Oil and Natural Gas Corporation Ltd., Company Intelligence Report

 Published On: May, 2013 |    No of Pages: 79 |  Published By: GlobalData | Format: PDF
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Summary

The Oil and Natural Gas Corporation Ltd. (ONGC) is an integrated energy company engaged in the Exploration and Production (E&P) of crude oil and natural gas, and the refining, transportation and marketing of petroleum products, globally. The company is headquartered in Dehradun, in India, and has overseas operations in Vietnam, Russia, Myanmar, Syria, Qatar, Egypt, Cuba, Brazil, Nigeria, Columbia, Sudan, Iraq, Iran and Libya. The company’s major producing areas in India are Mumbai, offshore; Gujarat, offshore; the Cauvery Basin in Tamil Nadu and KG basin in Andhra Pradesh. The company operates its overseas operations through its subsidiary ONGC Videsh Ltd. (OVL). OVL’s oil and gas is primarily produced by 10 projects: Sakhalin-I and Imperial, in Russia; Al-Furat, in Syria; Block 06.1, in Vietnam; Mansarovar Energy, in Colombia; Greater Pioneer Operating Company, Greater Nile Oil Project and Block 5A, in Sudan; San Cristobal, in Venezuela; and BC-10, in Brazil

Scope

- Key Highlights: This section provides detailed analysis on the company’s overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, hedging strategies, Capex funding, geographical results of oil and gas operations.
- Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
- SWOT: The report’s SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market.
- Production and Development Overview: This section highlights the company’s crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the company’s producing and development assets.
- Exploration: This section includes detailed explanation and analysis on the company’s exploration assets resulted due to new discoveries, new drilling and other activities.
- M&A trends: This section mainly provides information and analysis on the company’s recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the company’s status as a buyer or seller during the analyzed period.
- Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Valuation method.
- Financial and Operational Metrics: This section covers the company’s historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.

Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to -
- Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
- Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
- Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
- Use the analysis for strategy and planning, M&A identifications, and competitor analysis.

