PI in the block in 2006. On 20 November 2013, ONGC Videsh announced that it has signed a Memorandum of Understanding with Petrovietnam (PVN) to promote the joint cooperation in hydrocarbon sector in Vietnam, India and other countries. On 31 December 2013, ONGC Videsh announced that the company through its affiliates has acquired an additional 12% Participating Interest (PI) in Block BC-10, a deepwater offshore block in Campos Basin, Brazil taking its total PI in the block to 27%. Shell, the operator of the block, holds the balance 73% PI in the block. On 12 February 2014, ONGC Videsh announced that it has entered into separate agreements with two consortiums of international banks to raise USD 2.5 billion by way of offshore borrowings to finance its acquisition of 10% participating interest in Rovuma Area I Block in Mozambique offshore.ONGC Videsh (OVL) signed Production Sharing Contract (PSC) for two shallow water exploration blocks SS-09 & SS-04 in the Bay of Bengal of Bangladesh on 17 February 2014. OVL along with Oil India Limited (OIL) formed a consortium (50:50) and participated in the Bangladesh Offshore Bidding Round 2012, launched by Bangladesh Government during December 2012. OVL/OIL consortium was officially notified as the winner of two shallow water blocks SS-09 & SS-04 on 20 August 2013. On 28 February 2014, ONGC Videsh (OVL) announced that it had completed the acquisition of 10% participating interest (PI) in the Rovuma Area 1 offshore Block in Mozambique from Anadarko Moambique Area 1 Limitada (Anadarko). On the 24 August 2013, OVL signed definitive agreements with Anadarko to acquire this interest.On 14 March 2014, ONGC announced that it has acquired Government of India's (GoI) 5% stake in Indian Oil Corporation Ltd (IOCL) pursuant to a decision by GoI to divest a total 10% stake in IOCL to ONGC and Oil India. ONGC paid a total consideration of Rs 2670.74 crore for acquiring 12.13 crore IOCL shares at Rs 220 per share. The Board of Directors of ONGC at its 254th meeting held on 24 March 2014 accorded approval for additional development of its Vasai East Field in Arabian Sea at a total estimated capital cost of Rs 2476.82 crore.. On 27 June 2014, ONGC announced that its Board of Directors approved the proposal for redevelopment of its giant offshore field - Mumbai High (North) involving a capital investment of Rs 5706.47 crore, including foreign exchange component of Rs 4421.76 Crore (USD 743.15 Million at exchange rate of Rs. 59.50/USD). On 8 July 2014, ONGC Videsh announced that it had priced US$ 1.5 Billion and Euro 525 million unsecured bonds in the international capital markets. It was the maiden offering by ONGC Videsh in the Euro bond markets. The offering was oversubscribed approximately 4.5 times in USD and 3.6 times in Euro. ONGC Videsh signed Production Sharing Contracts (PSCs) for two onland exploration blocks B-2 & EP-3 in Myanmar on 8 August 2014. ONGC Videsh participated in the Myanmar Onland Bidding Round 2013, launched by Myanmar Government during January 2013 and was awarded two onshore blocks namely B2 and EP-3 on 10 October 2013. On 28 August 2014, ONGC announced that it would invest Rs 5219 crore towards Daman Development project to enhance production of natural gas and condensate in its Tapti Daman Block in Arabian Sea. The investment decision was approved by the ONGC Board at its 260th neeting. The project is located about 90-100 Km from Daman coast and includes additional development of C-24 field and monetization of B-12 marginal fields (B-12-11, B-12-13 and B-12-15).ONGC Videsh and YPF S.A., the major oil producing company of Argentina, entered into a Memorandum of Understanding (MOU) on 1 September 2014 to cooperate in the hydrocarbon sector. Under the MOU, the two companies will analyse the opportunities for cooperation in upstream sector in Argentina, India and third countries. The MOU also envisages collaboration in the areas of research & development and human resources. ONGC Videsh and Pemex-Exploracion Y Produccion (PEP), the upstream subsidiary of Pemex, the national oil company of Mexico, entered into a Memorandum of Understanding and Cooperation (MOU) on 25 September 2014 to cooperate in the hydrocarbon sector in Mexico. Under the MOU, the two companies plan to discuss future cooperation and collaboration in the upstream sector in Mexico. The MOU also envisages cooperation in the fields of technology, human resources, research & development. On 28 October 2014, ONGC signed a Memorandum of Understanding (MOU) with Petrovietnam Exploration Production Corporation Ltd. (PVEP), a wholly owned subsidiary of Vietnam Oil and Gas Group (Petrovietnam), for mutual cooperation for exploration in the NELP Blocks of ONGC in Andaman and Cauvery basins, subject to due diligence and negotiations on terms of participation. Simultaneously, ONGC Videsh signed a Heads of Agreement (HOA) with PVEP for mutual cooperation for exploration in Blocks 102/10 & 106/10 of PVEP and Block 128 of ONGC Videsh in offshore Vietnam, subject to due diligence and negotiations on terms of participation. The Board of Directors of ONGC at its meeting held on 14 November 2014 approved two major investment decisions valued over Rs 10600 crore for further enhancing production from its Western Offshore fields. The projects are- Redevelopment (Phase-III) of its giant offshore field - Mumbai High (South) involving a capital investment of Rs 6069 crore and Integrated Development of Mukta, Bassein and Panna Formations at an estimated capex of Rs 4620 crore. On 10 December 2014, ONGC Videsh announced that it has won an Exploration Block- 14TAR-R1 in the Taranaki offshore basin in New Zealand in the Bidding Round Block Offer-2014 by the Government of New Zealand. The bidding round was launched in April 2014 offering five offshore and three onshore release areas for competitive bidding. On 13 December 2014, ONGC notified three hydrocarbon discoveries; one in deepwater Krishna Godavari Basin, off the east coast of the country, one in Mumbai offshore Basin, off the west coast of the country and one in Cauvery basin in the southern onland part of the country. On 13 February 2015, ONGC Videsh announced that its flagship project Sakhalin 1' in Far East Russia added another feather to its crown by commencing oil production from Arkutun Dagi, the third and final field being developed as part of the larger Sakhalin 1 project. The Arkutun-Dagi oil and gas field is located 25 km offshore Sakhalin Island in water depths ranging from 15 to 40 m. Crude oil production from ONGC's Western Offshore Fields touched 325,000 barrels oil per day (BOPD) on 3 March 2015. This was the highest production from Mumbai Offshore in five year period. On 1 April 2015, ONGC, IL&FS Energy Development Company Limited (IEDCL) and the state government of Tripura, thee three promoters of ONGC Tripura Power Company Ltd (OTPC), entered into definitive agreements with India Infrastructure Fund II by which the latter will be acquiring 23.5% stake in OTPC. The total consideration of the transaction is about Rs 426 crore. Post this transaction, the shareholding in OTPC will stand as: ONGC - 50%, IEDCL - 26%, Tripura state government 0.5% and India Infrastructure Fund II- 23.5%. This consummates the equity structure as was envisaged at the time of setting up the project. OTPC has been promoted by ONGC, IEDCL and the state government of Tripura for implementation of a gas based 726.6 MW combined cycle thermal power project at Palatana, Tripura. The project was conceived to utilize the stranded gas reserves of ONGC found in the state of Tripura so as to aid in the economic progress of the north-eastern (NE) states. The project is backed by a long term gas supply agreement with ONGC, while the power off-take is tied up on long term basis with the 7 north-eastern states. ONGC mobilized its Crisis Management Team (CMT) and all resources at its command to control the fire which broke out around 12.30 PM on 18 April 2015 in an onshore well in Olpad area 80 km away from Ankleshwar, during repair and maintenance job. On 29 April 2015, ONGC announced that it made two hydrocarbon discoveries in April 2015. ONGC notified four hydrocarbon discoveries in Q4 March 2015, taking the total number of discoveries in the fiscal year 2014-15 to 22. The Board of Directors of ONGC at its meting held on 28 May 2015 approved investment of Rs 1881.22 crore for redevelopment of Gamij field under Stage Gate Process at Ahmedabad Asset. Gamij field, located in east of Ahmedabad city, is the first Onshore field being developed under Stage Gate Process. The project cost includes drilling of 280 wells and creation of surface facilities like Group Gathering Stations. Drilling program of well STP-1 at Satpayev block in Kazakhstan was formally launched on 7 July 2015. ONGC Videsh had acquired 25% stake in 2011 in the Satpayev Offshore block in Kazakhstan. The Board of Directors of ONGC at its 280th meeting held on 28 March 2016 approved the Field Development Plan (FDP) for the development of fields falling under Cluster 2 of the Deep-water NELP Block KG-DWN-98/2. The development would involve a capital expenditure of USD 5,076.37 million (equivalent to Rs 34012 crore). The project envisages first gas to be produced by June 2019, first oil by March 2020, with overall completion in June 2020.11 On 4 September 2015, ONGC Videsh announced that it has signed definitive agreements to acquire up to 15% shares in CSJC Vankorneft, a company organized under the law of Russian Federation which is the owner of Vankor Field and NorthVankor license. Rosneft Oil Company, NOC of Russia holds 100% shares in Vankorneft. Vankor is Rosneft's (and Russia's) second largest field by production and accounts for 4% of Russian production. The daily production from the field is around 442,000 bpd of crude oil on an average with ONGC Videsh's share of daily oil production at about 66,000 bpd. On 22 July 2016, ONGC Videsh Vankorneft Pte. Ltd. (OVVL), an indirect wholly-owned subsidiary of ONGC Videsh Limited, which itself is a direct wholly owned subsidiary of ONGC announced that it had successfully raised US$ 1 billion Notes comprising of US$ 400 million Senior Unsecured Notes due 2022 and US$ 600 million Senior Unsecured Notes due 2026 in the international capital markets. ONGC's Daman development project went live with the commencement of natural gas production from its first well C24-P4#3 on 20 August 2016. On 14 September 2016, ONGC Videsh and its wholly-owned subsidiary ONGC Videsh Vankorneft Pte. Ltd., Singapore (OVVL), jointly signed definitive agreements with Rosneft, the national oil company of Russia, for acquiring additional 11% shares in JSC Vankorneft, a company organized under the law of Russian Federation which is the owner of Vankor Field and North Vankor license. After the closing of the transaction, ONGC Videsh will raise its participation share in Vankorneft to 26%. Earlier, ONGC Videsh had successfully closed the acquisition of 15% shareholding interest on 31 May 2016. Vankor is Rosneft's (and Russia's) second largest field by production and accounts for 4% of Russian production. The daily production from the field is around 421,000 bpd of crude oil on an average and together with earlier acquisition of 15%, ONGC Videsh's share of daily oil production from Vankor will be about 110,000 bpd. On 7 December 2016, ONGC signed agreements with Schlumberger Overseas S.A. and Halliburton Offshore Services Inc for enhancement of production from its matured fields of Geleki in Assam and Kalol in Gujarat, respectively.On 24 December 2016, the Board of Directors of ONGC approved the acquisition of the entire 80% Participating Interest (PI) of GSPC along with operatorship rights in NELP-III Block KG-OSN-2001/3 (Block) in Krishna Godavari (KG) Basin offshore. ONGC will pay purchase consideration of US$ 995.26 million for the Deen Dayal West Field in the Block. ONGC will additionally pay part consideration of US$ 200 million to GSPC towards future consideration for six discoveries other than Deen Dayal West Field, which will be adjusted upon valuation of these discoveries subsequent to approval of the Field Development Plans by DGH/Management Committee of the Block.At its 290th Board meeting held on 23 February 2017, ONGC Board approved development of five projects with an aggregate investment of Rs 7327 crore which will lead to production of 14.969 MMT of oil and 2.972 BCM of gas. On 7 March 2017, ONGC Petro additions Ltd's (OPaL) petrochemical plant at Dahej in Gujarat was dedicated to the nation by India's Prime Minister. OPaL is a joint venture company promoted by ONGC, GAIL and GSPC, implementing a grass root integrated petrochemical complex located in Special Economic Zone (SEZ) under Petroleum, Chemical and Petrochemical Investment Region (PCPIR) at Dahej, Gujarat. The company was incorporated on 15 November 2006.On 5 May 2017, ONGC Videsh announced that it has encountered exciting result in its well Mariposa-1 which is under drilling in CPO-5 block of Colombia. ONGC Videsh is the operator of the block and holds 70% participating interest and Amerisur Resources holds the remaining 30%.On 29 April 2017, ONGC announced that it made 23 hydrocarbon discoveries in the year ended 31 March 2017 (FY 2017) compared with 17 discoveries in the year ended 31 March 2016 FY 2016. Out of 23 discoveries, 13 discoveries were made onland and 10 in offshore. Out of 13 onland discoveries, 9 were monetized during the year itself having a potential of 0.218 MMTOE per year. On 14 September 2017, ONGC Videsh announced that the Consortium partners of the giant ACG Fields in Azerbaijan have entered into an agreement with Azerbaijan Government and State Oil Company of the Azerbaijan Republic (SOCAR) for extension of duration of the Production Sharing Agreement (PSA) for Azeri-Chirag-Deep water portion of Gunashli (ACG) oil fields until 31 December 2049. ONGC Videsh holds a participating interest in ACG oil fields in the Azerbaijan Sector of Caspian Sea. The agreement is subject to ratification by the Parliament (Milli Majlis) of the Republic of Azerbaijan.On 5 October 2017, ONGC Videsh announced that it has completed the acquisition of 30% Participating Interest in Namibia Petroleum Exploration License 0037 for Blocks 2112A, 2012B and 2113B and related agreements (License), Offshore Namibia from Tullow Namibia Limited (Tullow), a wholly owned subsidiary of Tullow Oil plc.ONGC Videsh through its wholly owned indirect subsidiary ONGC Videsh Vankorneft Pte. Ltd. (OVVL) signed definitive binding agreements with Tullow Namibia Limited (Tullow), a wholly owned subsidiary of Tullow Oil plc, on 20 November 2017 for acquiring 15% participating interest in Namibia Petroleum Exploration License 0030 for Block 2012A and related agreements (License) from Tullow's existing participating interest of 25% in the License. Eco Oil and Gas Namibia (Pty) Ltd. with 32.5% Participating interest, Azimuth Namibia Limited with 32.5% participating interest and National Petroleum Corporation of Namibia (Pty) Ltd with 10% participating interest are other partners in the License. The License is currently under First Renewal Exploration Period and the joint venture partners are carrying out data evaluation for identifying a drill prospect. In a major development, ONGC's Board of Directors at its meeting held on 19 January 2018 considered the proposal and approved acquisition of Government of India's (GoI) entire 51.11% shareholding in Hindustan Petroleum Corporation Limited (HPCL) at a cash purchase consideration of Rs 473.97 per share with a total acquisition cost of Rs 36915 crore. On 20 January 2018, ONGC entered into a share purchase agreement with GoI for the acquisition of 51.11% of HPCL which has a strong presence in refining and marketing of petroleum products in the country.On 12 February 2018, ONGC announced that an Indian consortium led by its wholly owned subsidiary and overseas arm ONGC Videsh, BPRL & IOCL have signed a pact for acquisition of 10% participating interest in the ADNOC Group owned offshore Lower Zakum Concession for 40 years from 2018 to 2057. This is the first time that Indian oil & gas companies have been given a stake in the development of Abu Dhabi's hydrocarbon resources. Sixty percent of the participating interest will be retained by ADNOC and the rest will be awarded to other international oil companies. Lower Zakum is one of three separate offshore concession areas that were formerly part of the ADMA offshore concession.

