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ONGC corporate report

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18 December 2018

ONGC corporate report

Report summary

India's oil champion has had a tough 2018. Its finances have deteriorated during the year, with management coming under increasing pressure from the government. ONGC's share price has tumbled 25% in the year to-date - the worst performance among the Asian NOCs. Deleveraging has now become ONGC's number one strategic priority. We think the company can deliver, but will still need to face the longer-term operational declines.

Table of contents

  • Other ONGC research
  • Executive summary
  • SWOT Analysis
    • Overview
      • Market premium eroded by increasing financial strain and EM volatility
    • Strategic position
    • 1) Continued focus on domestic upstream operations in India
    • 2) Repair the balance sheet and address concerns over indebtedness
    • 3) Develop a unified strategy for longer-term, international resource capture
  • Upstream Portfolio Summary
    • Wood Mackenzie base case valuation metrics
    • Wood Mackenzie base case investment and cost metrics
    • Wood Mackenzie base case production metrics
    • Wood Mackenzie base case reserve and resource metrics
    • Economic assumptions
      • Foreign exchange rate assumptions

Tables and charts

This report includes 41 images and tables including:

  • Executive summary: Table 1
  • ONGC: top assets by value
  • ONGC: strategic fit of upstream regions
  • ONGC: evolution of upstream NPV10
  • ONGC: global production outlook
  • ONGC: resource theme evolution NPV10
  • ONGC: upstream development spend profile
  • Benchmark: new project returns
  • ONGC: India production outlook
  • ONGC: India production by resource theme
  • Benchmark: exploration spend per boe
  • ONGC: volumes discovered by basin (2008-2017)
  • ONGC: cash flow breakeven (US$/bbl Brent)
  • ONGC: net debt outlook
  • ONGC: international production outlook (million boe/d)
  • Benchmark: Asian NOC M&A deal value
  • ONGC: volumes discovered by year
  • ONGC: net active exploration acreage by water depth
  • Upstream EV vs. Upstream NPV,10
  • Upstream portfolio sensitivities vs. Upstream EV
  • Forecast development expenditure (nominal)
  • Forecast operating expenditure (nominal)
  • Reported development costs
  • New Project Returns
  • Reported and WM forecast production
  • Liquid vs. Gas
  • Liquid Production
  • Gas Production
  • Total reserves: Wood Mackenzie commercial
  • Total reserves: reported vs. Wood Mackenzie
  • Total reserves: reported vs. Wood Mackenzie
  • Reserve life: reported vs. Wood Mackenzie
  • Base price assumptions (nominal terms)
  • Base price assumptions (nominal terms)
  • Base, high, and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Value assumptions
  • Benchmark: ONGC share price performance
  • Benchmark: market premium / discount to WM NPV10
  • Economic assumptions: Table 5

What's included

This report contains:

  • Document

    ONGC corporate report

    PDF 1.26 MB

  • Document

    ONGC corporate report

    ZIP 1.85 MB

  • Document

    ONGC Update Q4 2018.xlsx

    XLSX 1.13 MB

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