Ladies and gentlemen, a very good morning. Thank you for standing by, and welcome to the IR call for ONGC Limited. During the entire course of presentation, all participants' lines will be in listen-only mode. Later, we are going to connect you with a question and answer session, and instructions on how to participate will follow at that point of time. Would like to welcome and hand over the call proceedings to the esteemed speaker, Mr. Anurag Sharma, Director of Finance to the conference hall. Sir, a very good morning. You can begin now. Good morning, ladies and gentlemen. I am Anurag Sharma, Director Onshore. I'm holding additional charge of Director Finance, ONGC. I welcome you all in this ONGC earnings call for Q3 and 9-month FY 2022. Thank you all for joining us on the call. I'm joined here by my colleagues, Mr. Pankaj, ED/OSD, Mr. Anupam Agarwal, Chief Corporate Finance, Mr. Mukul from Corporate Planning section, Mr. Rajiv Kumar, Chief Accounts and Financial Reporting Services, Mr. Akil Chaturvedi, Chief Commercial and Treasury, Mr. Rakesh Kaul, Chief of BD JV Group, Mr. Sanjay Shrivastava, Chief of CMNG Group, Mr. Sanjay Bharti from Corporate Accounts, Mr. Vinod Hallan, CFO from ONGC Videsh, Mr. Niraj Kumar, also from ONGC Videsh, and Mr. Prakash Joshi from Investor Relations cell. ONGC has compiled its financial results for the quarter and nine months at 31 December 2021, which have been reviewed by the statutory auditors. The financial results have already been released on 11 February 2021 through a press note and sent to the stock exchanges. This has also been sent to the analysts who are there on our mailing list. Here is a brief synopsis of the results. The company has earned a net profit that is profit after tax of INR 8,764 crores during the Q3 of FY 2022, as against INR 1,258 crores during Q3 of FY 2021, which is an increase of INR 7,506 crores or 596.7%. The profit after tax for nine month FY 2022 has increased by INR 26,923 crores, which is 596.9%. That is from the restated profit after tax of INR 4,512 crore in nine months FY 2021 to INR 31,446 crore in nine months FY 2022. The increase in net profit during the current quarter and nine-month FY 2022 is on account of higher sales revenue, mainly due to higher crude oil, natural gas and LPG price realizations, higher other income, that is dividend income, and opting for lower tax regime under Section 115BAA of Income Tax Act, 1961. The sales revenue for Q3 FY 2022 and nine months FY 2022 has increased by INR 11,375 crore, which is 67%, and by INR 28,810 crore, which is 61.6% as against the corresponding quarter and nine months of previous year. The billing net of VAT and CST for crude during the Q3 of the current fiscal was at $75.73 per barrel as against $43.2 per barrel in the same period of last year. That is an increase of $32.53 per barrel. The exchange rate of rupee versus dollar stood at 74.96 vis-à-vis 73.74. Thus, realizations of crude in rupee terms stood at INR 5,677 per barrel in Q3. Rupees INR 5,677 per barrel in Q3 FY 2022 vis-à-vis INR 3,186 per barrel in Q3 FY 2021, which is an increase of INR 2,491 per barrel, 78.2% in INR terms. Similarly, gross billing for crude during the first nine months of the current fiscal was at $70.26 per barrel as against $37.74 per barrel in the same period of last year. That is an increase of $32.52 per barrel. The exchange rate of rupee versus dollar stood at 74.27 vis-à-vis 74.63. Thus, realization of crude in rupee terms stood at INR 5,218 per barrel in nine month FY 2022 vis-à-vis 2,816 per barrel in nine months FY 2021, which amounted to an increase of INR 2,402 per barrel, which is 85.3% in INR terms. Other income for Q3 FY 2022 and nine months FY 2022 has increased by INR 709 crores, which is 90.7%, and by INR 2,017 crores, which is 63.9% as against the corresponding Q3 and nine-month period of previous year, mainly due to increase in receipts of dividend income. The expenditure on statutory levies, that is royalty and cess, have increased during Q3 FY 2022 by INR 2,893 crores, which is 70.6%, and by INR 8,063 crores, which is 73.2% in comparison with similar period this year. This increase in statutory levies is attributable to increase in sale price of crude oil and natural gas. There is a decrease of INR 721 crores, which is 39.2% in exploration costs written off in Q3 FY 2022 and INR 1,443 crores, which is 32.7% in nine-month FY 2022 versus corresponding Q3 and nine-month period of previous year. This is due to decrease in expenditure on such unsuccessful well cost, dry wells charged off, and survey expenditure due to reduced seismic data acquisition activity in nomination block of Western Offshore Basin. The operating expenditure