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Disclaimer
This Presentation is for information purposes only and does not constitute an offer, solicitation or advertisement with respect to the purchase or sale of any security of Oil and Natural Gas Corporation Limited (the "Company") and no part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This Presentation is being furnished to you solely for your information and may not be reproduced, redistributed or published, directly or indirectly, in whole or in part, to any other person. This document contains certain forward-looking statements relating to the business, financial performance, strategy and results of the Company and/or the industry in which it operates. Forward-looking statements are statements concerning future circumstances and results, and any other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements, including those cited from third party sources, contained in this Presentation are based on numerous assumptions and are uncertain and subject to risks. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Neither the Company nor its affiliates or advisors or representatives nor any of its or their parent or subsidiary undertakings or any such person's officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forwardlooking statements contained in this Presentation or the actual occurrence of the forecasted developments. Forward-looking statements speak only as of the date of this presentation. As a result, the Company expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements in this presentation as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, the accuracy, completeness or correctness of any information, including any projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein and, accordingly, none of the Company or its affiliates, its advisors or representatives or any of its or their parent or subsidiary undertakings or any such person's officers or employees accepts any liability (in negligence or otherwise) whatsoever arising directly or indirectly from the use of this Presentation. By attending this Presentation you acknowledge that will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business. This Presentation speaks as of its date. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. This presentation may not be used, reproduced, copied, distributed, shared, or disseminated in any other manner. This presentation does not constitute an offer or invitation to purchase or subscribe for any shares in the Company and neither any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
2
One of Indias most profitable enterprise (3) Most valuable Indian public sector enterprise by Market Capitalisation (4) MCap of INR 2,517 bn(4), Revenues: INR 1,086 bn, EBITDA: INR 475 bn; Profit:INR 194 bn in FY10 Produced 60.9 mtoe of oil / oil equivalent gas, refining capacity of 12.5mtpa and extracted 3.4mtpa of LPG, Naptha etc from gas / condensate in fiscal year 2010
Presence across the hydrocarbon value chain and strength in Exploration & Production In-house capabilities in all facets of upstream oil and gas business Presence across E&P, Refining, Petrochemicals, Power, LNG, & diversification into new energy sources
Globally Acclaimed
Credit rating of A2 (Stable) from Moodys and LAAA from ICRA # 1 E&P company in the world(5) ; # 18 energy company in the world(5) # 155 in the Forbes Global 2000 list and a Fortune 500 Company
1. 2. 3. 4. 5. Source: MoPNG; PEL Petroleum Exploration License, ML Mining Lease; Reserves only for ONGC operated fields Other than the 34 projects mentioned above there are 6 projects/blocks which are currently being relinquished by the ONGC Group Based on Net Profit For Financial Year Ending March 31, 2010. As on Feb 1, 2011, Bloomberg Platts