Oil & Natural Gas Corpn Ltd Directors Reports

Dear Shareholders,

The Board of Directors of your Company (ONGC) are pleased to share with you the highlights, developments and the progress that your Company has made during the financial year ended 31.03.2019 and to present the 26th Annual Report on the business and operations of the Company and its Audited Statements of Accounts together with the Auditors' Report and Comments on the Accounts by the Comptroller and Auditor General (CAG) of India.

The business environment was again marked by great uncertainty in FY'19. Disruptive socio-economic and political changes continued to affect growth in many parts of the world. In the emerging markets, economic volatility worsened as growth rates slowed and currencies weakened. In the developed markets, deflationary pressures and soft consumer demand resulted in a continuous challenging trading environment. In the face of such uncertainty, it was more important than ever to stay on course and remain loyal to our strategy, driving short-term performance while ensuring we made the right decisions to deliver our long-term goals.

We are pleased to share that, despite the uncertainty, your Company along with its group companies have registered yet another year of sustained performance. Exploration and production, our core business, set various milestones during the year. Besides that, performance in the areas where ONGC has engaged substantially also witnessed success with positive contributions.

During FY'19, on account of exploratory efforts, 137.05 Million Metric tonnes (MMt) of Oil and Oil Equivalent Gas (O+OEG) accretion to In-place Hydrocarbons (3P) from ONGC-operated areas in India has been realized.

95.42 MMt of O+OEG In-place volume (about 69.6 percent of Total In-place) have been accreted from New Discoveries and Delineation/Appraisal efforts. 41.63 MMt of O+OEG In-place volume (about 30.4 percent of Total In-place) have been accreted as an outcome of data generated through other exploratory efforts.

During the year, the Estimated Ultimate Recovery (EUR) accretion in 2P category from ONGC operated areas in India has been 63.02 MMt of O+OEG.

Accretion from JV non-operated areas in India has been 20.25 MMt (O+OEG) in In-place Volume and 11.45 MMt (O+OEG) in EUR.

Domestic crude oil and natural gas production of ONGC along with its share in the domestic joint ventures (PSC-JVs) during FY'19 has been 50.04 million metric tonnes of oil and oil equivalent gas (MMtoe) which has been almost at the same level as during FY'18.

All joint ventures of your Company established for value- chain integration i.e. ONGC Petroadditions Ltd (OPaL), ONGC Mangalore Petrochemicals Ltd. (OMPL), ONGC Tripura Power Company Ltd (OTPC), Dahej SEZ Ltd (DSEZ), Mangalore SEZ Ltd. (MSEZ) and ONGC Teri Biotech Limited (OTBL) contributed meaningfully towards sustained endeavors of your Company for growth.

1. Major Highlights: FY'2018-19

The significant milestones achieved by your Company during FY'2018-19:

a) ONGC's standalone O+OEG production during 2018-19 was 45.86 MMtoe, an increase of 0.2% w.r.t. 2017-18 (45.79 MMtoe).

b) Natural gas production during 2018-19 was 24.75 BCM which was 5.4% more than the production during 2017-18.

c) ONGC's gas production recorded an all-time high of 71 MMSCMD in November 2018 mainly due to ramping up of production from Daman in Western offshore, S1-Vashistha in Eastern offshore and Tripura in Onshore.

d) Production of Value Added Products (VAP) increased by 7.56% (3,641 KT 2018-19 against 3,385 KT in 2017-18).

e) 516 wells drilled during 2018-19 as compared to 503 in the year 2017-18; an increase of ~ 3 % (y-o-y basis).Drilled more than 500 wells in last three consecutive years.

f) Drilled 411 development wells (including side tracks); the highest in the history of the Company.

g) Total 17 discoveries monetized during 2018-19 including 5 discoveries (3 pool and 2 Prospect) made during 2018-19 and remaining 12 from previous years.

h) Two New Basins i.e. Vindhyan and Bengal Basins were upgraded to Category II from Category III.

i) Hon'ble Prime Minister dedicated ONGC's deep water S1-Vasishta Development Project to the nation on 10th February 2019 at Guntur in Andhra Pradesh.

j) C2-C3 Plant, Dahej processed 5.095 million tonnes of LNG in 2018-19 against plant capacity of 5 million and produced ~ 900 KT of total annual VAP.

k) Revenue from operations was at र 1,096,546 million against र 850,041 million in FY'18.

l) Net profit (PAT) was at र 267,158 million against र 199,453 million during FY'18.

2. Global Recognitions

Your Company has been ranked number one E&P Company in the world by Platts Top 250 Global Energy Company Rankings-2018 and 21st among global energy majors based on assets, revenues, profits and return on invested capital. The leading international business journal Forbes in its 2019 list has ranked the Company 3rd largest in India and 220th worldwide based on sales, profit, assets and market value.

ONGC has been ranked 197 in the coveted Fortune Global 500 list 2018.

3. Details of new discoveries

Your Company recorded thirteen new discoveries (six New Prospects and seven New Pools) during the year. Out of six new prospect discoveries, five were in on-land and one in offshore. Three on-land and four offshore pool discoveries were also established during the year.

Details of new discoveries

Sr. No. Wells Basin/ Acreage HC Type Prospect/ Pool Nomination/ NELP
1 KG982NA-M-6 (AE) KG Offshore (DW) / KG-DWN-98/2 Oil & Gas Pool NELP
2 Babejia-2 (BJAB) Assam Shelf Basin / Golaghat Extn-IIA ML Oil & Gas Pool Nomination
3 Rokhia-75 (ROBE) AAFB-Tripura/ Konaban ML Gas Pool Nomination
4 GS-29-AM Shift KG Offshore SW/ GS-29 Extn PML Oil Pool Nomination
5 Baramura-31 (BMDI) AAFB-Tripura / Baramura Extn-IV PML Gas Pool Nomination
6 Asokenagar-1 (Asokenagar-A) Bengal Onland/ WB-ONN-2005/4 Gas Prospect NELP
7 Bantumilli North -2 (BTN-AB) KG Onland/ Malleswaram PML Oil & Gas Prospect Nomination
8 GKS091NFA#1 Kutch Offshore SW Gas Pool NELP
9 Hatta-2 (B-HAT-B) Vindhyan Oil & Gas Prospect NELP
10 Jantapathar#1Z Golaghat Extn-IIA (Addl.) ML, A&AA Basin Gas Prospect Nomination
11 B-203#2 NWMH Extn. PML, Western Offshore Basin Oil & Gas Prospect Nomination
12 Suryaraopeta West-1 (SUW-AA) KG Onland/ Malleswaram PML Oil & Gas Prospect Nomination
13 KGD982NA-P1-S-1 KG-DWN-98/2 block (Cluster-II Gas Pool NELP

Total 17 discoveries have been monetized during 2018-19, including 5 discoveries (3 pool and 2 Prospect) made during 2018-19, which are in nomination blocks, and remaining 12 from the previous years.

During the year, Reserve Replacement Ratio (RRR) of your Company from domestic fields were 1.41 and 1.78 with respect to 2P and 1P reserves respectively. With this, your Company has achieved Reserve Replacement Ratio (2P) of more than one for 13th consecutive years.

4. Acquisition of E&P Blocks

Your Company has been awarded five Blocks including operatorship in two blocks,under Round-1 of Open Acreage License Policy (OALP).

5. Reserve Position as on 01.04.2019 and Reserve Accretion

ONGC migrated to PRMS (Petroleum Resource Management System) as on 01.04.2019 from the earlier SPE (Society of Petroleum Engineers) Accretion of In-place hydrocarbons and EUR (Estimated Ultimate Recovery) by the Company in its operated areas and in Non-Operated areas (JV Share) during 2018-19 and position of In-place hydrocarbons and EUR (Estimated Ultimate Recovery) as on 01.04.2019 are furnished as below:

In-place Hydrocarbon volumes and Ultimate Reserves of Company operated and JV (Domestic) Fields

Accretion during the year 2018-19 Position as on 01.04.2019
Reserve Type Domestic (Operated) JV-Domestic (ONGC Share) Total Domestic (Operated) JV-Domestic (ONGC Share) Total
In-place Hydrocarbon 2P 136.69 26.72 163.41 7796.54 951.84 8748.39
MMt (O+OEG) 3P 137.05 20.25 157.3 8977.35 1025.28 10002.63
Ultimate Reserves MMt (O+OEG) 2P 63.02 11.45 74.47 2891 117.94 3008.93
3P 39.14 11.25 50.39 3133.3 118.29 3251.6

Note: EUR position as on 01.04.2019 (EUR=Cumulative Production + Reserves + Contingent Resources).

As per PRMS, existing remaining recoverable has been classified as Reserves and Contingent Resources. For better understanding of earlier and existing system, Reserves positions as on 01.04.2019 in both the reporting system i.e., earlier SPE and newly adopted PRMS are given below. In future, the Company will report its Reserves in PRMS format only.

Position of Reserves as on 01.04.2019

MMt (O+OEG) Total
As per earlier SPE system
Category Domestic (Operated) JV-Domestic (ONGC Share) Total
2P 1154.93 22.58 1177.52
3P 1397.23 22.94 1420.18

 

Position of Reserves and Contingent Resources as on 01.04.2019
MMt (O+OEG) Total
As per PRMS
As per PRMS Category Domestic (Operated) JV-Domestic (ONGC Share) Total
Reserves 2P 747.67 22.58 770.26
MMt (O+OEG) Total 3P 817.52 22.94 840.46
Contingent Resources 2C 407.26 407.26
MMt (O+OEG) Total 3C 579.71 579.71
Contingent Resources 2P+2C 1154.93 22.58 1177.52
MMt (O+OEG) Total 3P+3C 1397.23 22.94 1420.18

The following table gives the details of reserve accretion (2P-Proved and Probable) for the last 5 years in domestic basins as well as from overseas assets:

Ultimate Reserve (2P) accretion O+OEG (in MMtoe)
Year Domestic Assets (1) ONGC's share in domestic JVs (2) Total Domestic (3)=(1)+(2) ONGC Videsh's Share in Foreign Assets (4) Total (5)=(3)+(4)
2014-15 61.06 -1.03 60.03 20.03 80.06
2015-16 65.58 0.80 66.38 -7.22 59.16
2016-17 64.32 0.22 64.54 120.28 184.22
2017-18 67.83 1.02 68.85 21.56 90.41
2018-19 63.02 11.45 74.47 - 20.95 53.52

Note: Reserve accretion reported in terms of 2P reserves

6. Drilling of Wells

The total number of wells drilled by your Company during 2018-19 has been 516 against 503 wells drilled during 2017-18. The details are as below:

Wells drilled (No.)
Type of well
2017-18 2018-19
Exploratory (including shale) 119 105
Development 343 373
Side Tracks 41 38
Total 503 516

Out of these 516 wells, one exploratory and nineteen development wells in deep-water were drilled.

7. Oil, Gas and VAP Production

Domestic crude oil and natural gas production of ONGC along with its share in the domestic joint ventures (PSC-JVs) during FY'19 has been 50.04 million metric tonnes of oil and oil equivalent gas (MMtoe) which has been almost at the same level as during FY'18.

On standalone basis, ONGC's O+OEG production during 2018-19 has been 45.86 MMtoe, an increase of 0.2 per cent (45.79 MMtoe in FY'18). On standalone basis, crude oil production from ONGC operated fields has been

21.11 million metric tonnes (MMT) against production of 22.31 MMT during FY'18. Natural Gas Production (on standalone basis) during FY'19 has been 24.75 BCM an increase of 5.4 per cent over the production during FY'18 (23.48 BCM).The Company has registered increase in its domestic natural gas output for third consecutive year, mainly on account of ramping up of production from Daman in Western offshore, S1-Vashistha in Eastern offshore and Tripura Asset in onshore.

Your Company's share in domestic Joint Ventures' production was 3.12 MMT of crude oil (3.13 MMT in FY'18) and 1.06 BCM of natural gas (1.13 BCM during FY'18). Combining the two, total domestic production has been 24.23 MMT of oil and 25.81 BCM of gas. Production of Value Added Products (VAP) increased by 7.6%; from 3.39 MMT in FY'18 to 3.64 MMT during the year, with contribution from C2-C3 and Hazira plants in Gujarat.

The C2-C3 plant processed 5.095 MMt of LNG in 2018-19 against plant capacity of 5 MMt and produced ~ 900 KT of VAP.

Direct Unit Production Qty Sales Qty Value (र In millions)
FY'19 FY'18 FY'19 FY'18 FY'19 FY'18
Crude Oil (MMT) 24.23 25.43 22.50 23.67 775,729 603,899
Natural Gas (BCM) 25.81 24.61 20.49 19.49 188,389 137,372
Value Added Products (VAP)
Liquefied Petroleum Gas 000 MT 1107 1187 1109 1186 43,490 40,352
Naphtha 000 MT 1175 1176 1154 1180 46,861 38,084
Ethane-Propane 000 MT 414 356 414 356 10,063 7,502
Ethane 000 MT 455 264 456 264 10,109 7,050
Propane 000 MT 210 194 207 191 7,948 6,250
Butane 000 MT 114 103 115 103 4,470 3,423
Superior Kerosene Oil 000 MT 66 46 71 34 3,355 1,178
Others* 000 MT 99 61 58 28 2,585 692
Sub Total (VAP) 000 MT 3640 3387 3585 3342 128,881 104,531
Total 1,092,999 845,802

*Others include ATF, Sulphur-P, Sulphur-C, LSHS, HSD, LDO and MTO

Production from Overseas Assets by ONGC Videsh

During the year, total Oil and Gas production from overseas assets has been 14.833 MMtoe of O+OEG (Oil: 10.097 MMT; Gas 4.736 BCM) in comparision to 14.164 MMtoe during FY'18; an increase of 4.7 per cent which was mainly due to incremental production from Sakhalin-1 project, Russia; Block-06.1, Vietnam; additional production from acquisition of 4 per cent stake in the Lower Zakum Concession project in UAE, from resuming of production in GPOC, South Sudan and from Exploratory success in Block CPO-5, Colombia.

Oil and Gas production of ONGC Group including contribution from PSC-JVs and Overseas assets for FY'19 was 64.88 MMtoe (against 64.21 MMtoe in FY'18), an increase of one percent.

