Oil and Natural Gas Corporation Ltd., Company Intelligence Report


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Oil and Natural Gas Corporation Ltd., Company Intelligence Report

Summary

Oil and Natural Gas Corporation Ltd. (ONGC) is an integrated energy company engaged in the exploration and production of crude oil and natural gas, refining, transportation and marketing of petroleum products globally. It operates primarily in India, and has overseas operations in Vietnam, Russia, Myanmar, Syria, Qatar, Egypt, Cuba, Brazil, Nigeria, Columbia, Sudan, Iraq, Iran and Libya. The company operates its overseas operations through its subsidiary ONGC Videsh Ltd. (OVL). The company is headquartered in the Dehradun in India. Currently, ONGC Videsh Limited has oil and gas production from 9 projects; Russia (Sakhalin-I and Imperial), Syria (Al-Furat Project), Vietnam (Block 06.1), Colombia (Mansarovar Energy Project), Sudan (Greater Nile Oil Project and Block 5A), Venezuela (San Cristobal Project) and Brazil (BC-10).

Scope
  • Key Highlights: This section provides detailed analysis on the companys 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 reports SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market. 
  • Key Events for 2011: This section provides the companys expected operational and financial activities in 2011. This section maps the companys focus for 2011 in nut shell. 
  • Production and Development Overview: This section highlights the companys 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 companys producing and development assets. 
  • Exploration: This section includes detailed explanation and analysis on the companys exploration assets resulted due to new discoveries, new drilling and other activities. 
  • M&A trends: This section mainly provides information and analysis on the companys recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the companys 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 Net Asset Valuation method. 
  • Peer Group Analysis: This section compares the companys performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters. 
  • Financial and Operational Metrics: This section covers the companys 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.
Table of content

1 Table of contents
1 Table of contents 3
1.1 List of Tables 5
1.2 List of Figures 6

2 Oil and Natural Gas Corporation Ltd., Company Overview 8

3 Oil and Natural Gas Corporation Ltd., Key Events for 2011 13

4 Oil and Natural Gas Corporation Ltd., Key Highlights 14
4.1 Offsetting Production Decline; IOR and EOR Techniques Playing Important Role 14
4.2 Additional Focus on Marginal Fields Will Support Long Term Growth Potential 14
4.3 Deregulation of Diesel Prices will Facilitate ONGC to Boost its Top Line; Also ONGC FPO Rescheduled for 2012 15
4.4 Taping Growing Demand; Expanding Global Footprints through OVL 16

5 Oil and Natural Gas Corporation Ltd., SWOT Analysis 18
5.1 Strengths 18
5.1.1 Effective Utilization of Secondary Recovery Method; Offsetting Production Decline 18
5.1.2 Strong Oil and Gas Value Chain 19
5.1.3 Consistent Rise in Reserve Replacement Ratio 19
5.2 Weaknesses 20
5.2.1 ONGC is a Relatively Small Refiner; Not Very Focused 20
5.2.2 Relatively Small Reserve Life Index As Compared to Peer Group 20
5.3 Opportunities 21
5.3.1 Further Exploration in Domestic Region 21
5.4 Threats 21
5.4.1 Inability to Capture Suitable Joint Ventures 21

6 Oil and Natural Gas Corporation Ltd., Goals and Strategies 22
6.1 Strategic Target; Growth Plan for 2020 22
6.1.1 Doubling Reserve Addition from Six to 12 Btoe by 2020 22
6.1.2 Amplify Recovery Factor from 27.5% to 40% by 2020 22
6.1.3 Sourcing 20 MMTPA Equity Oil and Gas by 2020 through OVL 22

7 Oil and Natural Gas Corporation Ltd., Production Overview 23
7.1 Production Profile 23
7.2 Assets Portfolio 26
7.2.1 ONGC Videsh Ltd. 26
7.2.2 Oil and Natural Gas Corporation Ltd. 28

8 Oil and Natural Gas Corporation Ltd., Exploration and Development Overview 30

9 Refining, Marketing and Petrochemicals 33

10 Oil and Natural Gas Corporation Ltd., M&A Highlights 35

11 Oil and Natural Gas Corporation Ltd., Forecast Production and Financial Statements 37
11.1 Income Statement (20082015) 39
11.2 Balance Sheet (20082015) 40
11.3 Cash Flow Statement (20082015) 41
11.4 Financial Ratios 42