has increased by INR 883 crores, which is 19.3% from INR 4,576 crores in Q3 FY 2021 to INR 5,450 crores in Q3 FY 2022. The increase is mainly on account of the increase in consumption of materials, which is INR 380 crore, mainly at the HC260 plant, on account of increase in prices of spot LNG. Other factors being staff expenditure, INR 133 crore, repair and maintenance cost, INR 139 crore, and transport of product, INR 71 crore, mainly at Mumbai Offshore. Similarly, the operating expenditure in nine-month FY 2022 has also increased by INR 2,019 crore, which is 15.2% from INR 13,263 crore in nine-month FY 2021 to INR 15,282 crore in nine-month FY 2022. The increase is mainly on account of the increase in consumption of materials, INR 962 crore, mainly at the HC260 plant, by INR 855 crore on account of increase in purchase quantity and prices of spot LNG, staff expenditure by INR 446 crore, water injection INR 122 crore due to increase in activities, contractual payment INR 155 crore, and transport of product INR 117 crore, mainly at Mumbai offshore. DT&I cost for Q3 FY 2022 stood at INR 4,337 crore as against INR 4,427 crore in Q3 FY 2021, which is a decrease of INR 90 crore. However, there is an increase of INR 517 crore in DT&I cost during nine-month FY 2022. That is from INR 11,909. INR 29 crore to INR 12,446 crore in nine-month FY 2022. During the Q2, the company decided to opt for lower tax regime under Section 115BAA of the Income Tax Act, 1961, with effect from FY 2020-21. Accordingly, the company has recognized provision expenses and remeasured its net deferred tax liabilities. The net impact due to availing the option has resulted in decrease in deferred tax by INR 8,689 crore and decrease in current tax by INR 2,107 crore in nine-month FY 2022. The company at a consolidated level has earned a net profit, that is profit after tax, of INR 11,687 crore during the Q3 of FY 2022, as against INR 3,637 crore during Q3 of FY 2021. That is an increase of INR 8,000 crore, which is 220%. This increase can be mainly attributable to ONGC and our subsidiaries OVL and MRPL. Similarly, the company at a consolidated level has earned a net profit, that is profit after tax, of INR 37,233 crore during nine-month FY 2022 as against INR 10,397 crore during nine-month FY 2021. That is an increase of INR 26,836 crore, which is 258.1%. This increase can again be mainly attributable to ONGC and better performance of our subsidiaries OVL, MRPL and OPAL, which is a joint venture. Well, friends, with this I finish my briefing on quarter results for financial year 2021-22. We'll be very happy to respond to any questions which you might have. We would request you to restrict your queries on financial results only. Thank you very much. Should we start the question and answer session? Yes, please. Ladies and gentlemen, now we will have the question and answer session. I would like to request, if you wish to ask any questions to the respected speaker, please press zero and one on your telephone keypad. Repeating and requesting again, ladies and gentlemen, if you wish to ask any questions, please press zero and one on your telephone keypad. Sir, the first question is coming up from Amit, from UBS. Amit, your line has been unmuted. Please go ahead. Thank you, sir, and congratulations for your super performance. I have two questions. I think through the production growth and we understand that you're from onshore and you have this additional responsibility of Director Finance. I think you can give slightly better picture what, how we should think about the output growth in both oil and gas from here. What are the efforts we are making and when we see the fructification of those efforts? Your question pertains to our plan for the production in times to come? Yes, sir, because we are still witnessing, you know, a degrowth in production, particularly gas. So if you can give some colors so that what are our plans to raise the output from here. ONGC along with Ministry of Petroleum and Natural Gas, we have already drawn an action plan. This is a short-term plan to start with, which goes up to 2024-25. Mm-hmm. Under this plan, we have set enhanced production targets both for oil and gas. This action plan has already been submitted, and we are in the process of implementing this enhanced production action plan. Sir, when do you see that it will come under implementation and you think that you know what are the targets put in those plans? If you can give some color on that. This action plan has already been implemented. We have already started implementing. Mm-hmm. You can say this is the first year and the enhanced targets against this plan, they go up to 63.1 MMtoe, which include our joint venture production as well. That's for which year? This is for two thousand twenty-four, twenty-five. 2023, 2024? There is a smooth progression starting from 2021, 2022. Then in 2023, 2024, targets would be around 60 MMtoe. Sir, sorry. The 60 MMtoe, what the target is for? Which financial year? 2023-24. 