8. Technology induction/up-gradation

Technology induction/ up-gradation in various areas of operations is a continuous process in your Company to remain effective and competitive. The following technologies were evaluated/ inducted in the year 2018-19:

a) Development of methodologies for oil to oil correlation using compound specific isotopic analysis of biomarkers (CSIB) and Total Scanning Fluorescence Spectrophotometry (TSF).

b) Development of methodology for estimation of thermal maturity of organic matter through Fourier Transform Infra-Red spectroscopy (FTIR).

c) Intrepid Software for processing and interpretation of potential field geophysics data: ground, airborne and marine surveys.

d) Nobel Gas Mass Spectrometer (NGMS): This new dating technology will be used particularly for absolute dating of basalts which will have bearing on sub-basalt Mesozoic hydrocarbon exploration, particularly in the Kutch-Saurashtra Basin, as well as to understand thermo-tectonic evolution of basement rocks from different sedimentary basins of India.

e) GCM Modelling through Landmark: Technology of making GCM through Landmark's "Earth Modelling Module" has been inducted.

f) Technology by ESSEME: Pilot Project finalised to carry out "Thin Bed Resolution" study in Linch area through M/s ESSEME.

g) Broadband Processing has been established in OMEGA System by inducting Adaptive De-ghosting (AD) Technology on marine data to broaden the spectrum and improve the resolution by removing the source and receiver end ghosts.

h) Integration of reservoir model and 3D-MEM technology: This technique was used for optimization of hydro-fracturing in Redevelopment project of Gamij field.jobs:

i) Profile modifications Carried out water shut off jobs using in house chemical formulations in different fields of ONGC.

j) Several MEOR jobs in huff-n-puff mode and PDB jobs for paraffin degradation in tubulars in Mehsana & Ankleshwar Assets were carried out. Scrapping free period improved significantly by application of in-house developed Paraffin Degrading Bacteria (PDB) microbial formulations in Mehsana and Ankleshwar Assets.

k) Chemical Tracer test: It was conducted for low salinity micro-pilot in a well of Mumbai High South. The in-house developed technology is used to estimate Remaining Oil Saturation to see the effect of Low salinity water flooding.

l) Gas Tracer: Application of in-house developed technology on Gas Tracer has been used for better understanding of migration of flue gases in reservoir. The technology was used for monitoring and analysis on real time basis of 26 wells.

m) Immiscible gas injection in Borholla field:Gravity assisted Immiscible gas injection in depleted reservoir in KSU-5 sand of Borholla field has been implemented with the objective to enhance oil production and increase recovery from a depleted dipping reservoir. The plan envisages incremental oil of 0.34 MMt.

n) Miscible in Gandhar field: Simulation for CO2 GS-9 and GS-11 was studied which envisaged incremental oil gain of 3.63 MMt (GS-9 Sand: ~1.7 MMt; GS-11 Sand ~1.93 MMt) by 2042 Inj.; GS-11 with 75 (GS-9 Sand: 14 OP + 11 CO2 Inj.) new well inputs.Sand: 23 OP + 27 CO2

o) Laboratory study of LoSalin South Heera field:The laboratory results are encouraging and the conceptual plan is on the anvil. Simulation results for South Heera indicate 0.33 MMT of incremental oil gain (over the period of 17 years) by 2035.

p) Gas Assisted Gravity Drainage (GAGD): A study on Gas Assisted Gravity Drainage (GAGD) process has been carried out in Kasomarigaon field. It envisages cumulative oil of 0.86MMm3 (with 35% recovery) by drilling new horizontal oil producers and 2 new gas injectors. The process is envisaged to give dual benefit of maintaining reservoir health and reducing the gas flaring.

q) Polymer flood pilot in Bechraji, a heavy oil field (average viscosity of 270 cP) of Mehsana Asset was approved. This is the first time polymer flood is planned in heavy oil and envisaged potential to improve recovery by 4%.

r) Redevelopment of Gamij: The existing model was updated incorporating results of 55 new wells and integration of 3D-MEM for optimization of hydro-fracturing. A phase-wise development is suggested along with drilling of some parametric wells across the field to acquire high tech logs and core data to characterize sweet spots and optimize HF strategy.

s) "Development of Shockwave Assisted Fracking Tools: Filing of the second patent on "Shock tube tool for fracking of deep wells for oil and natural gas" is in progress.

t) Collaborative project with IIT-Delhi on "Development of direct hydrocarbon solid oxide fuel cell (SOFC) for utilization of low pressure gas for power generation at remote locations" is in progress under ONGC PAN-IIT Collaborative Research Program.

u) Collaborative project with IIT-Mumbai on "Flow Assurance of Waxy Crudes in Pipelines" is in progress under ONGC PAN-IIT Collaborative Research Program.

v) Collaborative project with IIT (ISM)-Dhanbad on "Development of Nano material based particle gel system for W&GSO in carbonate reservoirs" is in progress under ONGC PAN-IIT Collaborative Research Program.

w) i-Procalv-1: In-house developed process design software "i-Procalv-1", which includes sizing and rating of vertical as well as horizontal 3 phase separators including the effect of special internals.

x) PLUNGLift: IOGPT developed software, "PLUNGLift", which can be used to determine if the existing well parameters are sufficient to operate the plunger. The software will also give an indicative design of plunger lift system.

y) Acquired technology for carrying out deep water riser and mooring analysis by procuring Orcaflex software (ORCINA) and training by experts from 2H Offshore, UK.

z) Developed software "MATCAP" for analysis of bearing capacity of offshore shallow foundations, especially mud-mat foundation on which offshore jackets are supported initially, till long piles are driven to permanently secure a platform in the offshore.

9. Other Exploration Initiatives/Activities National Seismic Programme (NSP):

ONGC has been assigned by MoPNG the responsibility to carry out 2D seismic Acquisition, Processing & Interpretation (API) of 40,835 LKM of data in un-appraised areas of Indian sedimentary basins. In view of revision of basin boundaries, the volume of work assigned to ONGC was also increased to 42,211 LKM by DGH in June, 2018.

As on 31.03.2019, ONGC has acquired 32,319 LKM of seismic data (76.6 % of total revised target of 42,211 LKM) and processed about 13,346 LKM of complete seismic lines.

Basement Exploration: This year also, ONGC took up Basement Exploration as a major initiative. During the year 2018-19, 25 wells were drilled for with Basement exploration. Deliberate search of hydrocarbons in the Mesozoic sequence of Kutch Saurashtra block of western offshore basin has led to discovery of a new hydrocarbon bearing play in the fractured dolerite intrusives which flowed gas in substantial quantity extending the exploration frontier around the area. Encouraging results obtained through drilling of a number of new prospects during the year in the Padra field of Cambay Basin and the UAS block of A&AA basin has further enhanced the scope of basement exploration. Development initiatives taken up for exploitation of the fractured Precambrian reservoirs in the Thirunagari and Pundi fields of Cauvery basin have been met with expected results, encouraging sustenance of scope for basement exploration and exploitation. Your Company has also identified 25 prospects from G&G interpretation for basement exploration which are being finalized.

HP-HT Exploration: HP-HT (High Pressure – High Temperature) regime begins at a minimum temperature-pressure domain of 150C (300F) and 10,000 Psi respectively. During the year 2018-19, in GS-OSN-2004/1 block of Western Offshore Basin, exploratory HP-HT well "GSS-041-NAA#C" has been successfully drilled and tested in Jhuran formation (Mesozoic) to be gas bearing. In KG offshore, HP-HT Well "YS-6-2#sub" has been successfully drilled to the target depth of 5,324m without complications and hermetically tested on March 28, 2019. The HP-HT well is being taken up for testing. In Cauvery Basin, HP-HT well "ABAA_KKL" has been drilled to 5,500m. After testing three objects, the well was abandoned. Further, the HP-HT well "VNAC" in Cauvery Basin has been concluded at depth of 3,760m against the target depth of 4,900m due to high pressure. The testing of the well is being taken up. In A&AA Basin, three HP wells in Khubal field had been drilled and tested with result of gas indication. Further, three HP wells in Kunjaban field have been taken up for drilling and testing for Lower Bhuban Formation.

10. Exploration and Production from Unconventional Sources a) Coal Bed Methane (CBM):

Currently, ONGC is operating in four CBM Blocks, i.e., Jharia, Bokaro, North Karanpura (Jharkand) and Raniganj (West Bengal). After completion of Phase-I and II activities, development activities of Bokaro and North Karanpura is in progress. Revised Field Development Plans (FDP) for Jharia and Raniganj is under approval.

b) Shale Gas

During 2018-19, a total of 3 exclusive shale gas wells (NDSGA and NGSGA in Cambay basin and WGSGA in KG Basin) were drilled and one dual objective well NGSAA in KG Basin is presently under testing. So far, ONGC has completed drilling of 26 wells (of which 8 are exclusive wells and 18 are dual objective wells) in 21 blocks across four basins of Cambay, KG, Cauvery and A&AA Basins. Attempts are continuing to establish the shale gas/oil potential in the identified blocks. However, some indications of the presence of oil have been observed during the activation of the zones during hydro-fracturing in wells JMSGA and GNSGB in Cambay Basin and WGSGA in KG Basin. Presently, further activation is required in well WGSGA in KG Basin whereas well GNSGC in Cambay Basin is awaiting hydro-fracturing.

c) Underground Coal Gasification

Due to its inability to continue with UGC project, Gujarat Industries Power Company Limited expressed to withdraw from the Vastan UCG project. ONGC has done lot of ground work in this project and invested a lot of resources on UCG. A memorandum has been received from Ministry of Coal (MoC) on 31.10.2018, regarding allotment of the Vastan block to ONGC for testing of UCG pilot. MoC has sought confirmation from ONGC under UCG Policy terms and conditions, issued by MoC vide notification dated 26.09.2016. i.e., for full tenure 33 years of contract in 4 phases of exploration, pilot assessment, development and production. Allotment of Block from MoC is awaited.

d) Gas Hydrate Exploration Program

ONGC, as a NGHP Consortium Member of National Gas Hydrate Program of GoI, has played a significant role in G&G studies for the identification of sites for NGHP-01(2006)/ NGHP R&D Expedition-02 (2015) and successfully executed with on-board studies of both the expeditions. The results of NGHP-02R&D Expedition are very encouraging and producible gas hydrates have been discovered in KG deep offshore areas in sand reservoirs which will be taken up for production testing during NGHP-03.

Presently, Gas Hydrate Research and Technology Centre (GHRTC) is involved in R&D activities in exploration for gas hydrate prospects in Indian Deep waters and potential exploitation methodologies for gas hydrates through in-house efforts and PAN IIT collaborations. About eight in-house and two collaborative projects were completed. Four collaborative projects are in progress. Potential exploitation methodologies besides in-house studies like sand control, well bore completions and Depressurisation techniques, various production simulation studies have been carried out in collaboration with USA.

11. Oil & Gas Projects Projects completed in 2018-19

During the year 2018-19, ten major projects (3 development & 7 Infrastructure) costing around र 112,585.50 Million were completed.

Sl No Project Name Completion Date Project Cost (र In Million) Oil gain (MMT) Gas Gain (BCM)
1 Construction of 3 ETPs, Mehsana 22.05.2018 881.80 - -
2 Six Pipeline Project, Assam 31.05.2018 1,523.20 - -
3 MH North Redevelopment Phase-III 31.05.2018 57,248.00 6.997 5.253
4 Development of C-26 Cluster Fields 31.05.2018 20,492.60 0.644 5.94
5 Pipeline Replacement Project, Ahmedabad 30.06.2018 1,470.40 - -
6 Construction of one ETP at GGS-Nada, Ankleshwar 31.07.2018 1,284.70 - -
7 Ahmedabad Gas compressor Project 05.09.2018 1,153.50 - -
8 Nawagam-Koyali pipeline project 14.09.2018 1,850.20 - -
9 PRP IV 31.12.2018 21,836.60 - -
10 Redevelopment of Gamij Field, Ahmedabad 15.02.2019 4,843.90 1.269 0.101
Total 112,585.50 8.91 11.294

12. Projects approved during the year for implementation

During 2018-19 the following four Offshore Projects have been approved for implementation-

a) Pipeline Replacement Project-V: Project was approved on 26.04.2018 with an investment of र 7,663.70 Million. Project envisages laying and completion of 10 pipeline segments of ~60 Km under Mumbai High and Neela-Heera Assets. The project is expected to be completed by December 2019.

b) Mumbai High South Redevelopment Phase-IV: Project was approved on 14.02.2019 with an investment of र 36,607.10 Million. The scheme envisages installation of WIS-R water injection process platform, pilot EOR scheme and drilling of 6 development wells and 24 side-track wells. The scheme envisages incremental gain of 2.432 MMt oil and 0.577 BCM gas from IOR inputs and 0.795 MMt oil from EOR pilot scheme by March 2035. The project is expected to be completed by April 2021.

c) Development of cluster 8 marginal field: The project was approved on 14.02.2019 with an investment of र 22,924.60 Million. The scheme envisages installation of 4 wellhead platforms, 3 slot clamp-on at B192-1, associated pipelines along with drilling of 18 development wells, one well tie-back and one side track. The scheme envisages incremental production of 4.380 MMt oil and 0.464 BCM gas by March-2035. The project is expected to be completed by May 2021.

d) Construction of Transit storage Yard, Kakinada, EOA: The project was approved on 26.04.2018 with an investment of र 6,380 Million. Project envisages construction of storage yard and office at Kakinada. The project will be completed in 24 months after award of contract.

In addition, ONGC's mega offshore deep-water project in East Coast, Cluster-2 Development of KG-DWN-98/2, is in advanced stage of implementation. Contracts for some of the major packages such as SURF-SPS, Onshore Terminal and CPP & LQP (Offshore Process Platform and Living Quarters) have been awarded during 2018-19.

13. ONGC Energy Strategy 2040

During the year, your Company also adopted its strategic blueprint for the future – ONGC Energy Strategy 2040. While the Board approved the document in the first quarter of FY'20, much of the work in relation to the document was executed during FY'19. It is an important milestone for the Company as it gears up, as the country's foremost NOC in oil and gas, for the opportunities and challenges of the emerging world and domestic energy order for the next couple of decades. Strategy 2040 builds on the primary ideals and objectives of Perspective Plan 2030 while remaining alive to the evolving dynamics of an energy world that is in transition. It envisions ONGC as "A diversified energy company with strong contribution from non E&P businesses; 3x revenues and ~5-6x market capitalization".

14. Financial Highlights:

Your Company has earned Profit After Tax (PAT) of र 267,158 million, up by 33.9% over FY'18 (र 199,453 million) and registered Revenue from Operations of र 1,096,546 million, up by 29% over FY'18 (र 850,041 million).

