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ONGC group turnover crosses $10 billion in FY04
By siliconindia staff writer
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Wednesday, 07 April 2004, 19:30 IST
MUMBAI: The company has said that its production is on target and that it has made six oil and gas discoveries during the '03-'04.
During the year, ONGC produced about 49.6m metric tonnes of oil and oil-equivalent gas against a target of 49.7 mmt. The daily average production was 1.02m barrels. Oil production was 99% against a target of 26.4 mmt (actual previous year 26.06 mmt). Gas production was 101% of the target at 23.6bn cubic metres (previous year 24.24 BCM).
ONGCs gross turnover was Rs 33,350 crore (Rs 35,387 crore a year ago) after adjusting the subsidy paid out to IOCL, BPCL, and HPCL, amounting to Rs 2,063 crore, as directed by the government. ONGC also paid Rs 250 crore to the gas pool account to subsidise Gail and OIL, and Rs 800 crore through Gail to customers buying natural gas from JVs at Panna, Mukta, Tapti and Ravva fields.
ONGCs contribution to the central exchequer was Rs 15,174 crore by way of cess, royalty, duties and taxes. A sum of Rs 2,839 crore was paid to state governments as royalty, sales tax and other levies. ONGC Videsh, including its wholly-owned subsidiary ONGC Nile Ganga BV has achieved a turnover of Rs 3,175 crore during the year. Mangalore Refinery & Petrochemicals (MRPL) registered a gross turnover of Rs 12,488 crore (up 46%).