12 Oil and Natural Gas Corporation Ltd., Valuation 45
12.1 Net Asset Value 45

13 Oil and Natural Gas Corporation, Peer Comparision 48
13.1 Share Price Performance 48
13.2 Operational and Financial Performance 49
13.3 Key Financial and Operational Ratio 51

14 Oil and Natural Gas Corporation Limited, Detailed Operational and Financial Metrics 52
14.1 Oil and Natural Gas Corporation Limited, Total Oil and Gas, Reserves and Production 52
14.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2005-2010 52
14.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2005-2010 54
14.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2005-2010 56
14.2 Oil and Natural Gas Corporation Limited, Crude Oil/Liquids Production and Reserve 57
14.2.1 Crude Oil/Liquids Production and Reserve Trend, 2005-2010 57
14.2.2 Crude Oil Production and Reserves By Country/Region, 2005-2010 58
14.2.3 Crude Oil/Liquids Reserve Changes, 2005-2010 60
14.3 Oil and Natural Gas Corporation Limited, Natural Gas Production and Reserve 61
14.3.1 Natural Gas Production and Reserve Trend, 2005-2010 61
14.3.2 Natural Gas Production and Reserves, By Country/Region, 2005-2010 62
14.3.3 Natural Gas Reserve Changes, 2005-2010 64
14.4 Oil and Natural Gas Corporation Limited, Total Crude Oil and Natural Gas Reserves Life Index 65
14.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2005-2010 65
14.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2005-2010 66
14.5 Oil and Natural Gas Corporation Limited, E&P Costs Trends 69
14.5.1 Upstream Capital Expenditure, 2005-2010 69
14.6 Oil and Natural Gas Corporation Limited, Oil and Gas Cost Per boe, $/boe 70
14.6.1 Oil and Gas Cost Per boe, $/boe, 2005-2010 70
14.6.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2005-2010 71
14.7 Oil and Natural Gas Corporation Limited, Reserve Replacement Ratio 72
14.7.1 Oil and Gas Production Replacement Ratio, 2005-2010 72
14.7.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2005-2010 74
14.8 Oil and Natural Gas Corporation Limited, Results of Oil & Gas Operations Trend 79
14.8.1 Oil and Gas Revenue and Expenses, 2005-2010 79
14.8.2 Oil and Gas Revenue and Expenses, By Country/Region, 2005-2010 80
14.9 Oil and Gas Revenue and Expenses, Per boe 81
14.9.1 Oil and Gas Revenue and Expenses, By boe, 2005-2010 81
14.9.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2005-2010 82
14.10 Oil and Gas Performance Metrics 83

15 Appendix 84
15.1 Abbreviations 84
15.2 Methodology 84
15.2.1 Coverage 84
15.2.2 Secondary Research 85
15.2.3 Primary Research 85
15.2.4 Expert Panel Validation 85
15.3 Methodology for Company Valuation 85
15.4 Contact Us 86
15.5 Disclaimer 86