Highlights Standalone Financial Statements

Revenue from Operations: र 1,096,546 million Profit After Tax (PAT):र 267,158 million Contribution to Exchequer: र 518,713 million Return on Capital Employed: 35.43% Debt-Equity Ratio: 0.11:1 Earnings/ Share: र 20.86 Book Value/ Share: र 161

र in million
Particulars
2018-19 2017-18
Revenue from operations 1,096,546 850,041
Other Income 75,190 78,836
Total Revenue 1,171,736 928,877
Profit Before Interest 582,247 448,712
Depreciation, Finance Cost, & Tax Expenses
Less: Depreciation/Amortisation/ Impairment 157,786 144,702
Less: Finance Cost 24,921 15,085
Profit Before Tax (PBT) 399,540 288,925
Profit After Tax (PAT) 267,158 199,453
Transfer to General Reserves 154,362 110,290
Other comprehensive income arising from re-measurement of defined benefit obligation, net income tax (2,946) (873)
Payments of dividends 95,952 77,642
Tax on Dividends 16,845 11,521
Expenses relating to buyback of equity shares 75 -
Opening Balance of Retained earnings 24,831 25,704
Balance at the end of the year 21,809 24,831

15. Buy-back of shares

The Board of Directors of the Company, meeting held on 20.12.2018 had approved the proposal for buy-back of equity shares upto 25,29,55,974 fully paid-up equity shares being 1.97% of the total paid-up equity shares of the Company at the price of र 159 per equity shares payable in cash of an aggregate consideration not exceeding र 40,220 million. The buy-back offer worked out to 2.50% of the net-worth of the Company as on 31.03.2017 and 2.34% as on 31.03.2018. The Company has completed the buy-back of 25,29,55,974 fully paid-up equity shares on 22.02.2019.

Upon completion of the buy-back, the number of equity shares of the Company reduced from 12,83,32,35,180 to 12,58,02,79,206 with corresponding reduction in the paid-up share capital from र 64,166.17 million to र 62,901.39 million.

16. Dividend

The Board of Directors of your Company is pleased to recommend a final dividend of र 0.75 per equity share of the face value of र 5 each (@15%), payable to those Shareholders whose names appear in the Register of Members as on the Book Closure / Record Date.

Your Company has paid two interim of र 5.25 per share (@105%) and र 1.00 per share (@20%) of र 5 each.

The total dividend for the year र 88,062 million including the proposed final dividend, besides र 18,101 million applicable Dividend Distribution Tax (DDT) which is 39.74% of PAT (inclusive of DDT). The dividend pay-out were in accordance with the Company's dividend distribution policy.

The Dividend Distribution policy as by the Company, may be accessed at the web link https://www.ongcindia.com/wps/wcm/connect/en/ investors/policies.

17. Management Discussion and Analysis Report

As per the terms of regulations 34(2)(e) of the SEBI Listing Regulations, the Management Discussion and Analysis Report (MDAR) as appended, forms part of this Annual Report.

18. Financial Accounting

The Financial Statements have been prepared in compliance with Indian Accounting Standards (Ind-AS) issued by the Institute of Chartered Accountants of India (ICAI) effective from 01.04.2016 and applicable provisions of the Companies Act, 2013. There have been no material changes and commitments, which affect the financial position of the Company, which have occurred between the end of the financial year to which the financial statements relate and the date of this Report.

19. Loans, Guarantees or Investments

Your Company is engaged in Exploration & Production (E&P) business which is covered under the exemption provided under Section 186(11) of the Companies Act, 2013. Accordingly, the details of loans given, investment made or guarantee or security given by the Company to subsidiaries and associates is not reported.

20. Details relating to deposits covered under Chapter V of the Act to

Particulars Amount (in र )
Deposits accepted during the year Nil
Deposits remaining unpaid or unclaimed as at the end of the year Nil
Default in repayment of deposit or formulated payment of interest thereon during the year Nil

21. Credit Rating of Securities: Details of the Credit Rating of Debt Securities obtained by the Company:

Sl. No. Particulars Details
1 Name of Debt Security International Bonds issued by subsidiaries guaranteed by the Company International Bonds issued by subsidiaries guaranteed by the Company Commercial Paper upto र 100,000 Million outstanding at any point of time
2 Credit Rating obtained Long term Issuer Credit Rating Foreign Currency Rating : Baa1 (Stable) Local Currency Rating : Baa1 Stable Issuer Credit Rating Foreign Currency : BBB- (Stable) [ICRA]A1+, CARE A1+
3 Name of the credit rating agency Moody's S&P Global Ratings ICRA Limited (ICRA), CARE Ratings Limited (CARE)
4 Date on which the credit rating was obtained February 2005 and annual surveillance thereon every year. November 2012 and annual surveillance thereon every year. ICRA: 18th June, 2018 revalidated on 17th September, 2018, 11th December, 2018 and 14th March, 2019.
CARE: 25th June, 2018 and revalidated on 21st August, 2018, 27th December, 2018, 22nd February, 2019 and 29th April, 2019.
5 Revision in the credit rating Not Applicable Not Applicable Not Applicable
6 Reasons provided by the rating agency for a downward revision, if any. Not Applicable Not Applicable Not Applicable

22. Investor Education and Protection Fund (IEPF)

Details of transfer of unclaimed dividends and eligible shares to IEPF have been placed in the Corporate Governance Report, which forms part of the Boards' Report.

23. Related Party Transaction

Particulars of contracts or arrangements with related parties as referred to in Section 188(1) of the Companies Act, 2013, is provided in specified Form AOC-2, and placed at Annexure-A.

24. Subsidiaries, Associates and Joint Ventures

The Consolidated Financial Statements for the year ended 31.03.2019 of your Company has been prepared in accordance with Section 134 of the Companies Act, 2013, Ind AS 103 "Business Combinations" as per Pooling of Interest Method, Ind AS 110 "Consolidated Financial Statements" and Ind AS 28 "Investments in Associates and Joint Ventures". The audited Consolidated Financial Statements for the year ended 31.03.2019 form part of this Annual Report.

Full Annual Reports of subsidiaries of your Company will be made available to any shareholder upon request, the same is also available on Company's website. Further, Annual Reports of ONGC Videsh, MRPL, HPCL and PMHBL are also available on websites www.ongcvidesh.com; www.mrpl.co.in; www.hindustanpetroleum.com and www.petronetmhbl.com respectively.

Financial position of subsidiaries, associates and joint venture companies, included in consolidated financial statement provided in AOC-1 prepared under the Companies Act, 2013 and Accounting Standards. In addition, brief details about subsidiaries/ Associates and Joint Ventures are as under

a) ONGC Videsh Limited

ONGC Videsh, the wholly-owned subsidiary of your Company for E&P activities outside India, has participation in 41 oil and gas projects in 20 countries, viz. - Azerbaijan (2 projects), Bangladesh (2 Projects), Brazil (2 projects), Colombia (7 projects), Iran (1 project), Iraq (1 project), Israel (1 project), Kazakhstan (1 project), Libya (1 project), Mozambique (1 Project), Myanmar (6 projects), Namibia (1 project), New Zealand (1 Project), Russia (3 projects), South Sudan (2 projects), Sudan (2 projects), Syria (2 projects), UAE (1 project), Venezuela (2 projects) and Vietnam (2 projects).

Out of these 41 projects, ONGC Videsh is the Operator in 14 projects, Joint Operator in 7 projects and in remaining 20 projects it is non-operator. ONGC Videsh has a combination of 15 producing, 4 discovered/under development, events in18 exploration projects and 4 pipeline projects. ONGC Videsh's share in production of oil and oil equivalent gas (O+OEG), together with its wholly-owned subsidiaries ONGC Nile Ganga B.V., ONGC Amazon Alaknanda Limited,Imperial Energy Limited, Carabobo One AB and ONGC Videsh Singapore Pte. Ltd. has been 14.833 MMtoe during FY'19 as compared to 14.164 MMtoe during FY'18. The overall oil production increased from 9.353 MMt during FY'18 to 10.097 MMt during FY'19 (an increase of 8%). Gas production has been 4.736 BCM during FY'19 against 4.811 BCM during FY'18(lower by 1.6%).

During FY'19, the Company has made consolidated Profit After Tax of र 16,823 million attributable to owners as compared to consolidated Profit After Tax of र 9,815 million attributable to owners during FY'18. The increase in profit is mainly on account of higher production and higher crude oil prices.

Significant financial activities during the year

ONGC Videsh has repaid bonds of USD 300 million that matured on 07.05.2018 on due date by raising USD 150 million in short-term Foreign Currency Non Resident/Foreign Currency Term Loan facilities from Banks and the balance USD 150 million from internal resources.

Memorandum of Understanding (MoU)

A Cooperation Agreement was executed on 28.09.2018 between ONGC Videsh Limited and UzbekNefteGaz to jointly explore the possibilities to assess potential opportunities in exploration blocks, under development assets and producing fields/blocks located within the Republic of Uzbekistan and third countries pertaining to upstream sector, with an initial term of two years. A Joint Working Team with members from UNG and ONGC Videsh is formed and preliminary data is under review.

area of Exploration & Significant Operation during FY'19:

A) GPOC, South Sudan: - Production from Greater Pioneer Operating Company (GPOC), South Sudan project of ONGC Videsh has resumed after prolonged shutdown since December 2013. On August 25, 2018, officially declared the pumping of first crude oil from Toma South field of South Sudan to Heglig in Sudan.

B) CPO-5, Colombia:- Achieved second consecutive success in an onshore well Indico-1X, Colombia. The well Indico-1 was spudded on 07.11.2018 and drilling completed on 15.12.2018. During the test, the well flowed at self-flow rate of appx.

4,000 BOPD. Currently the well is under Short Term Testing with multi bean study for further evaluation. Importantly, first success was in the well Mariposa-1, which is located 6.5 km from Indico-1, and the continuation of same play is confirmed in the recent well.

C) Rovuma Area-1 Project, Mozambique:-

The jointly owned marketing entity of ONGC Videsh and joint venture partners of Mozambique Rovuma Offshore Area 1 project incorporated at Singapore, has entered into long-term LNG Sale and Purchase Agreement (SPA) with Tokyo Gas Co. Ltd. (Tokyo Gas) and Centrica LNG Company Ltd., a subsidiary of Centrica plc (Centrica) through a co-purchasing agreement for sale of 2.6 million tonnes per annum (MMTPA) from the start-up of production until the early 2040s; CNOOC Gas and Power Singapore Trading & Marketing Pte. Ltd (CNOOC) for 1.5 MMTPA for a term of 13 years; Shell International Trading Middle East Ltd. (Shell) for 2 MMTPA for a term of 13 years; Bharat Gas Resources Ltd. a wholly owned subsidiary of Bharat Petroleum Corporation Ltd. for 1 MMTPA for a term of 15 years and Pertamina, a state owned oil and gas company of Indonesia, for 1 MMTPA for a term of 20 years.

These latest deals build upon previously executed deals for long term off-take of LNG from Rovuma Offshore Area 1 project and take long-term sales to more than 9.5 MMTPA. With the approval of the development plan in February 2018, ongoing resettlement implementation activities, site preparation and execution of these SPAs, the project is poised to take FID in H1 2019.

D) Lower Zakum Concession, UAE: The first equity cargo of Das Blend crude produced from Lower Zakum Concession, ADNOC Offshore, UAE arrived at New Mangalore port on 08.06.2018. This equity crude of ONGC Videsh was refined at MRPL, and is another step towards ensuring India's energy security needs.

E) Block 06.1,Vietnam: Memorandum of Understanding (MoU) was signed on 18.04.2018 among ONGC Videsh, Rosneft, Vietnam BV (Operator) and PetroVietnam relating to further exploration activities in Block 06.1, for exploration in deeper Clastic prospect.

Direct Subsidiaries and Joint Ventures of ONGC Videsh: i) ONGC Nile Ganga B.V. (ONGBV):

ONGBV, a subsidiary of ONGC Videsh, is engaged in E&P activities directly or through its subsidiaries/JVs in Sudan, South Sudan, Syria, Venezuela, Brazil and Myanmar. ONGBV holds 25% Participating Interest (PI) in Greater Nile Oil Project (GNOP), Sudan with its share of oil production of about 0.257 MMT during FY'19. ONGBV also holds 25% PI in Greater Pioneer Operating Company (GPOC), South Sudan. Production from GPOC, South Sudan resumed on 25.08.2018 after prolonged shutdown since December 2013 and produced 0.131 MMT in FY'19. ONGBV holds 16.66% to 18.75% PI in four Production Sharing Contracts in Al Furat Project (AFPC), Syria. Due to force majeure conditions in Syria, there was no production in AFPC project during FY'19. ONGBV holds 40% PI in San Cristobal Project in Venezuela through its wholly owned subsidiary ONGC Nile Ganga (San Cristobal) BV with its share of oil & oil equivalent gas production of about 0.286MMTOE during FY'19. ONGBV holds 27% PI in BC-10 Project in Brazil through its wholly owned subsidiary ONGC Campos Ltd. with its share of oil and oil equivalent gas production of about 0.548 MMTOE during FY'19. It also holds 25% PI in Block BM-SEAL-4 located in deep-water offshore, Brazil through its wholly owned subsidiary ONGC Campos Ltda. ONGBV also holds 8.347% PI in South East Asia Gas Pipeline Co. Ltd., (SEAGP) for onshore Pipeline project, Myanmar through its wholly owned subsidiary ONGC Caspian E&P B.V.

ii) ONGC Narmada Limited (ONL): ONL has been retained for acquisition of future E&P projects in Nigeria.

iii) ONGC Amazon Alaknanda Limited (OAAL): OAAL, a wholly-owned subsidiary of ONGC Videsh, holds stake in E&P projects in Colombia, through Mansarovar Energy Colombia Limited (MECL), a 50:50 joint venture company with Sinopec of China. During FY'19, ONGC Videsh's share of oil and oil equivalent gas production in MECL was about 0.444 MMtOE.

iv) Imperial Energy Limited (IEL): IEL, a wholly-owned subsidiary of ONGC Videsh incorporated in Cyprus, has its main activities in the Tomsk region of Western Siberia, Russia. During FY'19, Imperial Energy's oil and oil equivalent gas production was about 0.242 MMtOE.

v) Carabobo One AB:

Carabobo One AB, a subsidiary of ONGC Videsh incorporated in Sweden, indirectly holds 11% PI in Carabobo-1 Project, Venezuela. During FY'19, ONGC Videsh's share of oil and oil equivalent gas production was about 0.127 MMtOE.

vi) ONGC BTC Limited: ONGC BTC Limited holds 2.36% interest in the Baku-TbilisiCeyhan Pipeline ("BTC") which owns and operates 1,768 km oil pipeline running through Azerbaijan, Georgia and Turkey. The pipeline mainly carries crude from the ACG fields from Azerbaijan to the Mediterranean Sea.