Refinery Refinery
(71.6%)
SEZ SEZ
(26%)
Value-chain Value-chain
(26%)
Power Power
(50%)
(23%)
Joint Ventures Joint Ventures Primary Subsidiaries Primary Subsidiaries
(49*%)
Services Services
(23%)
(100%)
(100%)
ONGC Amazon Alaknanda Ltd
(50%)
(100%)
Jarpeno Ltd
(100%)
Carabobo One AB
* OMPL: 46% ONGC & 3% MRPL
ONGC Group is evolving into an integrated Oil & Gas Company with a Global Footprint
5
(1) CAGR figures for ONGC Group
Key Highlights
1 Industry Fundamentals Remain Intact
6 Experienced Management Team; With Successful Track Record & Robust Financials
Integrating Across E&P and Energy Value Chain coupled with New Growth Diversification
9.6%
9.5%
Developed
2003
2005
2007
2009
2011
2012
CY2010E CY2011E CY2012E
Source: IMF- Overview of the World Economic Outlook Projections, Jan 25, 2011
Source: IMF- Overview of the World Economic Outlook Projections, Jan 25, 2011
100 80 60 40 20 2006
5yr avg 76.2/bbl
Current: $99/bbl
2007
2008
2009
2010
2011
390
125
Russia
122
Saudi Arabia
114
Germany
104
South Korea
104
Brazil
97
Canada
Russia US
132
89
Canada
87
Japan
87
UK
78
Germany
77
Saudi Arabia
72
Italy
70
Mexico
59
UAE
52
India
Japan
China
US
Consumption (MTOE)
Iran
(1)
Gas
ROW, 15%
India, 0.6%
Russia, 24%
Domestic Resources Remain Significantly Under-explored (3) ~1.79 mn sq. km. of sedimentary basins in India Only 22% of basins well explored ~1.35 mn sq. km. of deep waters sedimentary area
Exploration Initiated, 44%
1) 2) 3) Source: MoPNG Sources : BP Statistical Review of World Energy June 2010 Source: DGH report 2010
Explored, 22%
Unexplored, 12%
Prospects Pools
Assam Shelf 2 1
Discovered
(2)
light
5
Region
INR
1 2 3 4
5 6 7 8
INR
1) 2) 3) 4)
(4)
Himalaya & Ganga Valley Rajasthan Cambay Mumbai Offshore Kutch - Saurashtra Kerala - Kinkan Krishna - Godavari Cauveri Mahanadi - Bengal Assam - Arakan Mahanadi - Bengal - Purnea
14.9 0.2 9.4 40.6 43.8 108.8 101.3 84.9 57.6 16.6 6.8
Source DGH. Category 1 sedimentary basins Through Jan 27, 2011 As of FY10 As approved by the board of directors
Satpura - S.Rew a - Vindhyan Pranhita - Godavari 9 Krishna - Godavari 10 Cauveri 11 Andaman - Nicobar Offshore
10
Source: DGH; All data as on March 31, 2010. Discoveries as of Jan 27, 2011
Others 15%
Cairn 10%
ONGC 54%
ONGC 79%
OIL 5%
11
Access to International Partners / NOCs Amongst the largest overseas investors from India INR535 bn Net worth of INR116 bn
2
Cuba
Russia
Libya Venezuela
1
Iraq
1 1
Nigeria
Myanmar
Colombia
Iran
Vietnam
Brazil
Nigeria JDZ
Sudan
Egypt
9 Producing Assets
12
20 Exploration Assets
Note: 34th Asset is Sudans 741km long product pipeline (1) Other than the 34 projects mentioned above there are 6 projects/blocks which are currently being relinquished by the ONGC Group
Rosneft
Sodeco
MOGE Sudapet
13
OVL 20% stake Exxon (Operator)30% , Sodeco 30% , Rosneft (20%) Produced Oil of 1.532mmt during FY10 Produced Gas of 0.39bcm during FY10
Block 6.1 (45%) BP (Operator) -35%, PV-20% Produced Oil of 0.042mmt during FY10 Produced Gas of 1.97bcm during FY10
Produced Oil of 2.126mmt during FY10 Block 5A (24.125%) Petronas 67.9%, Sudapet 8% Produced Oil of 0.247mmt during FY10
Venezuela
Colombia
Syria
San Cristobal (40%) CVP (60%) Produced Oil of 0.704 mmt during FY10
MECL (50%) Sinopec (50%) Produced Oil of 0.409 mmt during FY10
AFPC (Himalaya Energy (Syria) B.V. 33.3% to 37.5%) Himalaya Energy is a 50%-50% JV of OVL and CNPC Shell 66.7% to 62.5% Produced Oil of 0.718 mmt during FY10
14
Producing Asset in West Siberia Acquired in Jan 2009 for US$2.1 bn Production of 0.543 mmt in FY10 Extension of one of the field discovered in 2010 to be put on production in the near term
Deepwater offshore Block ONGC 15%, Shell 50%, Petrobras 35% First oil production on July 12th 2009 Production of 0.192 mmt in FY10