Table 1: Oil and Natural Gas Corporation Ltd., Key Events, 2011 12
Table 2: Oil and Natural Gas Corporation Ltd., NOCs Overseas Deals, 2010 16
Table 3: Oil and Natural Gas Corporation Ltd., Upstream Growth Profile, MMboe, 20112015 24
Table 4: Upcoming Production From New Assets 25
Table 5: Oil and Natural Gas Corporation Ltd., Recent Transactions as a Buyer, 2011 35
Table 6: Oil and Natural Gas Corporation Ltd., Recent Transactions as a Seller, 2011 36
Table 7: Oil and Natural Gas Corporation Ltd., Forecast Production, 20082015 37
Table 8: GlobalData, Price Forecasts, 20112015 37
Table 9: Oil and Natural Gas Corporation Ltd., Income Statement ($m), 20082015 39
Table 10: Oil and Natural Gas Corporation Ltd., Balance Sheet ($m), 20082015 40
Table 11: Oil and Natural Gas Corporation Ltd., Cash Flow Statement ($m), 20082015 41
Table 12: Oil and Natural Gas Corporation Ltd., Profitability Ratios, 20082015 42
Table 13: Oil and Natural Gas Corporation Ltd., Other Financial Ratios, 20082015 43
Table 14: Oil and Natural Gas Corporation Ltd., Capital Market Ratios, 20092011 44
Table 15: GlobalData, Price Forecasts, 20112015 45
Table 16: Oil and Natural Gas Corporation Ltd., Net Asset Value, 2011 46
Table 17: Oil and Natural Gas Corporation Ltd., NPV of Oil/NGL Reserves, $/bbl, 2011 46
Table 18: Oil and Natural Gas Corporation Ltd., NPV of Natural Gas Reserves, $/Mcf, 2011 47
Table 19: Oil and Natural Gas Corporation Ltd., NPV OF Total Oil and Natural Gas Reserves , $/boe, 2011 47
Table 20: Oil and Natural Gas Corporation Ltd., Sensitivity Analysis on Fair Value ($ per share), 2011 47
Table 21: Oil and Natural Gas Corporation Ltd. Vs. Peer Group, Operational and Financial Performance, 2009 49
Table 22: Oil and Natural Gas Corporation Ltd. and its Peer Group Comparison, Financial Ratios, 2009 51
Table 23: Oil and Natural Gas Corporation Limited, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2005-2010 53
Table 24: Oil and Natural Gas Corporation Limited, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2005-2010 55
Table 25: Oil and Natural Gas Corporation Limited, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2005-2010 56
Table 26: Oil and Natural Gas Corporation Limited, Crude Oil Production and Reserves Metrics, MMbbl, 2005-2010 57
Table 27: Oil and Natural Gas Corporation Limited, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2005-2010 59
Table 28: Oil and Natural Gas Corporation Limited, Crude Oil Reserve Changes, MMbbl, 2005-2010 60
Table 29: Oil and Natural Gas Corporation Limited, Natural Gas Production and Reserves Metrics, Bcf, 2005-2010 61
Table 30: Oil and Natural Gas Corporation Limited, Natural Gas Production and Reserves, By Country/Region, Bcf, 2005-2010 63
Table 31: Oil and Natural Gas Corporation Limited, Natural Gas Reserve Changes, Bcf, 2005-2010 64
Table 32: Oil and Natural Gas Corporation Limited, Oil and Gas Reserves Life Index, Years, 2005-2010 65
Table 33: Oil and Natural Gas Corporation Limited, Oil and Gas Reserves Life Index, By Country/Region, Years, 2005-2010 67
Table 34: Oil and Natural Gas Corporation Limited, Upstream Capital Expenditure, $m, 2005-2010 69
Table 35: Oil and Natural Gas Corporation Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2005-2010 70
Table 36: Oil and Natural Gas Corporation Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2005-2010 71
Table 37: Oil and Natural Gas Corporation Limited, Oil and Gas Production Replacement Ratio, %, 2005-2010 72
Table 38: Oil and Natural Gas Corporation Limited, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2005-2010 77
Table 39: Oil and Natural Gas Corporation Limited, Revenue and Expenses, $m, 2005-2010 79
Table 40: Oil and Natural Gas Corporation Limited, Revenue and Expenses, By Country/Region, $m, 2005-2010 80
Table 41: Oil and Natural Gas Corporation Limited, Oil and Gas Revenue and Expenses, $/boe, 2005-2010 81
Table 42: Oil and Natural Gas Corporation Limited, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2005-2010 82
Table 43: Oil and Natural Gas Corporation Limited, Oil and Gas Performance Metrics, 2005-2010 83
Figure 1: Oil and Natural Gas Corporation Ltd., Operation Map, 2011 8
Figure 2: Oil and Natural Gas Corporation Ltd., Production Contribution, 20072010 9
Figure 3: Oil and Natural Gas Corporation Ltd., Revenue by Segment, 2010 9
Figure 4: Oil and Natural Gas Corporation Ltd., Corporate Structure, 2011 10