vii) Beas Rovuma Energy Mozambique Limited (BREML): BREML was incorporated in British Virgin Islands (BVI) and has been migrated by continuation to Mauritius w.e.f. 23.01.2018. ONGC Videsh holds 60% shares in BREML and the balance 40% are held by Oil India Ltd. BREML holds 10% PI in Rovuma Area 1, Mozambique.

viii) ONGC Videsh Atlantic Inc. (OVAI):

ONGC Videsh has setup a Geological and Geophysical (G&G) Centre at Houston, USA through its wholly owned subsidiary ONGC Videsh Atlantic Inc. The Centre caters to requirement of G&G studies for potential new acquisitions of ONGC Videsh including G&G studies of its existing portfolio of projects.

ix) ONGC Videsh Rovuma Limited: ONGC Videsh Rovuma Limited a wholly owned subsidiary of ONGC Videsh was incorporated in Mauritius for re-structuring of 10% PI in Rovuma Area 1, Mozambique.

x) ONGC Videsh Singapore Pte. Ltd.:

The Company was incorporated on 18.04.2016 in Singapore for acquisition of shares in Vankorneft, Russia, through its subsidiary ONGC Videsh Vankorneft Pte Limited (OVVL). OVVL holds 26% shares in Vankorneft, Russia and its share of production during FY'19 was 5.800 MMTOE.

xi) Indus East Mediterranean Exploration Ltd.: Indus East Mediterranean Exploration Limited, a wholly owned subsidiary of ONGC Videsh was incorporated in Israel on 27.02.2018 and engaged in E&P activities related to Block-32, Offshore Israel.

xii) ONGC Mittal Energy Limited (OMEL):

ONGC Videsh along with Mittal Investments Sarl (MIS) promoted OMEL, a joint venture company incorporated in Cyprus. ONGC Videsh and MIS together hold 98% equity shares of OMEL in the ratio of 49.98:48.02, remaining 2% shares are held by SBI Capital Markets Ltd. OMEL also holds 1.20% of the issued share capital of ONGBV by way of Class-C shares issued by ONGBV exclusively for Syrian Assets and is being financedby Class-C Preference Shares issued by ONGBV.

xiii) SUDD Petroleum Operating Company:

SUDD Petroleum Operating Company (SPOC), a Joint Operating Company incorporated in South Sudan to operate in Block 5A, South Sudan in which ONGC Videsh, Petronas & Nilepet of South Sudan holds 24.125%, 67.875% & 8% PI respectively. Block 5A is located in the prolific Muglad basin and is spread over an area of about 20,917 Square Km.

xiv) Mozambique LNG1 Company Pte. Ltd.:

Mozambique LNG1 Company Pte. Ltd. has been incorporated at Singapore by Rovuma Area-1 Mozambique consortium to oversee marketing and shipping activities of LNG from first 2 trains of Golfinho-Atum field.

ONGC Videsh Limited holds 16% interest in the Company which is in proportion to its interest in Rovuma Area-1 Project, Mozambique.

xv) Falcon Oil & Gas B.V. (FOGBV): FOGBV was incorporated in Netherlands on 06.02.2018. ONGC Videsh's wholly owned subsidiary ONGBV holds 40% shares in FOGBV, IOC and BPRL holds 30% shares each though their respective Dutch subsidiaries. The transaction documents were executed with ADNOC, Supreme Petroleum Council (SPC) and the Operating Company (OPCO) on 10.02.2018 at Abu Dhabi for acquiring 10%PI in Lower Zakum Concession for a period of 40 years with effect from 09.03.2018. During FY'19, ONGC Videsh's share of oil production was about 0.757 MMT.

b) Mangalore Refinery and Petrochemicals Limited (MRPL)

Your Company continues to hold 71.63 % equity stake in MRPL, a Schedule ‘A' Mini Ratna company and listed entity, which is a single location 15 MMTPA Refinery on the West coast. Further,HPCL, another subsidiary of your Company, also continues to hold 16.96% in MRPL. MRPL achieved the highest-ever crude oil processing of 16.23 MMT and lowest ever energy consumption of 74.27 MBN for FY'19. It also recorded the highest-ever high value Polypropylene production of 388 KT.

Even with the stressed global market conditions, MRPL achieved Net Profit of र 3,320 million and GRM of 4.06 USD/bbl.

Subsidiary

ONGC Mangalore Petrochemicals Limited (OMPL), is a subsidiary of MRPL. It has set-up Aromatic Complex with an annual capacity 914 KTPA of Para-xylene and 283 KTPA of Benzene in . Mangalore Special Economic Zone as value chain integration project. OMPL operated at capacity utilization of ~100% in FY'19. Total revenue in FY'19 was र 83,624 million and net profit wasर 229 million. This is a maiden profit for OMPL. Presently, MRPL holds 51% in the share capital of OMPL and ONGC holds 48.99% and thus OMPL is a subsidiary of MRPL. 4,000 shares (.0002%) are held by 13 individuals.

c) Hindustan Petroleum Corporation Limited (HPCL)

Your Company acquired 51.11% shareholding held by the President of India in HPCL on 31.01.2018, for a total cash consideration of र 369,150 million.

HPCL has recorded excellent physical and financial performance during the financial year 2018-HPCL achieved EBITDA of र 130,772 million in FY'19 as compared to EBITDA of र 125,214 million in FY 2017-18. In spite of volatile crude prices, lower cracks and depreciation of rupee, HPCL was able to achieve higher EBITDA due to increased thru'put at refinery, higher marketing sales volume, and better operational efficiency and inventory gains. During FY'19, PAT has been र 60,287 million on standalone basis, as compared to PAT of र 63,571 million during FY'18. Gross Sales during FY'19 increased to र 29,57,126 million as against र 24,32,267 million during the previous financial year.

During FY'19, HPCL refineries at Mumbai and Visakhapatnam have maximized crude processing and achieved the highest ever combined refining throughput of 18.44 Million Metric Tonnes (MMT) with capacity utilization of 117%, compared to throughput of 18.28 MMT achieved during FY'18. Both refineries recorded the best ever throughput performance on individual basis as well.

Maximization of crude processing at refineries helped HPCL achieve the highest ever production of LPG (896 TMT), Lube Oil Base Stock (474 TMT) and Bitumen (1,267 TMT). HPCL refineries also achieved excellent performance in the area of energy efficiency and recorded the lowest combined specific energy consumption during the year. HPCL achieved combined Gross Refining Margin (GRM) of USD 5.01 per barrel during the year as compared to USD 7.40 per barrel during FY'18. GRMs were lower in comparison to previous year mainly on account of reduced cracks in all products except HSD and FO, higher fuel and loss cost due to increased crude price and exchange rate variation loss due to rupee depreciation.

During FY'19, HPCL achieved the highest ever sales volume of 38.7 MMT with a domestic sales growth of 4.7% over historical. Domestic sales of Motor Spirit (Petrol) increased by 6.8%, High Speed Diesel (HSD) by 2.1%, LPG by 7.1%, Aviation Turbine Fuel (ATF) by 20%, Bitumen by 26.4% and Lubes by 8%, compared to FY'18.

HPCL continues to be India's largest lube marketer for the sixth consecutive year with overall lubricant sales volume of 650 TMT during the year. HPCL recorded market share gain of 0.17% in Motor Fuel sales amongst PSU OMCs during 2018-19. HPCL continues to be India's second largest LPG marketer. In Industrial & Consumer (I&C) business, HPCL exceeded 5 MMT sales volume for the third consecutive year.

HPCL reported consolidated PAT of र 66,906 million during 2018-19 as against र 72,183 million during previous financial year. The consolidated PAT is lower due to reduction in profits of HMEL and MRPL, resulting in reduction of HPCL's share of profits. Further share of profit from MRPL for FY 2018-19 was र 588 million as against र 3,389 million during 2017-18.

For the year 2018-19, HPCL has proposed a final dividend of र 9.40 per share, in addition to the interim dividend of र 6.50 per share aggregating र 15.90 per share for FY'19.

Capital Projects of HPCL

During 2018-19, a number of capital projects were completed by HPCL with highest ever overall capital expenditure of र 116,890 million. Pipeline project for capacity expansion of Ramanmandi-Bahadurgarh Pipeline (RBPL) from 4.71 to 7.11 MMTPA was completed within the scheduled time and cost. POL supply network was strengthened with commissioning of new railway tank wagon gantry at Visakh black oil terminal, revamp of the existing tank wagon facility at Jabalpur depot and commissioning of new aviation fuel stations at Amritsar, Bhubaneshwar, Raipur and Kolhapur airports. LPG supply infrastructure was augmented with commissioning of a new LPG bottling plant at Warangal (Telangana) with bottling capacity of 60 TMPTA and additional bottling capacity augmentation of 330 TMTPA at existing LPG plants.

478 new retail outlets and 1,018 new LPG distributorships were commissioned during 2018-19 taking the number of total retail outlets to 15,440 and number of total LPG distributors to 5,866 as of 31.03.2019.

HPCL has expanded its global footprints and is supplying HP Lubricants to 11 countries.

HPCL's Visakh Refinery Modernization Project and Mumbai Refinery expansion Project are progressing well. Major contracts have been awarded and site construction activities are in progress for both the projects. Licensor selection for all the process units has been completed for 9 MMTPA Greenfield refinery cum petrochemical complex project of HPCL Rajasthan Refinery Limited (HRRL) and site construction activities are in progress at Pachpadra in Barmer. Financial closure is achieved for

Rajasthan Refinery project.

HPCL's major ongoing pipeline projects

Mundra Delhi Pipeline (MDPL) capacity expansion,

Extension line from Palanpur to Vadodara including new greenfield terminal at Vadodara, Visakh Vijayawada Secunderabad pipeline(VVSPL) capacity expansion and

Extension of Visakh Vijayawada Secunderabad pipeline (VVSPL) from Vijayawada to Dharmapuri & construction of marketing terminal at Dharmapuri are on track.

In addition, Uran Chakan LPG pipeline project is in advanced stage of completion. HPCL has been authorized to set up CGD networks in 9 states.

With this HPCL on its own and through its JV companies has authorization for CGD network in 20 geographical areas in 9 states. Environmental clearance is received for LNG, regasification terminal being set up in Joint Venture at Chhara Gujarat.

Subsidiaries of HPCL i) Prize Petroleum Company Limited (PPCL)

Prize Petroleum Company Ltd (PPCL) is a wholly owned subsidiary of HPCL. PPCL is the upstream arm of HPCL and is in the business of Exploration and Production (E&P) of Hydrocarbons as well as providing services for management of E&P blocks.

ii) HPCL Bio Fuel Limited

HPCL Biofuels Ltd (HBL) is a wholly owned subsidiary of HPCL. The company was incorporated on 16.10.2009 as a backward integration initiative to foray into manufacture of ethanol. HPCL Biofuels Ltd. (HBL) is a wholly owned subsidiary company of HPCL. HBL was promoted as a backward integration initiative to enable HPCL's foray into manufacturing of Ethanol for blending in Petrol. HBL presently has two integrated Sugar-Ethanol-Cogeneration plants at Sugauli and Lauriya in the state of Bihar. iii) HPCL Rajasthan Refinery Limited

HPCL Rajasthan Refinery Ltd. (HRRL) is a joint venture of HPCL and Government of Rajasthan with 74% equity participation by HPCL and balance 26% by Government of Rajasthan. HRRL is setting up a 9 MMTPA capacity Greenfield refinery cum petrochemical complex in the state of Rajasthan. HPCL and the Government of Rajasthan entered into a revised Memorandum of Understanding on 18.04.2017 for the construction of the said Refinery with revised parameters. The revised Joint Venture Agreement was signed on 17.08.2017.

iv) HPCL Middle East FZCO

HPCL Middle East FZCO, a 100% Subsidiary of HPCL was incorporated on 11.02.2018 as a free zone company under Dubai Airport Free Zone and Establishment Card was issued on 22.03.2018 for the company. HPCL Middle East FZCO was established for trading of lubricants & greases, petrochemicals and refined petroleum products. The company has also commenced its operations. HPCL has expanded its global footprints and is supplying HP Lubricants to 11 Countries. Newly formed wholly owned subsidiary "HPCL Middle East FZCO" in Dubai has also commenced its operations.

d) Petronet MHB Limited (PMHBL)

Upon acquisition of controlling interest in the capital of HPCL on 31.01.2018, PMHBL has become a direct subsidiary of your Company. Both the Company and HPCL hold 65.44% (each 32.72%) in the capital of PMHBL. Balance 34.56% of equity being held by banks/ Financial Institutions. PMHBL owns and operates a multi–product pipeline to transport MRPL's products to the hinterland of Karnataka.

In FY'19 PMHBL pipeline has achieved a throughput of 3.36 MMT against total throughput of 3.50 MMT last year.

PMHBL has recorded total Revenue of र 2,030 million as compared to र 1,711 million in the previous year. Further, Profit After Tax of PMHBL was र 1,118 million in FY'19 as compared to र 835 million in FY'18.

Associates and Joint Ventures e) Pawan Hans Limited (PHL)

PHL, an Associate of the Company (49%) was formed with the Government of India (51%), acting through Ministry of Civil Aviation inter-alia for catering to the logistic requirements of oil fields located at remote/far-flung areas. PHL is Mini Ratna-I Category PSU, having 43 helicopters including medi-chopper. The Government of India is taking action for identifying a strategic acquirer for its entire holding and hence, your Company has also decided to exit PHL along with the Government.

f) Petronet LNG Limited (PLL)

PLL, a JV of the Company, which was incorporated on 02.04.1998 with 12.50% equity holding along with identical stakes held by other Oil PSU co- promoters viz., IOCL, GAIL and BPCL, is a listed Company. PLL, one of the fastest growing world-class companies in the Indian energy sector, has set up the country's first LNG receiving and regasification terminal at Dahej, Gujarat, and another terminal at Kochi, Kerala. While the Dahej terminal has a nominal capacity of 15 MMTPA, the Kochi terminal has a capacity of 5 MMTPA.

During FY'19, the Company's Dahej Terminal operated at 107% of its name plate capacity and processed highest ever LNG quantities of 820 TBTU, as against the 816 TBTU of LNG quantities processed in FY 2017-18. The overall quantities processed by the Company in FY'19 was 844 TBTU as compared to 848 TBTU processed in FY'18.

The Company registered highest ever Profit before Tax of र 32,336 million in FY'19, which stood at र 30,551 million in the corresponding period, witnessing a growth of 6%. PAT for FY'19 was र 21,554 million, which stood at र 20,779 million in FY'18, registering a growth of 4%.

The increase in profit over the corresponding FY 2017-18, is due to higher volumes processed at the Dahej Terminal and better efficiency in operations.