1 Table of Contents
1 Table of Contents 3
1.1 List of Tables 4
1.2 List of Figures 5
2 Oil and Natural Gas Corporation Ltd., Company Overview 7
3 Oil and Natural Gas Corporation Ltd., Key Highlights 11
3.1 Vulnerability to Higher Subsidy Burdens Impacting ONGC Negatively 11
3.2 Long-Term Growth with IOR/EOR Techniques, 13
3.2.1 Float-Over Installations and Development of New Fields 13
3.3 Expanding Global Footprints through OVL 14
4 Oil and Natural Gas Corporation Ltd., SWOT Analysis 17
4.1 Strengths 17
4.1.1 Balanced Production Mix 17
4.1.2 Strong Oil and Gas Value Chain 18
4.1.3 First Company to Use Float-Over Oil and Gas Platforms in India 18
4.1.4 Relatively Higher Reserve Life Index 18
4.2 Weaknesses 20
4.2.1 Increasing Burden of Subsidy Adversely Impacting Profitability 20
4.3 Opportunities 20
4.3.1 New Sources of Energy to Provide Competitive Edge 20
4.3.2 Further Exploration in Domestic Region 20
4.4 Threats 21
4.4.1 Lack of Joint Ventures May Lead to Concentration of Exploration Risk 21
5 Oil and Natural Gas Corporation Ltd., Goals and Strategies 22
5.1 Strategic Target; Growth Plan for 2030 22
5.1.1 Expand E&P Operations in Both Domestic and International Areas 22
5.1.2 Strengthen Non-E&P Operations to Capture Integration Benefits 22
6 Oil and Natural Gas Corporation Ltd., Production Overview 23
6.1 Production Profile 23
6.2 Assets Portfolio 24
6.2.1 ONGC Videsh Ltd. 24
6.2.2 Oil and Natural Gas Corporation Ltd. 25
7 Oil and Natural Gas Corporation Ltd., Exploration and Development Overview 26
7.1 India 26
7.2 CIS and Far– East 27
7.2.1 Vietnam 27
7.2.2 Myanmar 27
7.3 Middle East 27
7.3.1 Syria 27
7.4 Africa 27
7.4.1 Libya 27
7.4.2 Nigeria 27
7.5 Latin America 28
7.5.1 Brazil 28
7.5.2 Columbia 28
7.5.3 Cuba 28
8 Oil and Natural Gas Corporation Ltd., Mergers and Acquisitions Highlights 29
9 Oil and Natural Gas Corporation Ltd., Forecast Production and Financial Statements 32
9.1 Income Statement (2010–2017) 33
9.2 Balance Sheet (2010–2017) 34
9.3 Cash Flow Statement (2010–2017) 35
9.4 Financial Ratios 36
10 Oil and Natural Gas Corporation Ltd., Valuation 39
10.1 DCF Methodology 39
11 Oil and Natural Gas Corporation, Peer Comparision 41
11.1 Share Price Performance 41
11.2 Operational Performance 42
11.3 Key Financial and Operational Ratio 45
12 Oil and Natural Gas Corporation Limited, Oil & Gas Exploration and Production Operations and Cost Analysis 46
12.1 Total Oil and Gas, Reserves and Production 46
12.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2008-2012 46
12.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2008-2012 47
12.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2008-2012 49
12.2 Oil and Natural Gas Corporation Limited Crude Oil/Liquids Production and Reserve 50
12.2.1 Crude Oil/Liquids Production and Reserve Trend, 2008-2012 50
12.2.2 Crude Oil Production and Reserves By Country/Region, 2008-2012 51
12.2.3 Crude Oil/Liquids Reserve Changes, 2008-2012 53
12.3 Oil and Natural Gas Corporation Limited Natural Gas Production and Reserve 54
12.3.1 Natural Gas Production and Reserve Trend, 2008-2012 54
12.3.2 Natural Gas Production and Reserves, By Country/Region, 2008-2012 55
12.3.3 Natural Gas Reserve Changes, 2008-2012 57
12.4 Oil and Natural Gas Corporation Limited Total Crude Oil and Natural Gas Reserves Life Index 58
12.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2008-2012 58
12.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2008-2012 59
12.5 Oil and Natural Gas Corporation Limited, E&P Costs Trends 61
12.5.1 Upstream Capital Expenditure, 2008-2012 61
12.6 Oil and Gas Cost Per boe, $/boe 62
12.6.1 Oil and Gas Cost Per boe, $/boe, 2008-2012 62
12.6.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2008-2012 63
12.7 Oil and Natural Gas Corporation Limited, Reserve Replacement Ratio 64
12.7.1 Oil and Gas Production Replacement Ratio, 2008-2012 64
12.7.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2008-2012 66
12.8 Oil and Natural Gas Corporation Limited, Results of Oil & Gas Operations Trend 71
12.8.1 Oil and Gas Revenue and Expenses, 2008-2012 71
12.8.2 Oil and Gas Revenue and Expenses, By Country/Region, 2008-2012 72
12.9 Oil and Gas Revenue and Expenses, Per boe 73
12.9.1 Oil and Gas Revenue and Expenses, By boe, 2008-2012 73
12.9.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2008-2012 74
12.9.3 Exploration and Development Wells Drilled, 2008-2012 75
12.9.4 Exploration and Development Wells Drilled, By Country/Region, 2008-2012 76
13 Appendix 77
13.1 Abbreviations 77
13.2 Sources 78
13.3 Methodology 78
13.3.1 Coverage 78
13.3.2 Secondary Research 79
13.3.3 Primary Research 79
13.4 Contact Us 79
13.5 Disclaimer 79