60 MMtoe. Sir, then you said 53 MMtoe for 2024, 2025. Are we looking to? No. What I said for 2024-25, our targets are 63 MMtoe. Okay. You asked about 2023, 2024. Yeah. Those are slightly less at about 60 MMtoe. Okay. Yeah. Sir, second question I have is relating to our capital allocation. Now we are in a position where we are generating a lot of cash. What do you see is the optimum utilization of this cash apart from investing into our production targets? Do you think that, like, global oil and gas companies are pursuing a buyback program, so we can go on the same path and return some capital to the shareholders? We have already drawn the plan for capital utilization. First of all, our capital expenditure, as you might be aware, it is always in the range of INR 30,000 crore. Yeah. which we have been maintaining for about past five years. The action plan, which I just shared with you, it also demands capital expenditure of at least the same amount, if not more. Yeah. That is one. You are also aware that we are a good dividend paying company. We have already announced first dividend of 110%, and the remaining amount will also have to be paid. We also have our standalone debt at the start of the year, which was around INR 15,023 crores. Over and above that, we have plans for increased exploratory expenditures, and revamping of our aging development facilities. In a nutshell, this is the plan which we have. Okay, sir. Thank you. Sir, best of luck. Thank you. Thank you so much. The next question is coming up from Chetan Mehta from BOB Capital Markets. Line has been unmuted. Please go ahead. Hello. Am I audible? Yes. Hi. Yeah. Circling back to Amit's question, would you be able to sort of give us a bit more color in terms of where are the areas where you are targeting the increase in the production? Would you be able to share more detailed insight into it? The production plans are divided onshore and offshore, and the major thrust remains to be on our East Coast projects. Right. Is that sufficient? Would be good if you can give us a bit more sort of timeline and color about some of. The KG-DWN-98/2 project, I think you're very well aware of, which is already in the process of implementation. It is about 65% complete. By sometime during next year, we would be achieving first oil. This project is going to be the mainstay in terms of oil and gas production from where the major increase is likely to come for the company. Thank you. Are you satisfied, Chetan? Yes, sir. One more question, if I may. In terms of the OVL realization, when we look at this Q3 quarter, realization net of statutory levies being paid were almost flat quarter-over-quarter, despite sort of increasing the oil price. Could you explain us the drivers in terms of how the realizations move on the OVL front? Vinod, can you answer that? TotalEnergies income we have recorded in nine months is INR 13 billion four- Chetan, is it audible to you? Vinod Okay. Am I audible? If you can come a bit closer, it would be better. Mr. Vinod Hallan is CFO of ONGC Videsh. He'll respond to this question. Your question is on the nine months realization, right? Q3 realization in terms of $ per BOE terms. If I sort of the realization minus statutory levies and duties, if I look at it, there has not been really a material net increase quarter-over-quarter, despite sort of the increase in the oil and gas realization. You see, we have a actually three-month quarter price. Our nine-month average price is $68.40. And $104.40. But with the increase of price, the royalty component also increases in every project. That is why the net, you don't see that kind of increase. There is some decline in the production, 5% decline in the production and as well as sales. The quantity, negative quantity variance is actually the contributor. Thank you, sir. Thank you. Thank you, Chetan. Thank you so much. The next question is coming up from Probal Sen from ICICI Securities. Line has been unmuted. Please go ahead. Thank you for the opportunity. Probal Sen here, sir, from ICICI. With respect, staying on OVL, you mentioned about the ambitious production plans for the domestic assets. For OVL, any updates you can give in terms of the production plan for the next couple of years, in terms of where production growth can come from? Second part is that any updates you can share on what is happening on Mozambique? Has there been any