The Board of Directors have recommended a dividend of र 4.50 per equity share of र 10 each (45%) for the FY 2018-19.

g) Dahej SEZ Limited (DSL)

DSL, a 50:50 JV of the Company along with Gujarat Industrial Development Corporation, was formed a for establishing a multi-product SEZ at Dahej. Your Company has set up C2-C3 Extraction Plant as a valuechainintegration project, which serve as feeder unit toONGC Petro- additions Limited.

Revenue from Operations of DSL during FY'19 was र 578 million, ProfitAfter Tax was र 328 million.

h) ONGC Tripura Power Company Limited(OTPC)

OTPC was incorporated on 27.09.2004 as a joint venture of your Company (50%) along with the Government of Tripura (0.5%) and IL&FS Energy Development Co. Ltd. (IEDCL - an IL&FS subsidiary) (26%); the balance 23.5% has been tied up with India Infrastructure Fund – II acting through IDFC alternatives Limited.

OTPC has set up a 726.6 MW gas based Combined Cycle Power Plant at Palatana, Tripura at a project costof र 40,470 million. The basic objective of the projectis to monetize idle gas assets of the Company in landlocked Tripura State and to boost exploratory efforts inthe region. Power evacuation for both the units is done through 663 KM long 400 KV double circuit transmission network by NorthEast Transmission Company Limited (NETC), a joint venture of Power Grid Corporation, OTPC and Governments of the North-Eastern states. OTPC's both power units of 363.3 MW each are fully operational in two phases. Average Plant load factor (PLF) for the year FY'19 was 75%.

Total Income of OTPC during FY'19 was र 14,558 million and Profit After Tax (PAT) was र 2,139 million. OTPC paid an interim dividend of @8% and declared final dividend @6% also.

i) Mangalore SEZ Limited (MSEZL)

MSEZ is a Special Economic Zone promoted by the Company with an equity stake of 26% along with KIADB (23%), IL&FS (50%), OMPL (0.96%) and KCCI (0.04%). MSEZ, was set up as zone for development of necessary infrastructure to facilitate and locate industrial establishment including OMPL. MSEZ is operational since 01.04.2015. With investments exceeding USD 2 billion and exports of over USD 400 million worth of goods from its units, MSEZ has emerged as one of the most vibrant operational multi-product SEZs in India.

Revenue from operations for FY'19 was र 2,068 million and PAT was र 24.10 million.

j) ONGC Petro additions Limited (OPaL)

OPaL is a mega petrochemical project established in Dahej SEZ for utilizing in-house production of C2-C3 and Naphtha from the nearby unit of the Company. The project cost of OPaL at completion was र 308,260 million.

OPaL has started its production in 2016-17 and has been ramping up its production in phases. OPaL has established itself in domestic/export market with sale of prime grade products. OPaL operated at average 70% capacity in FY'19; and aggregated more than One Million Tonne of polymer sales. Total Income of OPaL during the year FY'19 has been र 97,854 million. Polymers produced by OPaL has been adjudged as the Best Polymer Brand of 2019 by Economic Times.

k) ONGC TERI Biotech Limited (OTBL)

OTBL is a JV formed by the Company (49.98%) along with The Energy Research Institute (48.02%) and the balance 2% shares are held by individuals.

OTBL has developed various Biotechnical Solutions to oil and gas Industries through collaborative researches involving the Company and TERI.

These technology include Bioremediation, Paraffin Degrading Bacteria (PDB), Wax Deposition Prevention (WDP) and Microbial Enhanced Oil Recovery (MeOR) which are being provided to oil and gas industries both in India and abroad.

Revenue from Operations of OTBL during FY'19 was र 216 million and Profit After Ta x was र 67 million.

l) Rohini Heliport Limited (RHL):

Your Company has subscribed 49% equity capital in Rohini Heliport Limited, a mirror company of Pawan Hans Limited incorporated on 07.01.2019 for the purpose of operating Rohini Heliport independently.

m) Indradhanush Gas Grid Limited (IGGL)

Your Company has subscribed 20% equity capital in IGGL, a JV company of ONGC, IOCL, GAIL, OIL and NRL. The company has been incorporated in Guwahati, Assam for the purpose of laying 1656 KM pipeline covering north east states with a Capex of र 92,650 Million. The company got incorporated on 10.08.2018 and has initiated the project related activities.

25. Companies Which Have Become/ Ceased To Be Company's Subsidiaries, Joint Ventures And Associates Companies During The Year

a) Companies which has become subsidiaries during the financial year 2018-19: Nil. b) Companies which has ceased to be subsidiaries during the financial year 2018-19: Nil. c) Companies which has become a joint venture or associate during the financial year 2018-19: i) Rohini Heliport Limited. ii) Indradhanush Gas Grid Limited. d) Companies which has ceased to be a joint venture or associate during the financial year 2018-19: Nil

26. ONGC's Start-up Initiative

ONGC announced र 1,000 million Start-up fund on its 60th foundation day, i.e. on 14.08.2016 to foster, nurture and incubate new ideas related to energy sector. The initiative, christened as ‘ONGC Start-up Fund', is in line with the ‘Start-up India' initiative launched by the Hon'ble Prime Minister of India on 16.01.2016.

The initiative is intended to promote entrepreneurship among young Indians by creating an ecosystem that is conducive for growth of Start-ups in the energy sector, which has a huge potential for technology-enabled ideas. The energy sector is contributing enormously to the growth of economy. Currently, the sector faces various critical challenges and new ideas are required to mitigate these challenges.

On 07.12.2016 a dedicated website startup.ongc. co.in was launched by Honorable, Union Minister of State (I/C) Petroleum and Natural Gas for registration of proposals. The website also contains an application form to capture proposals for Funding support for Start-Ups.

In order to provide the entire support chain including seed capital, hand-holding, mentoring, market linkage and follow-ups, MoUs with SINE of IIT Bombay and L-Incubator of IIM-Lucknow (Incubators) were entered to support evaluation, selection, mentoring, monitoring and to construe an ecosystem to incubate new ideas related to energy sector and nurture them to become commercial ventures.

The associated institutes assist ONGC in evaluation, due-diligence, construction of documents and associated negotiations. The initiative has received very good response in four rounds held so far and one O&G 20 round held during Petrotech, 2019. ONGC has completed evaluation of two rounds and have provided support to five startups from energy sector. Evaluation of 3rd round is in progress. Pitching session for 4th and O&G 20 round is planned.

In addition to existing ongoing process, it has been decided that Oil &Gas CPSEs will create a common platform/ process through IITs/IIMs/ other educational Institutions for receiving and shortlisting proposals. ONGC is also a participant in the process, which shall provide access to increased number of Start-ups.

27. ONGC's Solar Chulha Initiative

Hon'ble Prime Minister, while dedicating Deendayal Urja Bhavan to the nation, had exhorted ONGC to take up a challenge of developing an energy efficient electric cooking stove under ONGC Start-Up scheme, which would enable cooking through the use of solar energy.

ONGC launched a nationwide Solar Chulha Challenge inviting Entrepreneurs/ Scientists/ Researchers to participate in the Indigenous Development effort of Solar Chulha (Electric and Thermal), suitable for indoor cooking of Indian food (including frying, baking and chapati making). A panel of eminent scientists drawn from various national institutions/ bodies was constituted under Dr. Anil Kakodkar, former Chairman, Atomic Energy Commission for evaluation of applications. After two rounds of evaluation by the Expert Panel and prototype demonstration held in ONGC premises on 23-24.04.2018, top three teams were awarded with cash prizes of र 10, र 5 and र 3 Lakhs respectively. The other two teams were given appreciation awards of र 1 lakh each. Teams from IIT Bombay and NIT Kurukshetra have installed 86 solar electric chulhas and 5 solar thermal chulhas respectively in Betul, MP, under pilot project. BMS College's proposal is under consideration against ONGC Start-up Initiative.

28. Health, Safety and Environment (HSE)

Being a high risk industry, safety of its employees is the top-most priority of your Company. Hydrocarbon exploration & production (E&P) operations are being carried out in varied climate and environment areas ranging from deserts to coastal areas, hilly terrains to forests, shallow to deep water and also in ultra-deep water areas. E&P activities often interact with the ecosystems and may have physico-chemical & bio-geochemical impact on the surrounding environment. Your Company, being a responsible Corporate makes all efforts for protection and preservation of environment.

The Company has recently revised its Environment Policy and e-Waste Policy in line with the existing rules, regulations and guidelines. Your Company has a dedicated Institute, viz. Institute of Petroleum Safety and Health Management (IPSHEM) at Goa for research and development in the field of Health,Safety and Environment Management apart from conducting training programs.

Your Company takes all the requisite measures to minimize the impact of E&P activities on the environment by adoption of clean technologies for gaseous emissions, liquid effluent and solid waste generated out of its operations. Your Company has implemented globally recognized QHSE Management System conforming to requirements of QHSE Certifications ISO 9001, ISO 14001 and ISO 18001 (OHSAS) and certified by reputed agencies at all its operational units. Corporate guidelines on online incident reporting, investigation and compliance of audit observations have been developed and implemented for maintaining uniformity throughout the organization in line with international practice.

HSE Highlights during 2018-19

Internal Safety Audits (ISA) and External Safety Audits (ESA)

To check the conformity of activities and processes to HSE management systems as well as to prevalent rules, regulations, guidelines and standards, regular audits are being conducted internally by multi-disciplinary teams of ONGC and external audits/ inspections by different agencies, namely Oil Industry Safety Directorate (OISD) and Directorate General of Mines Safety (DGMS). During the year 268 internal safety audits were conducted.

External Safety Audits

OISD conducts Safety Audits on regular basis. In the year 2018-19, 56 Safety Audit/Surprise Safety Audits and 2 Pre-Commissioning Audits were conducted by OISD. Compliance status as on 31.03.2019 was 91.48%. DGMS is a Regulatory Agency under the Ministry of Labour and Employment, Government of India in matters pertaining to occupational safety, health and welfare of persons employed in mines (Coal, Metalliferous and oil-mines). It carries out periodic inspections of ONGC onshore facilities. Compliance status as on 31.03.2019 was 97.51%.

All efforts are being made to liquidate Safety Audit Recommendations within the stipulated timelines. Expected Date of Completion (EDC) for compliance of audit observation(s) is firmed up based on the criticality and volume of work involved. Suitable compensatory safety measures are put in place till the audit observations are complied with.

Waste Water Management: ONGC monitors the usage of waste water and quality of effluent discharged by meeting statutory requirements for discharge of treated effluent at surface/ subsurface through Effluent Treatment Plants (ETPs). ONGC has 32 number of ETPs across onshore work centres to treat approx. 92,710 m3/day of waste water produced during E&P operations.

For Offshore effluent treatment, Produced Water Conditioners (PWCs) have been installed at process platforms. For treatment of sewage water generated in offshore facilities, Sewage Treatment Plants (STPs) are in place.

Solid Waste Management: For environmentally safe disposal of oily waste, ONGC has a Joint Venture Company ONGC-TERI Biotech Limited (OTBL) which has developed specialized patented technology for bioremediation of oily sludge/oil contaminated soil. The technology uses a consortium of Hydrocarbon degrading bacteria which reduces the TPH (Total Petroleum Hydrocarbons) levels in waste/ soil to less than 1%. During 2018-19, 23,681 MT of oily sludge/ oil contaminated waste has been bio-remediated.

Environmental Clearances: During the year 2018-19, 7 Nos. of environment clearances (ECs) comprising 24 exploratory and 354 development wells in 30 fields/ML/PEL/ blocks in onshore areas,

GCS at Silchar and 4 Early Production Systems (EPS) at Raniganj block of CBM Asset were granted by MoEF&CC for carrying out exploration, development and production activities in acreages held by ONGC.

Other Initiatives during 2018-19:

Under Ten Safety Rules Awareness Programme, around 13,214 personnel (both ONGC and contractual personnel) during 2018-19 and 41,711 personnel since inception of the programme (i.e February, 2017) have been apprised. It continues to be a permanent feature of the Safety Campaign.

HSE Index, introduced for benchmarking installations on various parameters like detection and suppression system, environment parameters, evacuation systems, equipment integrity etc., has been implemented at all work centres.

Regular Mock drills are being conducted at installations/ rigs to check the efficacy of preparedness against defined emergency scenarios. During 2018-19, 12,132 Emergency Response Plan (ERP), 5 Offsite Disaster Management Plan (DMP), 15 Onsite DMP and 1 RCP (Regional Contingency Plan) drills have been conducted.

Mines Vocational Training (MVT) is being imparted to both ONGC employees and contract personnel through 10 in house training centres.

Efficient implementation of HSE Management and no accident leading to insurance claim resulted in appreciable decrease in Insurance premium for Offshore Installation (USD 16.6 million for the year 2018-19 for Asset Value of USD 40.0 billion against USD 18.6 million for Asset Value of USD 36.0 billion for the year 2017-18).

A unique initiative of Online Safety Pledge was launched through in-house portal of "ONGC Reports" to further reinforce the commitment of ONGC employees towards safety. The pledge is followed by automatic generation of Certificate with signatures of Director- I/c HSE.

During 2018-19, Annual Preparedness Review (APR) was carried out to understand roles and responsibilities of ONGC (participant member) and Oil Spill Response Ltd. (OSRL), United Kingdom to meet the exigencies during oil spill which included Walk-through Exercise and Mock Drill onboard ONGC MSV for the first time.

India was chosen to host World Environment Day (WED) 2018 by United Nations Environment Program (UNEP) with theme "Beat Plastic Pollution". CMD along-with MD-ONGC Videsh and Board of Directors led the WED celebrations on 05.06.2018 and made a strong appeal to motivated ONGC employees to adopt eco-friendly lifestyles with sustainable alternatives to single use plastics. Additionally, ONGC was selected by Ministry of Environment, Forests and Climate Change (MoEF&CC) as Knowledge Partner in WED celebrations.

Corporate-HSE along with Corporate-CSR collaborated with International Union for Conservation of Nature (IUCN) for Plastic Waste clean-up at Okhla Bird Sanctuary and Okhla Barrage on 07.06.2018 followed by a workshop on "Beat Plastic Pollution: From Rivers to the Oceans" on 20.06.2018 at ONGC Auditorium, Vasant Kunj, New Delhi.

Safety Alert is a brief guidance material that highlights an incident or unsafe practice and outlines the required action to prevent their occurrence. The information is disseminated to stakeholders for evaluation and taking appropriate action. Corporate HSE has made it a practice to upload Safety Alerts on ONGC's internal portal ongcreports.net for wider circulation and awareness. Safety Advisories were also issued on ongcreports.net for generic audit observations and their compliances to help in improving the performance during audits by external agencies.

For the first time, comprehensive Waste Management Audits were carried out at select installations of Ahmedabad and Ankleshwar Assets during March 2019 to check compliance of applicable provisions of waste management rules, which include Solid Waste Management Rules, 2016; e-Waste (Management) Rules, 2016; Plastic Waste Management Rules, 2016;

Hazardous & Other Waste (Management & Trans-boundary Movement) Rules, 2016 and Construction & Demolition Waste Management Rules, 2016.