Ownership interest developing Carabobo blocks Consortium: ONGC 11%, Oil 3.5%, IOCL 3.5% Repsol 11%, Petronas11% & PDVSA 60%
15
ONGC
1P 2P 3P
OVL 29%
Gas
ONGC 78%
Oil
ONGC 71%
Note: The management estimates of the reserves of ONGC Group are under review by independent third party and maybe subject to changes. We intend to make the outcome of that review publicly available
16
60.7 57.4
61.8
61.2
60.9
Onshore, 23%
25.0
27.1 27.7
24.9
25.1
25.5
25.6
27.0 26.8
28.0
1.8
FY06
2.2
FY07
2.0
FY08
2.2
FY09 OVL
2.4
FY 10
Offshore, 77%
Oil (FY10)
Onshore, 30%
33.7 30.7
34.7
33.6
33.0
26.1 4.6
27.9 5.8
27.9 6.8
27.1 6.6
26.5 6.5
FY06
FY06 FY07 FY08 FY09 FY 10
FY07
FY09
FY 10
Offshore, 70%
Oil
17
Gas
18
58 Workover Rigs
77 Drilling Rigs
Ankleshwar and Gandhar, Gujarat Handling Capacity: 0.1 mmtpa Oil & 1 mmscmd Gas Products: LPG, Naptha Tatipaka, Andhra Pradesh Handling Capacity: 0.1 mmtpa Oil Products: Naptha, SKO, HSD, Fuel Oil
Processing Infrastructure
Hazira, Gujarat Handling Capacity: 42 mmscmd Sour Gas Products: LPG, C2-C3, LAN
Uran, Maharashtra Handling Capacity: 20 mmtpa Oil & 16 mmscmd Gas Products: LPG, ARN, SKO, ATF, Propane, HSD
(1)
19
Does not include 6 seismic crews, 47 drilling rigs, 21 workover rigs, 1 simulation vessel and 36 OSV/SMSVs charter hired
Strong Financials
Revenue of INR360 bn in FY10 ; PAT of INR11 bn Strong Credit rating - ICRA IR AAA & CRISIL CCR AAA
Current Plant
Flexibility to process diverse crude varieties (24-46 API) Designed to maximize middle distillates Capability to produce high grade fuels
Integrated Infrastructure
Expansion Project
Expansion
ONGC Mangalore Petrochemicals Ltd Incorporated in FY07 Aromatic Petrochemical Complex for manufacturing paraxylene Scheduled completion Q4, 2012
ONGC Tripura Power Company OTPC incorporated in FY2005 726.6 MW (2x363.3) Power Project in Tripura Scheduled Completion Q2, 2012
Dahej SEZ Limited Incorporated in FY05 Proposed SEZ for petrochemical industries Scheduled completion Q3, 2011
Mangalore SEZ Limited Incorporated in FY06 Proposed SEZ for petrochemical industries Scheduled completion Q3, 2013
21
CBM
Coal Bed Methane Operating in 5 CBM blocks CBM production from Parbatpur, Jharia (Pilot project) commenced from Jan, 2010 MoU with Arrow Energy, Australia
UCG
Underground Coal Gasification Collaboration with Skochinsky Institute of Mining (SIM), Russia Site at Vastan, Gujarat selected Environmental clearance obtained for the Pilot Project in Feb, 2010 Mining Lease awaited from GoI
Wind Farms 50 MW Wind Farm commissioned in Sep FY08 - in Gujarat Estimated financial benefit to the tune of INR 450 mn per annum Plan approved for another 100 MW Wind Farm in Rajasthan
22
Integration Projects
23
Management Team with significant experience in the Oil & Gas industry
24
FY08
FY09
FY10
FY08
FY09
FY10
290
199 198 194
290
288
FY08
25
FY09
FY10
FY08
FY09
FY10
FY08
FY09
FY10
FY08
FY09
FY10
68
68 0.01x 0.01x
FY08
FY09
FY10
FY08
FY09
FY10
26
Rs 506
Rs 154
Rs 186
Q3 revenue up by 21.4% Net Profit up by 24% during nine month period ended December 31, 2010 Q3 Net Profit up by 132% For 9M FY11Gross Realisation of US$83.00/bbl For 9M FY11 Net Realisation of US$58.72 /bbl
9M FY10 9M FY11
Q3 FY10 Q3 FY11
9M FY10 9M FY11
Q3 FY10
Q3 FY11
Rs 331
Rs 93
Rs 135
Rs 281
Rs 161 Rs 130
132%
Rs 71
Rs 31
9M FY10
27
9M FY11
Q3 FY10
Q3 FY11
Subsidy sharing mechanism devised by Government of India in 2004 Under-recovery is on the production from nominated fields ONGC Group continues to realize international prices on production from PSC JVs and OVL There is no surrender of Profit Petroleum to Government on revenue from nominated fields
Subsidy and Impact of Subsidy on PAT (INR in bn)
282
2009
2010
9M FY11
28
CSR Initiatives
Environmental Focus
29
Thank you