1.1 List of Tables
Table 1: Oil and Natural Gas Corporation Ltd., OVL, Major Blocks 14
Table 2: Oil and Natural Gas Corporation Ltd., Recent Transactions as a Buyer, FY2010–FY2012 29
Table 3: Oil and Natural Gas Corporation Ltd., Recent Transactions as a Seller, FY2010– FY2012 31
Table 4: Oil and Natural Gas Corporation Ltd., Forecast Production, 2010-2017 32
Table 5: GlobalData, Price Forecasts, US$, 2013–2017 32
Table 6: Oil and Natural Gas Corporation Ltd., Income Statement ($m), 2010–2017 33
Table 7: Oil and Natural Gas Corporation Ltd., Balance Sheet ($m), 2010–2017 34
Table 8: Oil and Natural Gas Corporation Ltd., Cash Flow Statement ($m), 2010–2017 35
Table 9: Oil and Natural Gas Corporation Ltd., Profitability Ratios, 2010–2017 36
Table 10: Oil and Natural Gas Corporation Ltd., Other Financial Ratios, 2010–2017 37
Table 11: Oil and Natural Gas Corporation Ltd., Capital Market Ratios, 2010–2012 38
Table 12: Oil and Natural Gas Corporation Ltd., Net Asset Value, 2012 39
Table 13: Oil and Natural Gas Corporation Ltd., DCF Calculation, 2012 40
Table 14: Oil and Natural Gas Corporation Ltd. Vs. Peer Group, Operational Performance, 2011 42
Table 15: Oil and Natural Gas Corporation Ltd and its Peers, Total Reserves and Production, mmboe, 2011 43
Table 16: Oil and Natural Gas Corporation Ltd. and its Peer Group Comparison, Financial Ratios, 2012 45
Table 17: Oil and Natural Gas Corporation Limited, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2008-2012 46
Table 18: Oil and Natural Gas Corporation Limited, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2008-2012 48
Table 19: Oil and Natural Gas Corporation Limited, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2008-2012 49
Table 20: Oil and Natural Gas Corporation Limited, Crude Oil Production and Reserves Metrics, MMbbl, 2008-2012 50
Table 21: Oil and Natural Gas Corporation Limited, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2008-2012 52
Table 22: Oil and Natural Gas Corporation Limited, Crude Oil Reserve Changes,  MMbbl, 2008-2012 53
Table 23: Oil and Natural Gas Corporation Limited, Natural Gas Production and Reserves Metrics, Bcf, 2008-2012 54
Table 24: Oil and Natural Gas Corporation Limited, Natural Gas Production and Reserves, By Country/Region, Bcf, 2008-2012 56
Table 25: Oil and Natural Gas Corporation Limited, Natural Gas Reserve Changes, Bcf, 2008-2012 57
Table 26: Oil and Natural Gas Corporation Limited, Oil and Gas Reserves Life Index, Years, 2008-2012 58
Table 27: Oil and Natural Gas Corporation Limited, Oil and Gas Reserves Life Index, By Country/Region, Years, 2008-2012 60
Table 28: Oil and Natural Gas Corporation Limited, Upstream Capital Expenditure, $m, 2008-2012 61
Table 29: Oil and Natural Gas Corporation Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs  Per boe, $/boe, 2008-2012 62
Table 30: Oil and Natural Gas Corporation Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs  Per boe, $/boe, By Country/Region, 2008-2012 63
Table 31: Oil and Natural Gas Corporation Limited, Oil and Gas Production Replacement Ratio, %, 2008-2012 65
Table 32:  Oil and Natural Gas Corporation Limited, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2008-2012 69
Table 33:  Oil and Natural Gas Corporation Limited, Revenue and Expenses, $m, 2008-2012 71
Table 34:  Oil and Natural Gas Corporation Limited, Revenue and Expenses, By Country/Region, $m, 2008-2012 72
Table 35:  Oil and Natural Gas Corporation Limited, Oil and Gas Revenue and Expenses, $/boe, 2008-2012 73
Table 36:  Oil and Natural Gas Corporation Limited, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2008-2012 74
Table 37:  Oil and Natural Gas Corporation Limited, Exploratory and Developed Wells, 2008-2012 75
Table 38:  Oil and Natural Gas Corporation Limited, Exploratory and Developed Wells, By Country/Region, 2008-2012 76