ONGC has been accredited by Quality Council of India (QCI) – National Accreditation Board for Education & Training (NABET), since 2013, as an Environment Impact Assessment (EIA) Consultant Organization which is mandatory for preparing EIA reports required for Environmental Clearances. ONGC has completed two full cycles of accreditation scheme. For further accreditation, assessment was done by QCI –NABET assessors at Deendayal Urja Bhawan during 20-22.02.2019 and which recommended continuance of ONGC's QCI-NABET accreditation.

29. Carbon Management and Sustainable

Development

Sustainable Development is the overarching working template in the Company and this finds expression in our commitment to continually enhance the triple bottom line benchmarks of economic, environmental and social performance. Your Company has a dedicated set up called Carbon Management and Sustainability Group (CM&SG) at the corporate level to plan, implement and monitor sustainable development activities in association with Sustainable Development Officers (SDOs) located at work centres.

The major endeavors towards this initiative are as under:

Clean Development Mechanism (CDM): Renewal of credit period of 51 MW wind power project at Surajbari, Gujarat. The final validation report was submitted to UNFCC for revalidation and renewal of the project on 18.02.2019. This request and related documents are available on the UNFCCC CDM website.

Development of CBM Asset - Bokaro as a new CDM project.

The baseline methodology applicable to the project was proposed to UNFCCC. UNFCCC has sought clarification on the proposed methodology for which responses are being submitted.

Verification of Five existing CDM projects

The verification of following five existing CDM projects has been taken up for the issuance of CERs:

51 MW Wind Power Project, Surajbad GFR Neelam & Heera, GT-1 & GT-2 at Hazira, GFR Uran, Amine Circulation Pumps, Hazira For verification of 102 MW Wind Power Plant CDM project at Jaisalmer, RajasthanDesignated Operational Entity (DOE) has been hired to carry out the verification work.

Global Methane Initiative

In 2018-19, CM&SG carried out gas leak survey to detect fugitive emission of methane at 10 production installations of Ankleshwar Asset, and C2-C3, Dahej plant. The Gas Leak Survey Reports were submitted to Ankleshwar Asset and C2 –C3 Plant for remedial measures.

ONGC Group Sustainability Report

The Company launched its independently assured sustainability Report in the year 2009-10 and from then onwards the Company has incrementally enhanced the boundary of reporting to include subsidiaries ONGC Videsh and MRPL and from FY'17 onwards the Group Corporate Sustainability Report also includes Joint Venture companies OTPC, OPaL and OMPL. The GRI based externally assured reports are now a major enabler to the Company towards creating triple bottom line value creation and parity to all forms of capital. ONGC Group Sustainability report FY'17 was published in June, 2018.

Sustainable Water Management Projects: The following projects were taken up during the year

• Water footprint study of CBM Asset, Bokaro.

• Feasibility study for setting up of desalination plant at Rajahmundry Asset.

• Feasibility study for setting up of desalination plant at MRPL.

• Sea Water Desalination Plant, Uran.

30. Business Responsibility Report 2018-19

Clause (f) of sub-regulation (2) of regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, stipulates that the annual report shall contain a Business Responsibility Report describing the initiatives taken by the listed entity from an environmental, social and governance perspective in the format specified.Accordingly, the Business Responsibility

Report for 2018-19 has been appended to this Annual Report.

31. Internal Control System

Your Company has put in place adequate Internal

Financial Controls by laying down policies and procedures to ensure the efficient conduct of its business; safeguarding of its assets; prevention and detection of frauds and errors; accuracy and completeness of the accounting records; and timely preparation of reliable financial information, commensurate with the operations of the Company. Effectiveness of Internal Financial Controls is ensured through management reviews, control self-assessment and independent testing by the Internal Audit Team indicating that your Company has adequate Internal Financial Controls over Financial Reporting in compliance with the provisions of the Companies Act, 2013 and such Internal Financial Controls are operating effectively. The Audit Committee reviews the Internal Financial Controls to ensure their effectiveness for achieving the intended purpose. Independent Auditors Report on the Internal Financial Controls of the Company in terms of Clause (i) of Sub-Section 3 of Section 143 of the Companies Act, 2013 by the Statutory Auditors is attached along with the Financial Statements.

32. Human Resource Development

ONGC's operations are in challenging terrains – deserts, jungles, border areas, remote fields and offshore. Your Company truly value our Human Resource who commit themselves towards pursuit of exploration and production of hydrocarbons to ensure India's Energy security. To keep their morale high, your Company extends welfare benefits to employees and their dependants by way of comprehensive medical care, education, housing, and social security.

There were 31,065 employees on rolls as on 31.03.2019. These ONGCians dedicated themselves for securing excellent performance of your Company during the year. The workforce intake strategy pursued by your Company caters to meeting the demands of maintaining a steady flow of talent, in a business which is characterized by high risks and uncertainties, enormous costs, rapid technological advances, physically challenging work environment, fluctuating product prices and growing competition. Your Company has drawn up a scientific manpower induction, retention and succession plan aligned to the business plans as well factoring the manpower profile of the Company.

During the year, your Company carried out Employee Engagement & Brand Perception Survey "Anubandhan" to understand the drivers of employee engagement and to know the attributes which are valued by the existing and prospective employees. More than 13,600 employees of your Company along with approx. 2,100 students from top B Schools and Engineering Colleges of India responded to the survey. Survey results indicated 85% engagement level.

Your Company emerged as the most preferred Corporate in the Oil and Gas Sector amongst engineering students.

During the year 2018-19, a total of 14,486 executives and 4,622 non-executives were imparted appropriate training, spanning 1,74,455 executive and 14,889 non-executive mandays'.

During 2018-19, 705 Graduate Trainees (in four batches) were exposed to various E&P activities as part of ‘Induction Training'. 19 training programmes were conducted through foreign faculty which were attended by 394 participants. Your Company also pursued structured initiatives for maintaining a vibrant academia – industry interface through Chairs, participation in various academia-industry level forums, viz workshops, seminars, conferences, etc.

Your Company also initiated a program for identification of competencies and development of leadership for its identified Mid Level executives through online development centres, with detailed Individual Development Plans for their development based on the assessments.

To keep the workplace lively and the workforce engaged and vibrant, your Company also conducted ‘Business Games' to hone the business acumen of its executives through business quizzes, business simulations and case-study presentations. During the year 2018-19, a total of 248 teams and 961 executives participated in the event.

Similarly, ‘Fun Team Games' (FTG) were organized for E0 and below level employees to inculcate MDT (Multi-disciplinary Team) concept and spirit of camaraderie and belongingness to the organization, which was very well received by the participants. A total of 178 Teams and 712 employees participated in FTG during the year 2018-19. The winners of Business Games and Fun Team Games were felicitated by the CMD during Republic Day Celebrations - 2019.

Employee Welfare Trusts

Your Company has established following Trusts for welfare / social security of employees:-

Employees Contributory Provident Fund (ECPF) Trust, manages Provident Fund accounts of employees of your Company.

The Post Retirement Benefit Scheme (PRBS)

Trust of your Company manages the pension fund of employees of your company. The Scheme was converted into a Defined Contribution Scheme in accordance with DPE guidelines in Nov'2013. The Composite Social Security Scheme (CSSS) formulated by your company provides an assured ex-gratia payment in the event of unfortunate death or permanent disability of an employee while in service. In case of separation other than Death/Permanent total disability, employee's own contribution alongwith interest is refunded.

Gratuity Fund Trust exists for payment of gratuity as per the provisions of the Gratuity Act.

Your Company has a Sahyog Trust for its Sahyog Yojana to provide ex-gratia financial grant for sustenance, medical assistance, treatment, rehabilitation, education, marriage of female dependent and alleviation of any hardship or distress to secure the welfare of the workforce and their kin, who do not have adequate means of support. The beneficiaries under this scheme include casual, contingent, daily rated, part time, adhoc, contract appointees, tenure based employees, apprentices and trainees employed by your Company besides regular and past employees. Under the scheme, an amount of र 43.7 million was disbursed by the Trust during 2018-19 to 1178 beneficiaries.

Your Company has Asha Kiran Scheme to meet the emergency needs of the ex-employees retired prior to 01.01.2007. The scheme was launched as per DPE guidelines by creating a corpus of 1.5% PBT.

Implementation of Govt. Directives for Priority Section

Your Company complies with the Government directives for Priority Section of the society. The percentage of Scheduled Castes (SC) and Scheduled Tribe (ST) employees were 15.5 percent and 10.4 percent respectively as on 31.03.2019.

Your Company is fully committed for the welfare of SC and ST communities. The following welfare activities are carried out by your Company for their up-liftment in and around its operational areas:-

Annual Component Plan

Under Annual Component Plan for SC/ST, every year allocation of र 200 million is made. Out of this, र 60 million is distributed amongst all the work-centres of ONGC for taking up activities for welfare of SC/ST Communities in and around areas of the Company's operations. In addition, र 140 million is managed centrally, and is earmarked for Special projects/proposals/schemes for the welfare of areas/ persons belonging to SC/ST communities. The amount under component plan is utilised for taking up various measures for the welfare and up-liftment of the needy people of SC/ST Communities. This fund is especially meant for providing help and support in Education and Training, Community Development and Medical and Health Care.

Scholarship to meritorious students belonging to SC/ST community

Your Company provides 1000 scholarship for meritorious SC & ST students for pursuing higher professional courses at different Institutes and Universities across the country in Graduate Engineering, MBBS, PG courses of MBA and Geo-Sciences. The major feature of the scheme is that the scholarships have been equally divided for both Boys and Girls students and the amount of scholarship has been made @ र 4,000/- per month amounting to र 48,000/- per annum per student subject to conditions of the scheme.

Women Empowerment

Women employees constituted over seven percent (as on 31.03.2019) of your Company's workforce. During the year, programmes on women empowerment and development, including programmes on gender sensitization were organized.

Your Company actively supported and nominated its lady employees for programmes organized by reputed agencies. All E4/E5 level women executives underwent an Online Development Centre (ODC) program for identification, assessment and development of leadership competencies

Disclosure under the Sexual Harassment of women at workplace policy (prevention, prohibition and redressal) Act, 2013

Your Company has complied with the provisions under the Sexual Harassment of women at workplace (Prevention, Prohibition and Redressal) Act, 2013 including constitution of Internal Complaints Committee (ICC) for dealing with complaints on sexual harassment of women at workplace. Two complaints of sexual harassment were received in the year 2018-19.

Work-Life Balance

Your Company believes in providing work-life balance to its employees. The townships at many work-centers have developed facilities like gymnasiums, music rooms, etc. Facilities for gym, yoga, etc. were also provided in Offshore Living Quarters. Outbound programmes with families were also organized at various work-centers. In addition, cultural programmes involving employees and their families were also conducted. ONGC Officers' Mahila Samiti (OOMS) and Resident Welfare Associations (RWAs) were involved in organizing these cultural programs. Your Company has an adventure wing named ONGC Himalayan Association which organizes adventure programmes like mountaineering, trekking, water rafting, snow skiing, desert safari, Aero sports etc. which adds towards employee morale, engagement, team spirit, camaraderie, stress management and spirit to explore the unknown. 10 members of ONGC's Team successfully scaled the third highest peak in the world, Mount Kanchenjunga, on 20-21 May, 2018.The Team comprised a woman employee and a female scholarship mountaineer.

Grievance Management System

Your Company has put in place an effective online response mechanism (https://grievance.ongc.co.in) since 2015 to enable all stake-holders viz. citizens/ vendors, employees, former employees, to register and get online redressal to their grievances related to any operational wing of ONGC.

Your Company has also put in place a Grievance Management System for redressing employee grievance, which provides for three-tier channel for grievance redressal with an Independent Appeals Committee, at Corporate Level, which is chaired by an external professional to ensure transparency and justice. Each level of reporting at Controlling Officer (Channel-I), Sectional Head (Channel-II) and Asset/Basin/Institute/Plant/Office Head (Channel-III) has been mapped to provide access for settling individual grievances. An individual employee can enhance the level to the next Channel in case his grievance is not settled at the first, second or third Channels. The Appeals Committee situated at HQ can also be accessed for settlement of grievances in case the location Channels are not effective in resolving the grievance. Further, provision for representation through Chief Liaison Officers of SC/ST/OBC in the Appeals Committee is also built in to protect the interest of reserved category employees.

For external stakeholders, the Company has a well laid down grievance redressal system in place with adequate provisions to escalate the matters up to the Board (Stakeholders Relationship Committee – a Board level Committee headed by an Independent Director).

The Company voluntarily facilitates grievances through Independent External Monitors (IEMs) and through Outside Expert Committee (OEC).

33. Industrial Relations

During the year your Company maintained harmonious Industrial Relations throughout the Corporation. Man-days loss due to internal industrial action was reported as ‘NIL' for the year 2018-19.

34. Implementation under the Right to Information Act, 2005

Your Company has a well-defined mechanism in place to deal with the RTI applications received under the RTI Act 2005. Your Company has a designated General Manager level officer as a ‘Nodal Officer ‘to oversee its implementation. The requests received are processed by the 22 senior personnel designated as ‘Central Public Information Officers' (CPIOs) in various workcentres across the country, in compliance of Sections 5(1) and 5(2) of the Act. The particulars of all the quasi-judicial authorities under the ambit of RTI Act, 2005 have been uploaded on the company website (www.ongcindia.com) for information of the general public. Further in compliance of Government directives, your Company is successfully processing the applications under the Act, online.

Your Company received 1,963 applications (including 138 transferred by other Public Authorities to ONGC) during the period from April 2018 to March 2019, and 183 RTI applications were carried forward from the year 2017-18. A total of 1,843 applications were responded to, out of a total of 2,146 applications. Further, 43 applications were rejected and 57 applications were transferred to other public authorities, in accordance with the provisions of the RTI Act 2005. There were 357 first appeals, which were disposed-off during the period. Additionally, 66 Second Appeals which were listed for hearing at the CIC during FY 2018-19 were also processed.

35. Implementation of Official Language Policy

Your Company makes concerted efforts for promotion and implementation of Official Language. In this regard, some of the steps taken during the year were:

• Unicode Hindi software installed in all offices.

• Hindi workshops conducted at regular intervals in all work centres.

• Hindi Technical seminars, ‘Kavi Gosthies' and Hindi plays organized at various work centres.

• Various programmes for promotion of ‘Rajbhasha' were organised at all work centres of ONGC during ‘Rajbhasha Fortnight' (14-28 Sep., 2018) and ‘Vishwa Hindi Diwas' (10.01.2019).

• Hindi Teaching Scheme of Govt. of India was implemented effectively at all regional work centres of ONGC.

• E-Roster of Employees regarding working knowledge of Hindi was put in place.

• Hindi e-magazines were published at various work centres.