update or any progress in resolution of the political problems there? Mr. Vimal Kumar is representing ONGC Videsh. He is responding to this question. Thank you. Coming to the first part of the question, that is with regard to production. If you see our previous performance, we reached the highest ever production of around 15 MMtoe. That was fiscal year before last, 2019-2020. Then in 2021, there had been OPEC+ cuts and the pandemic impact leading to CapEx deferrals, because of which our production went down to around 13 MMtoe. This year, some of that impact also remains, both in terms of CapEx deferrals and also some component of the OPEC+ cuts. This year also, we might not be in a position to reach the 13 MMtoe that we produced last year. It would be slightly lesser. You also have to consider the major impact of our gas production, where 10% of our production comes from Vietnam on an overall basis, and 30% of our production of gas comes from Vietnam. This particular project, which was acquired way back in 1989, is reaching its end of its field and its contractual life. That directly impacts our production going forward. Therefore, summing up all this, till the time that Mozambique kicks in, which would be 2025, 2026, the gas production will lag. Our projections continue to be for the next two years around this 12.5 MMTOE that I'm stating presently before it picks up further with Mozambique. Now, coming to your second specific question on Mozambique situation. Mozambique, as you know, went into force majeure in April 2021, with the consortium deciding under the EPC GA to declare a force majeure and later as per the exploration contract to declare it in May. Since then, there has been a lot of progress as far as the security situation in the Cabo Delgado province is concerned. Because of which, with the deployment of the Southern African forces and also that of the Rwandan forces, the situation has improved dramatically. The operator, which is TotalEnergies, is calibrating the situation closely. However, the consortium is very clear that till there is a sustainable solution to the security situation, we cannot start operations. In other words, we cannot start operations again just to stop it again. Therefore Mm-hmm. We are hopeful that going forward in 2022, we will be in a position to resume operations. However, Mozambique force majeure, as has been declared by the operator publicly also, will impact the production at least by a year. Got it, sir. If I can just ask a small follow-up. Till date, if you can get a sense of how much investment has been made in this asset till date. Is there any thought of sort of taking a small, you know, have we taken any impairment on this, given that, you know, the production still remains fairly uncertain from this project as of now? The production does not remain uncertain. The reserves are some of the biggest in the world, 63 TCF of oil and gas. Production is not an issue. There is no question of taking impairment on this basis alone. However, as far as financing is concerned, you know, broadly our acquisition cost. Apart from that, we have made some cash calls. The major part of the financing in the project comes from project financing. Therefore, there is no direct exposure of ONGC Videsh CapEx to any further CapEx commitments to Mozambique. Okay, sir. Okay. I'll come back if I have more questions. Thank you very much. Thank you. Thank you so much. The next question is coming up from Gagan Dixit from Elara Capital. Line has been unmuted. Please go ahead. Yeah. Thanks, sir. There's news that this your consortium will also start working on some Sergipe Basin discovery in Brazil for the oil discovery. Can you throw some light at what are the reserve potential estimate for you and if everything goes right, when you expect anything from the first oil, and what is the oil production, anything expected? Do you have any view over it, sir? We are referring to some media news. I will have to check, and we'll come back on this. Okay, sir. Actually, this is about, I think, some 8-10 years old discovery of OVL in Brazil. Sir, other than that, I was just checking your presentation, sir. It mentioned something, 4 major redevelopment projects that you are working. There's a Cluster Eight and then Mumbai High South redevelopment Phase Four and Heera redevelopment. Can you throw some light on what is the, I mean, the incremental production that's expected from these fields, sir? Okay. Give me a minute. Okay. The first project, which you referred was Mumbai High South Redevelopment Phase Four. This project is, has an envisaged oil production gain of 2.4 million tons of oil and 0.57 BCM of gas. This project is 88% complete. Second