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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For APM consumers, except for consumers in North Eastern states, the consumer price is same as producer price, i. The difference between the actual results and estimates are recognized in the period in which the results are known or materialized. During the financial yearrpeort subsidiary, OVL, had raised funds from the financial markets by issuance of non-convertible redeemable bonds in the nature of debentures as follows: Notes to Financial Statements for the year ended 31st March 1.
The quantum of work done is measured in proportion of cost incurred to date to the estimated total cost of the contract or based on reports of physical work done.
The annkal date of transfer of PI shall be the date of Government approval, which is pending. No revenue in this respect has been recognized since the claim has not been accepted by GOS. Deferred Government Grant Note Transfer to General Reserve — 2, Previous YearrS Nil 6. Balance amount reversed is attributable to Jodhpur and Silchar onshore due to transfer of assets to another CGU and change in estimation of abandonment liability in respect of offshore.
Currently, Block 5A is under exploration, production and development and due to certainty of the recovery, the net carried amount of USD 1.
ONGC – Annual Reports
Transferred to General ReserveIn view of the perceived uncertainties in obtaining the refund at this stage, the provision made in the books as above has been retained and netted off against the amount recoverable as above in the financial statements for the year ended 31st March, Cash and Cash equivalents Includes Fixed deposits of Rs 52, Balance outstanding as on 31st March is 8, Cost relating to dismantling, abandoning and restoring its allied facilities are accounted for in the year in which such costs are incurred as the salvage value is expected to take care of the abandonment costs.
Deferred Government Grant Note 2. 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. The lease commitments are carried under liabilities exclusive of interest. Crude oil production includes condensate of 1.
As a result, an income of 31, Cost relating to dismantling, abandoning and restoring its allied facilities are accounted oof in the year in which such costs are incurred as the salvage value is expected to take care of the abandonment costs. The share of loss for the year amounting to Bose iv Shri D.
Notes to Financial Statements for the year ended 31st March, Also refer note Provision ojgc Exploratory Wells Note Significant Group Accounting Policies 2.
In assessing value in use, the estimated future cash flows from the use of assets and from its disposal at the end of its useful life are discounted to their present value at appropriate rate.
Exploration, Development and Production Costs e. Profit after Tax for the yearBonus Share issued — Expected rate of return on plan assets is based on market expectations, at the beginning of the year, for return over the entire life pngc the related obligation.
Depreciation, Depletion, Amortization And Impairment. Provisions, Contingent Liabilities and Contingent Assets Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it reort probable that there will be an outflow of resources.
All government stakes other than income taxes are considered to be royalty.
Provision is made for any diminution, other than temporary, in the value of such investments. Production, Transportation, Selling and Distribution Expenditure.
Pending final decision on the DOC by the MC, as a matter of abundant caution, the Company has made a provision of 9, Transferred to General ReserveThe company is not a party to the dispute but has agreed to abide by the decision applicable to the operator. Out of this, an amount of A sum of 91, The 12th Installment due on 30th June and 13th installment due on 30th December have not yet been received.
Interest on delayed realization from customers f. Balance outstanding as on 31st March is 18, No dividend has rpeort received during the year.
ONGC- Sustainability Reports
Foreign currency monetary assets and liabilities at the year end are translated using mean exchange rate prevailing on the last day of the financial year. The dividend repoet by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
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, Loan to OVL is repayable within a notice period of minimum one year and carries no interest during the year and Its Shares are listed and traded on Stock exchanges in India.