Figure 5: Oil and Natural Gas Corporation Ltd., Financial and Operational Overview, 20072010 11
Figure 6: Oil and Natural Gas Corporation Ltd., Share Price Movement, April 2010April 2011 12
Figure 7: Oil and Natural Gas Corporation Ltd., Marginal Fields Contribution to Total Production, MMboe, 20122015 15
Figure 8: Oil and Natural Gas Corporation Ltd., Global Footprint through OVL, 2011 17
Figure 9: Oil and Natural Gas Corporation Ltd. (Excluding its Subsidiaries), Production, MMboe, 20082010 18
Figure 10: Oil and Natural Gas Corporation Ltd., Marginal Fields Contribution to Total Production, MMboe, 20122015 19
Figure 11: Oil and Natural Gas Corporation Ltd., Peer Comparison For Reserve Life Index (Years), 2009 20
Figure 12: Oil and Natural Gas Corporation Ltd., Total Production By Type, MMboe, 20082015 24
Figure 13: Oil and Natural Gas Corporation Ltd., Contribution of the Upcoming Asset to Total Production, MMboe, 20082015 25
Figure 14: Oil and Natural Gas Corporation Ltd., Contribution of OVL to Total Production, MMboe, 20082015 27
Figure 15: Oil and Natural Gas Corporation Ltd., Contribution of OVL to Total Production, MMboe, 20082015 29
Figure 16: Oil and Natural Gas Corporation Ltd., Key Performance Drivers for Refining Segments, 2010 33
Figure 17: Oil and Natural Gas Corporation Ltd. and Peer Group, Relative Share Price Performance Index, Mar 2010April 2011 48
Figure 18: Oil and Natural Gas Corporation Ltd. and its Peers, Total Reserves and Production, MMboe, 2009 50
Figure 19: Oil and Natural Gas Corporation Limited, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2005-2010 52
Figure 20: Oil and Natural Gas Corporation Limited, Total Proved Oil & Gas Reserves, By Country/Region, MMboe, 2005-2010 54
Figure 21: Oil and Natural Gas Corporation Limited, Total Oil & Gas Production, By Country/Region, MMboe, 2005-2010 54
Figure 22: Oil and Natural Gas Corporation Limited, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2010 56
Figure 23: Oil and Natural Gas Corporation Limited, Crude Oil Production and Reserves Metrics, MMbbl, 2005-2010 57
Figure 24: Oil and Natural Gas Corporation Limited, Total Proved Oil Reserves, By Country/Region, MMbbl, 2005-2010 58
Figure 25: Oil and Natural Gas Corporation Limited, Oil Production, By Country/Region, MMbbl, 2005-2010 58
Figure 26: Oil and Natural Gas Corporation Limited, Crude Oil Reserve Changes, MMbbl, 2010 60
Figure 27: Oil and Natural Gas Corporation Limited, Natural Gas Production and Reserves Metrics, Bcf, 2005-2010 61
Figure 28: Oil and Natural Gas Corporation Limited, Total Proved Gas Reserves, By Country/Region, Bcf, 2005-2010 62
Figure 29: Oil and Natural Gas Corporation Limited, Gas Production, By Country/Region, Bcf, 2005-2010 62
Figure 30: Oil and Natural Gas Corporation Limited, Natural Gas Reserve Changes, Bcf, 2010 64
Figure 31: Oil and Natural Gas Corporation Limited, Oil and Gas Reserves Life Index, Years, 2005-2010 65
Figure 32: Oil and Natural Gas Corporation Limited, Gas Reserve Life Index, By Country/Region, Years, 2005-2010 66
Figure 33: Oil and Natural Gas Corporation Limited, Oil & Gas Reserve Life Index, By Country/Region, Years, 2005-2010 66
Figure 34: Oil and Natural Gas Corporation Limited, Oil Reserve Life Index, By Country/Region, Years, 2005-2010 67
Figure 35: 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, 2005-2010 70
Figure 36: Oil and Natural Gas Corporation Limited, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2005-2010 72
Figure 37: Oil and Natural Gas Corporation Limited, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2005-2010 74
Figure 38: Oil and Natural Gas Corporation Limited, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2005-2010 74
Figure 39: Oil and Natural Gas Corporation Limited, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2005-2010 75
Figure 40: Oil and Natural Gas Corporation Limited, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2005-2010 75
Figure 41: Oil and Natural Gas Corporation Limited, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2005-2010 76
Figure 42: Oil and Natural Gas Corporation Limited, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2005-2010 76
Figure 43: Oil and Natural Gas Corporation Limited, Revenue and Expenses, $m, 2005-2010 79
Figure 44: Oil and Natural Gas Corporation Limited, Oil and Gas Revenue and Expenses, $/boe, 2005-2010 81
Figure 45: Oil and Natural Gas Corporation Limited, Oil and Gas Performance Metrics, 2005-2010 83