• Paperless office (DISHA) has been made bilingual for effective implementation of Official Language policy in the office works. Besides this installation of Unicode in SAP platform has been taken-up to enable bilingual work in SAP also.

• In recognition of the initiatives taken for promotion of Rajbhasha, your Company bagged eight Town

• Official Language Implementation Committee (TOLIC) awards under various categories during the year.

36. Sports

ONGC sportspersons earned laurels for the Company and the country by securing 15 medals including 3 Gold, 7 silver and 5 Bronze at Asian Games 2018 held at Jakarta & Palembang, Indonesia. 38 ONGCians represented the Indian contingent while participating in this mega Event.

In Commonwealth Games 2018 at Gold Coast,Australia, ONGC sportspersons bagged 13 medals including 5 Gold, 3 Silver and 5 Bronze contributing to the overall tally of 66 medals of Team India. 21 ONGCians represented India in various game disciplines in this event.

Your Company continued its large scale support for development of sports in the country in the form of employment to 171 sportspersons and scholarships to 289 budding talents in 25 game disciplines. Your Company also sponsored various sports associations / federations / sports bodies for organising sports events as well as to develop sporting infrastructure. The support has enabled many sportspersons to achieve and bring home laurels for the nation and the organisation.

Three ONGCian's were conferred the prestigious "Arjuna Award" for the year 2018 namely Ms. Hima Das (Scholarship Athlete), Shri Ankur Mittal (Shooting) and Shri G Sathiyan (Table Tennis).

Shri Pankaj Advani, was conferred the third highest civilian award "Padma Bhushan" in the year 2018. He also won his 21st World title in cue sports by winning two World Titles in 2018 IBSF World Billiards Championship in time and point format at Myanmar in November 2018.

Shri Virat Kohli (Cricket) was conferred the prestigious "Rajiv Gandhi Khel Ratna" for the year 2018. The total number of National Awardees in the organization stand at 44 ( Padma Bhushan – 1, Khel Ratna – 2, Padma Shri – 3 & Arjuna Award – 37 and Dhyanchand Award – 1).

ONGC Scholarship Athlete Shri Suraj Panwar created history by winning Silver medal in 5000 m walk at Buenos Aires in Youth Olympic Games 2018.

ONGCian Shri Sourav Kothari won ‘WBL World Billiards' Title in Leeds, UK in October 2018.

ONGCian Shri Sourabh Verma won the ‘Dutch Super Open 100' International Badminton Tournament at Almere, Netherland in October 2018.

ONGC's Women Shooting Team comprising

ONGCian Ms. Apurvi Chandela, and scholarship players Ms. Sriyanka Sadangi and Ms. Gayatri Pawaskar won Gold medal in the 62nd National Shooting Championship (Rifle Pistol event) Trivandrum in November, 2018.

Your Company organised the 2nd edition of the Para Games in March, 2019 in which 148 PWDs from different work-centres of ONGC participated.

37. Corporate Social Responsibility (CSR)

A report on CSR has been placed at Annexure B to the Report.

38. Accolades

Consistent with the trend in preceding years, your Company, its various operating units and its senior management have been recipients of various awards and recognitions. Detail of such accolades is placed at Annexure- ‘C'.

39. Regulators or Courts order

During the Financial year 2018-19, there is no order ordirection of any court or tribunal or regulator which either affects Company's status as a going concern or which significantly affects Company's business operations.

40. Director's Responsibility Statement

Pursuant to the requirement under Section 134(3)

(c) of the Companies Act, 2013, with respect to Directors' Responsibility Statement, it is hereby confirmed that: a) In the preparation of the annual accounts, the applicable accounting standards have been followed and there is no material departures from the same; b) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent, so asto give a true and fair view of the state of affairs of the Company as at 31.03.2019 and of the profit of the Company for the year ended on that date; c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) The Directors have prepared the annual accounts of the Company on a ‘going concern' basis; e) The Directors have laid down internal financial controls which are being followed by the

Company and that such internal financial controls are adequate and are operating effectively; and f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating.

41. Corporate Governance

A detailed report on Corporate Governance as stipulated under Regulation 34(3) of SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015 is appended and forms part of the Board's Report.

42. Statutory Disclosures

Your Directors have made necessary disclosures, as required under various enactments including the Companies Act, 2013 and the SEBI (Listing Obligations & Disclosure Requirements)Regulations, 2015.

43. Extract of Annual Return

As per requirement of Section 92(3) of the Companies Act, 2013, the extract of the annual return in form MGT-9 is placed at Annexure-D.

44. Particulars of Employees

Your Company being a Government Company, the provisions of Section 197(12) of the Companies Act, 2013 and relevant Rules issued thereunder do not apply in view of the Gazette notification dated 05.06.2015 issued by Government of India, Ministry of Corporate Affairs.

The terms and conditions of the appointment of Functional Directors are subject to the applicable guidelines issued by the Department of Public Enterprises, Government of India. The salary and terms and conditions of the appointment of Company Secretary, a Key Managerial Person (KMP) of the Company, is in line with the parameters prescribed by the Government of India.

45. Energy Conservation

The information required under section 134(3)(m) of the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014, is annexed as Annexure ‘E'. 46. Audit Committee

In compliance with Section 177(8) of the Companies Act, 2013, the details regarding Audit Committee is provided under Corporate Governance report which forms part of this Annual Report. There is no instance during FY'19, where the Board had not accepted any recommendation of the Audit Committee.

47. Auditors

The Statutory Auditors of your Company are appointed by the Comptroller & Auditor General of India (C&AG).There were 6 chartered accountants firms namely M/s. PKF Sridhar & Santhanam LLP, M/s. Dass Gupta & Associates, M/s. K. C. Mehta & Co., M/s. MKPS & Associates, M/s. G M Kapadia & Co., M/s. R Gopal & Associates who were appointed as Joint Statutory Auditors of the Company for the financial year 2018-19.

The Statutory Auditors have been paid a total remuneration of र 40.52 million towards audit fees, certification and other services. The above fees are inclusive of applicable service tax/ GST but exclusive of re-imbursement of travelling and out of pocket expenses actually incurred.

48. Auditors' Report on the Accounts

The comments of Comptroller & Auditor General of India (C&AG) form part of this Report and is attached Annexure ‘F'. There is no qualification in the AuditorsReport on the Financial Statements of the Company.

During the year 2018-19, there has not been any fraud reported by the Statutory Auditors of the Company.

49. Cost Audit

There were 6 cost accountants firms namely M/s. M. Krishnaswamy & Associates, M/s. Musib & Co., M/s. Chandra Wadhwa & Co., M/s. Bandopadhyaya Bhaumik & Co., M/s. N. D. Birla & Co., M/s. Joshi Apte & Associates who were appointed as Joint Cost Auditors of the Company for the financial year2018-19. Appointments were made by the Board of Directors. The Cost Audit Report for the year 2017-18 has been filed under XBRL mode on 29.08.2018 which was well within the due date of filing.

Further, the required cost records as specified under the Companies Act, 2013 are prepared and maintained by the Company.

50. Secretarial Audit

In terms of Section 204(1) of the Companies Act, 2013, the Company has engaged M/s. Ashu Gupta & Co., Company Secretaries in whole-time practice, as Secretarial Auditors for conducting Secretarial Compliance Audit for the financial year ended 31.03.2019. Their report has been annexed and forms part of the Annual Report.

The Secretarial Auditor has made observations regarding performance evaluation of Independent Directors by the entire Board of Directors under Regulation 17(10) and evaluation of non-independent directors and the Board of directors as a whole by Independent Directors under Regulation 25(4)of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In this regard, it is mentioned that the Ministry of Corporate Affairs (MCA) vide notification dated 05.06.2015 notified exemptions to government companies from provisions of Section 178(2), (3) and (4) regarding appointment, performance evaluation and remuneration to directors of government companies. Further, the MCA vide notification dated 05.07.2017 notified amendment to schedule IV of the Companies Act, 2013 provided exemption to government companies with respect to evaluation of performance of Non-Independent Directors, Chairperson and Board. It is learnt that Department of Public Enterprises has requested to SEBI through Department of Economic Affairs, Ministry of Finance for exemption to government companies regarding performance evaluation of directors as Government of India has independent mechanism for appointment and as well for assessment of performance of whole-time directors, government nominee directors and independent directors.

In respect of observation regarding prior approval of the Audit Committee for all Related Party Transactions (RPTs), it is mentioned that in line with provisions of the Companies Act, 2013 and SEBI Regulations, a policy on RPT has been framed, which can be accessed at https://www. ongcindia.com/wps/wcm/connect/en/investors/ policies/ In terms of RPT Policy, all the contracts/ arrangements/ transactions entered by the Company during FY'19 with related parties were in the ordinary course of business and on an arm's length basis. Transactions with related parties have been disclosed as ‘Annexure A' and forms part of this report. SEBI Regulations provide for prior approval of related party transactions except with government companies and with wholly-owned subsidiaries. In this regard, necessary system is being put-in place to ensure compliances.

51. Directors

a) Policy for Selection and appointment of Directors' and their remuneration.

Your Company being a Government Company, the provisions of Section 134(3)(e) of the Companies Act, 2013 do not apply in view of the Gazette notification dated 05.06.2015 issued by Government of India, Ministry of Corporate Affairs.

b) Performance Evaluation

The provisions of Section 134(3)(p) of the Companies Act, 2013 relating to evaluation of Board/ Directors do not apply to your Company since necessary exemptions are provided to all government companies. The Company being a Government Company, the provisions relating to Performance Evaluation of Directors stand exempted. The Department of Public Enterprises has taken up with SEBI through the Department of Economic Affairs, Ministry of Finance to make suitable amendments in the LODR regulations in line the Companies Act, 2013.

c) Appointments/ Cessation etc.

Since the 25th Annual General Meeting held on 28.09.2018, change in composition of Board is as under- i) Shri N. C. Pandey, appointed as Director (Technical and Field Services) of the Company w.e.f. 29.10.2018. ii) Dr. Alka Mittal, appointed as Director (Human Resources) of the Company w.e.f. 27.11.2018. iii) Dr. Sambit Patra, ceased to be an Independent Director of the Company on 23.03.2019 as he resigned due to personal reasons. The Board places on record its appreciation for his contribution during his tenure.

The strength of the Board of Directors of the Company as on 31.03.2019 was 17 comprising 7 Executive Directors (Functional Directors including CMD) and 10 Non-Executive Directors including two Government nominees and 8 Independent Directors. There is vacancy for an Independent Director to meet the requirement under the provisions of Companies Act, 2013 as well as under the Listing Regulations, 2015.

52. Acknowledgement

Your Directors are highly grateful for all the help, guidance and support received from the Ministry of Petroleum and Natural Gas, Ministry of Finance, DPE, MCA, MEA, and other agencies in Central and State Governments. Your Directors acknowledge the constructive suggestions received from Auditors and Comptroller & Auditor General of India and are grateful for their continued support and cooperation.

Your Directors thank all share-owners, business partners and all members of the ONGC Family for their faith, trust and confidence reposed in the Board.

Your Directors wish to place on record their sincere appreciation for the unstinting efforts and dedicated contributions put in by the ONGCians at all levels, to ensure that the Company continues to grow and excel.

On behalf of the Board of Directors
Sd/-
New Delhi Shashi Shanker
20.06.2019 Chairman and Managing Director

   

Oil & Natural Gas Corpn Ltd Company Background

Shashi ShankarShashi Shankar
Incorporation Year1993
Registered OfficeP No 5 Nelson Mandela Road,Vasant Kunj
New Delhi,New Delhi-110070
Telephone91-011-26754073/79,Managing Director
Fax91-011-26129091
Company SecretaryM E V Selvamm
AuditorMKPS & Associates/R Gopal & Associates/Kalani & Co
Face Value5
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarAlankit Assignments Ltd
Alankit Heights ,1E/13 Jhandewalan Ex, ,New Delhi-110055

Oil & Natural Gas Corpn Ltd Company Management

Director NameDirector DesignationYear
Shashi ShankarChairman & Managing Director2019
Amar NathNominee (Govt)2019
Deepak SethiIndependent Director2019
Vivek MallyaIndependent Director2019
Sumit BoseIndependent Director2019
M E V SelvammCompany Secretary2019
Ganga MurthyIndependent Director2019
Subhash KumarDirector (Finance)2019
Rajesh KakkarDirector (Offshore)2019
Alka MittalDirector (Human Resources)2019
Amitava BhattacharyyaIndependent Director2019
Rajesh Kumar SrivastavaDirector (Explorations)2019
Rajesh AggarwalNominee (Govt)2019
Om Prakash SinghDirector (Technology & FS)2019
Anurag SharmaDirector (Onshore)2019

Oil & Natural Gas Corpn Ltd Listing Information

Listing Information
BSE_SENSEX
NIFTY
BSE_500
BSE_100
BSE_200
BSEDOLLEX
BSE_PSU
CNX500
BSEOIL
CNXENERGY
CNX100
CNXINFRAST
CNX_PSE
CNX200
CNXCOMMODI
CNXDIVIDEN
BSECARBONE
NFT100LQ15
CPSE
NIFTY50V20
BSEINFRA
BSECPSE
NFT100EQWT
BSEALLCAP
BSELARGECA
BSEENERGY
SENSEX50
BSEBHARA22
LMI250
BSEDSI
BSEEVI
NFT50EQWT
BSE100LTMC

Oil & Natural Gas Corpn Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Oil-Crude MT 002134075564836.314
Natural Gas (000'M3) NM3001942338619355.588
Naphtha MT 0011774203986.31
Liquefied Petroleum Gas MT 0010113233603.783
Ethane MT 005353911293.688
Ethane/Propane MT 00345536815.541
Propane MT 00219328725.122
Butane MT 00124908420.774
Superior Kerosene Oil MT 0054802246.503
High Speed Diesel Oil MT 0042111239.004
North-East Gas Subsidy NA 000229.585
Surplus from Gas Pool Account NA 000130.82
A T F MT 001823388.926
Low Sulphur Heavy Stock MT 002772774.655
Sale of Electricity NA 00066.838
Pipeline TransportationReceiptNA 00035.203
Contractual Short Lifted Gas NA 00025.467
Processing Charges NA 00024.29
Mineral Turpentine Oil MT 00338915.198
Heavy Cut MT 0000
Light Diesel Oil MT 0000
Superior Kerosene Oil-Traded KL 0000
High Diesel gas oil - Traded KL 0000
High Speed Diesel Oil KL 0000
Adventitious Gain Rs.0000
Other Operating Revenue NA 0000
Others Rs.0000
Production Bonus NA 0000
Transportation Receipts Rs.0000
Price Revision Arrears Rs.0000
Naphtha-Aromatic Rich MT 0000
Gasolene-Natural MT 0000
Motor Spirit KL 0000
Motor Spirit-Traded MT 0000
Superior Kerosene Oil KL 0000

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