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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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Balance outstanding deport on 31st March is 16, Limited OTPC for cost overrun, if any. Necessary adjustments would be carried out in the accounts on receipt of the expenditure statement.

Movement in Provisions Others For Court cases, arbitration and others, where the timing of expected outflows is upon settlement of the proceedings: The lease period commenced from the date of handing over of the pipeline system and will continue till all payments by GOS are completed. Deduction during the year 3. Crude oil production includes condensate of 1.

Sustainability Reports

Transferred from Surplus Account 4, A general description of the type of Defined Benefit Plans is as follows: The same is paid to a fund administered through a separate trust. Notes to Financial Statements for the year ended 31st March, Cost of Finished goods is determined on absorption costing method. Borrowing Costs Borrowing Cost specifically identified to the acquisition or construction of qualifying assets is capitalized as part of such assets.

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Employees are gifted a silver plaque also, depending upon their level. Revenue of finance lease contracts represents the transfer of economic ownership from Tamba BV lessor to the lessee of the asset, being an affiliate.

Annual Reports

Depreciation, Depletion, Amortization And Impairment. In case of acquisition cost, Producing Properties is depleted by considering the proved reserves.

Share of Profit – Minority Interest 2, Contingent Assets are neither recognized nor disclosed in the financial statements. Details of these blocks and JVs as on During the financial yearthe subsidiary, OVL, had raised funds from the financial markets by issuance of non-convertible redeemable bonds in the nature of debentures as follows:.

Provision for Non-Moving Items The Company is not a party to the dispute but has agreed to abide by the decision applicable to the operator.

Depreciation and Amortisation p. Expected Contribution in respect of Gratuity for next year will be Rs The dividend proposed by the Board of Directors re;ort subject to the approval of the shareholders in the ensuing Annual General Meeting.

Subsequent to impairment, 20111-2 is provided on the revised carrying value of the assets over the remaining useful life.

Deposit under Site Restoration Fund Scheme: Its Shares are listed and traded on Stock exchanges in India. The Company is confident that OCL will be able to honour its obligations.

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ONGC- Sustainability Reports

Depreciation for the year includes Rs6. Previous Year Rs 2, GoI had recovered the above amount [including interest thereon USD Contingent liabilities are disclosed by way of notes to accounts. Profit before Exceptional, Extraordinary items and Tax. Such expenses relating to Headquarter are charged to statement of profit and loss.

ONGC – Annual Reports

Bonus Share issued — Use of Estimates The preparation of financial statements requires estimates and assumptions which affect the reported amount of assets, liabilities, revenues and expenses of the reporting period. Any retrospective revision in prices is accounted for in the year of such revision. 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, In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts.

Investments Long-term investments are valued at cost.