1.2 List of Figures
Figure 1: Oil and Natural Gas Corporation Ltd., Operation Map, 2012 8
Figure 2: Oil and Natural Gas Corporation Ltd., Financial and Operational Overview, FY2009–FY2012 9
Figure 3: Oil and Natural Gas Corporation Ltd., Share Price Movement, January 2012–January 2013 10
Figure 4: Oil and Natural Gas Corporation Ltd., Total Under Recovery Burden and ONGC Share (US$ MM), FY2009–FY2012 11
Figure 5: Oil and Natural Gas Corporation Ltd., Contribution of ONGC in Total Under Recovery Burden (%) and Net Realized Price (US$/bbl), FY2009–FY2012 12
Figure 6: Oil and Natural Gas Corporation Ltd., Global Footprint through OVL, FY2012 15
Figure 7: Oil and Natural Gas Corporation Ltd., Investments through OVL, FY2012 16
Figure 8: Oil and Natural Gas Corporation Ltd., Commodity Mix in Upstream Portfolio (%), 2009–2012 17
Figure 9: Oil and Natural Gas Corporation Ltd. and Peer Group, Reserve Life Index, Years, FY2008–FY2011 19
Figure 10: Oil and Natural Gas Corporation Ltd., Total Production by Type, mmboe, FY2010–FY2017 23
Figure 11: Oil and Natural Gas Corporation Ltd, Shale Gas Basins, Exploration Activities, India, 2012 26
Figure 12: Oil and Natural Gas Corporation Ltd. and Peer Group, Relative Share Price Performance Index, 2008–2012 41
Figure 13: Oil and Natural Gas Corporation Ltd. and its Peers, Total Reserves and Production, mmboe, 2011 43
Figure 14: Oil and Natural Gas Corporation Ltd. and its Peers, Total Reserves and Production, mmboe, 2011 44
Figure 15: Oil and Natural Gas Corporation Limited, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2008-2012 46
Figure 16: Oil and Natural Gas Corporation Limited, Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2008-2012 47
Figure 17: Oil and Natural Gas Corporation Limited, Total Oil & Gas Production, By Country/Region, MMboe, 2008-2012 47
Figure 18: Oil and Natural Gas Corporation Limited, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2012 49
Figure 19: Oil and Natural Gas Corporation Limited, Crude Oil Production and Reserves Metrics, MMbbl, 2008-2012 50
Figure 20: Oil and Natural Gas Corporation Limited, Oil Reserves, End of Period, By Country/Region, MMbbl, 2008-2012 51
Figure 21: Oil and Natural Gas Corporation Limited, Oil Production, By Country/Region, MMbbl, 2008-2012 51
Figure 22: Oil and Natural Gas Corporation Limited, Crude Oil Reserve Changes,  MMbbl, 2012 53
Figure 23: Oil and Natural Gas Corporation Limited, Natural Gas Production and Reserves Metrics, Bcf, 2008-2012 54
Figure 24: Oil and Natural Gas Corporation Limited, Gas Reserves, End of Period, By Country/Region, Bcf, 2008-2012 55
Figure 25: Oil and Natural Gas Corporation Limited, Gas Production, By Country/Region, Bcf, 2008-2012 55
Figure 26: Oil and Natural Gas Corporation Limited, Natural Gas Reserve Changes, Bcf, 2012 57
Figure 27: Oil and Natural Gas Corporation Limited, Oil and Gas Reserves Life Index, Years, 2008-2012 58
Figure 28: Oil and Natural Gas Corporation Limited, Gas Reserve Life Index, By Country/Region, Years, 2008-2012 59
Figure 29: Oil and Natural Gas Corporation Limited, Oil & Gas Reserve Life Index, By Country/Region, Years, 2008-2012 59
Figure 30: Oil and Natural Gas Corporation Limited, Oil Reserve Life Index, By Country/Region, Years, 2008-2012 60
Figure 31: Oil and Natural Gas Corporation Limited, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs  Per boe, $/boe, 2008-2012 62
Figure 32: Oil and Natural Gas Corporation Limited, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2008-2012 64
Figure 33: Oil and Natural Gas Corporation Limited, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2008-2012 66
Figure 34: Oil and Natural Gas Corporation Limited, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2008-2012 66
Figure 35: Oil and Natural Gas Corporation Limited, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2008-2012 67
Figure 36: Oil and Natural Gas Corporation Limited, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2008-2012 67
Figure 37: Oil and Natural Gas Corporation Limited, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2008-2012 68
Figure 38: Oil and Natural Gas Corporation Limited, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2008-2012 68
Figure 39: Oil and Natural Gas Corporation Limited, Revenue and Expenses, $m, 2008-2012 71
Figure 40: Oil and Natural Gas Corporation Limited, Oil and Gas Revenue and Expenses, $/boe, 2008-2012 73
Figure 41: Oil and Natural Gas Corporation Limited, Exploratory and Developed Wells, 2008-2012 75


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