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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In the event of liquidation of the company, the holders of equity shares will be entitled reort receive remaining assets of the company, after distribution of all preferential amounts. Acquisition cost of a producing oil and gas property is capitalized as Producing Property. Deferred Government Grant Note Crude oil production includes condensate of 1.
ONGC- Sustainability Reports
Fixed deposits of 2011-112, Other Long term Liabilities. Further, in case the Company does not complete MWP or surrender the block without completing the MWP, the estimated cost of completing balance work programme is required to be paid to the GoI. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. The first 11 installments under the contract due till 30th December have been received.
In case of abandonment, such costs are expensed. Net Profit after Tax in million. The dividend proposed by the Board of Directors is subject to geport approval of the shareholders in the ensuing Annual Nogc Meeting. The above includes Auditor’s Remuneration as under: As at 31stMarch, These reserves are estimated annually by the Reserve Estimates Committee of the Company, which follows the International Reservoir Engineering Procedures.
In case of overseas projects, the same is taken to capital work in progress. The impact of discount is as under: These assets are capitalised and recognised in the balance sheet of BC as from the date the lease contract is concluded, at the lower of the fair value of the asset and the discounted value of the minimum lease instalments.
Abnormal Rig days’ costs are considered as unallocable and charged to statement of profit and loss. Out of this Rs Due to the political situation in Syria and the EU sanction, this Cash Generating Unit CGUincluding the above mentioned assets and receivables was onvc for impairment by comparing the carrying value with the recoverable value as on 31st March He further informed in his letter that based on the opinion of an independent law firm, the restrictions that the Contractor face lead to a Force Majeure FM situation under the Contracts.
The same is treated as cost in the year in which the gas is actually transported for the quantity transported or in the year in which the right to transport such gas ceases, whichever is earlier. Other Non Current Assets. Deferred Repotr Grant Note 2.
Details of these blocks and JVs as on An impairment loss is reversed if there is change in the recoverable amount and such loss either no longer exists or has decreased. As at 31 st March, The lease commitments are carried under long-term liabilities exclusive of interest. The salary growth rate takes account of inflation, seniority, promotion and other onggc factor on long term basis.
Its Shares are listed and traded on Stock exchanges in India. Insurance claims The company accounts for insurance claims as under: Transfer to Producing Properties 3, Provisions and Write Offs. Unsecured a Non Convertible Redeemable Bonds 23, The distribution will be in proportion to the number of equity shares held by the shareholders. Deduction during annyal year 3.
ONGC – Annual Reports
The abandonment cost on dry well is expensed as exploratory well cost. Unrealized gains are ignored.
In subsequent legal proceedings, The Appellate Authority of the Honourable Malaysian High Court of Kuala Lumpur had set aside the decision of the Malaysian High Court and the earlier decision of arbitral tribunal in favour of operator was restored, against which the GoI has preferred an appeal before the Federal Court of Malaysia. Contingent liabilities are disclosed by way of notes to accounts. Profit after Tax for the yearThe amounts paid toward initial payment and signature bonus aggregating to Rs4, Since the amendment still requires clarity on various issues and also considering the advice of legal experts, the company continued to make provision for tax without considering the benefit under section IB 9.
Any difference as of the reporting date between the entitlement quantity minus the quantities sold in respect of crude oil including condensateif positive i. Insurance Policy deductibles are expensed in the year the corresponding expenditure is incurred. Provision made till 31st March, is Rs 3, In subsequent legal proceedings, The Appellate Authority of the Honourable Malaysian High Court of Kuala Lumpur had set aside the decision of the Malaysian High Court onvc the earlier decision of arbitral tribunal in favour of operator was restored, against which the GoI has preferred an appeal before the Federal Court of Malaysia.
The Company has tested all its CGUs for impairment as on Hence, no adjustment is made in the accounts towards the same. Also, includes restricted amount of Each holder of equity shares is entitled to one vote per share. Tax on Dividend 13,