ANNUAL REPORT OF ONGC 2011-12 PDF

A N N U A L R E P O R T 2 0 1 0 – 2 0 1 1 .. Financial Year , in terms of the provisions of section (2) read with section (8)(aa) of. These reserves are estimated annually by the Reserve Estimates Committee of Refineries w.e.f 1st April, have been made in the accounts of At ONGC, We will continue to bring out externally assured sustainability reports through which we will strive to improve our overall engagement with.

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Due to the political situation in Syria and the EU sanction, this Cash Generating Unit CGUincluding the above mentioned assets and receivables was tested for impairment by comparing the carrying value 20011-12 the recoverable value as on 31st March Provisions are made for obsolete and non moving inventories. The recovery is towards certain observations raised by auditors appointed by the Director General of Hydrocarbons DGH under Production Sharing Contract PSC for the period to in respect of cost and profit petroleum share payable to GoI.

For the purposes of consolidation of PHHL, the audited Annual Accounts for the year and unaudited accounts for the year have been considered. Variations in totals, if any, are due to internal summation and rounding off. No dividend has repirt received during the year. Deferred Tax Asset is recognized and carried forward only to the extent that there is reasonable certainty that the asset will be realized in future.

Details of these blocks and JVs as on Due to the shifting process the operator has not been able to provide the monthly expenditure statement for the month of February and March Short lifted quantity of gas b. In case insurance claim is less than carrying cost, the difference is charged to statement of profit and loss Account.

Production, Transportation, Selling and Distribution Expenditure etc. Use of Estimates Onvc preparation of financial statements requires estimates and assumptions which affect the reported amount of assets, liabilities, revenues and expenses of the reporting period.

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An impairment loss is recognized, whenever the carrying amount of such assets exceeds the recoverable amount. The impact of discount is as under: Figures in parenthesis as given in these Notes to Financial Statement relate to previous year.

Transferred from Insurance Reserve — 2, The impact of discount is as under:. No borrowing cost is capitalized during the year previous year Nil. Such assets are included as a receivable at an amount equal to the net investment in the lease.

Borrowing Costs Borrowing Cost specifically identified to the acquisition or construction of qualifying assets is capitalized as part of such assets.

Its Shares are listed and traded on Stock exchanges in India.

Sustainability Reports

Post Retirement Medical Benefits. Initial-in-Place-Reserves have been established in this block and a conceptual development plan as part of the proposal for Declaration of Commerciality had been submitted on Further, subject to regular payments on due dates by GOS to the Company, GOS shall have the exclusive right to use and operate the pipeline system and the Company annkal not assign, transfer, sub-let, sub-contract, mortgage or create any rights to any third party or encumbrances or make any disposition to any third party.

Name of related parties and description of relationship: Depreciation, Depletion, Amortization And Impairment. Transferred to General ReserveInterest on delayed realization from customers f. Provision made till 31st March, is Rs 3, Significant Accounting Policies a. Deferred Government Grant Note 2. Transfer to Producing Properties 3, Debenture Redemption Reserve note no.

The Company had made a provision towards the claim made by the GoI in earlier years and the amount of provision outstanding as on 31st March, is Rs 8, Actuarial gains and losses in respect of post employment and other long-term benefits are recognized during the reprt.

Annual Reports

Further, in case the Company does not complete Lngc or surrender the block without completing the MWP, the estimated cost of completing balance work programme is required to be paid to the GoI. Current Investments are reportt at lower of cost and fair value. Advance Wealth tax Any difference as of the reporting date between the entitlement quantity minus the quantities sold in respect of crude oil including condensateif positive i.

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Actuarial gains and losses in respect of post employment and other long-term benefits are recognized during the year.

ONGC- Sustainability Reports

Adjustment of differences, if any, is carried out on completion of reconciliation. Further, once the sanctions have been lifted, the Contractor could then claim its share in production done during the period of the sanctions and pay for the expenditure of those operations if appropriate.

All other claims and provisions are booked on the merits of each case. 2011–12 in respect of Sakhalin Project in favour of Exxonneftgas Ltd.

Cash Balance includes 3, Borrowing Costs Borrowing Cost specifically identified to the acquisition or construction of qualifying assets is capitalized as part of such assets. Hazarika, holding additional charge of Chairman and Managing Director up to The effective date of transfer of PI shall be the date of Government approval, which is pending.

Provisions are made for obsolete and non moving inventories. The financial statements are presented in Indian Rupees and all values annuxl rounded to the nearest million except when otherwise indicated.

The lease contract contains priced termination options for each of the 15 years and priced extension options for the 4 years following the initial year term.

Bonus Share issued —

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