project was Cluster Eight Marginal Field Project. This has a oil gain of 4.38 million tons of oil and 0.46 BCM of gas. This project is 94.19% complete. Then Mumbai High North Redevelopment Phase Four. Envisaged oil production gain is 4.19 million tons of oil, 0.51 BCM of gas. This is 53% complete. And one more you referred to. This one- Sir, Heera Redevelopment, sir. Heera Redevelopment Phase Three, sir. Heera, as far as I remember, it is already complete, and it has been implemented. Okay, sir. Also, sir, if you can give some idea about R-Series, that field also under development, I think, sir. Okay. Just give me a minute. Actually, I'm sorry. Heera Phase Three project, it has oil production targets of three million tons of oil and 5.82 BCM of gas. This is 78% complete. This is still ongoing. Okay, sir. R-Series, sir? R-Series is complete. Okay, sir. R-Series is completed. Okay, sir. Okay. That's clear on that side. Thank you. Thank you. Yeah. Bye. Thank you so much. The next question is coming up from Mayank Maheshwari from Morgan Stanley. Line has been unmuted. Please go ahead. Hi, sir. I had a few questions on the production side. Can you just help us understand where the production run rates are for KG-DWN-98/2 on gas? Are you thinking about the ramp-up now? Have the supply chain and logistics issues around that been resolved? Any update around that? Can you help us with that? Yes. KG-DWN-98/2 gas production presently is 0.6 million standard cubic meters per day. Third well is also complete, and it is shortly going to be hooked up. By the end of March, it is likely to contribute another 1.75 million standard cubic meters per day. Otherwise, this project would start its peak production from 2022, 2023 onwards. Are you interested in any more figures? Yeah, if you can just give us the ramp up, sir, in 2022, in 2023 and 2024. How are you thinking about it, and where are we in terms of your CapEx plan and logistics side as well? How much is those issues resolved now or it's still work in progress? There have been some issues, which we are trying to resolve at various levels. Still, we are hopeful that we would likely be able to achieve peak production of 2.2 million tons, which is around 44,000 barrels of oil per day, and 3,798 million standard cubic meters of gas, which is 10.41 billion standard cubic meters per day in the year 2023-24. Got it, sir. That's very helpful. The other question was on the production side, was more related to, I think you had in the press release talked about some issues around Tauktae as well as the Sagar Samrat site, plus, I think the field on gas side and they have been a problem. Where are we on those in terms of normalization of production right now? Are you referring to impact of Tauktae on our production or? Because these two issues are unrelated. I think there were a couple of issues that you kind of laid out in your press release around what led to lower production this quarter on the standalone basis. I just wanted to check on where we are in terms of some of those issues and have things normalized in terms of production volumes. Yeah. One of the issue in the press release was delay in mobilization of Sagar Samrat because we had some issues pertaining to its modification work. Now we have been assured that this modification work has been complete and Sagar Samrat will be mobilized soon. WO-16 cluster project, which was affected because of it, so that will come on stream as soon as it arrives. Got it, sir. I think, sir, the last question which I had was more on related to an auditor comment on OMPL in your notes to accounts. If you can just highlight on what it is, and can you just help us understand of how you guys trying to resolve that? It was note 4. Yeah. Our Mr. Rajiv Kumar, Chief of our accounts group, he will explain it. Yeah. You know, there is a point relating to OMPL. OMPL has carried out some impairment test, and as per the impairment testing, the cash flow position suggests there is no impairment. OMPL auditor as such has not commented on the aspect in their report. However, MRPL auditor, because MRPL is the holding company for OMPL, MRPL auditors were not convinced with that exercise, and they had commented on the investment impairment in OMPL, which right now is a comment. However, in the next quarter, the issue will be reviewed at ONGC level in totality, and we'll ensure that this comment is taken care. Okay. Thank you. Thank you. Thank you so much. The next question is coming from Ramesh from Nirmal Bang. Line has been unmuted. Please go ahead. Hello. Thank you very much and congratulations. I'm from Nirmal Bang Institutional Equities. The first thought is, what is the kind of sense you're getting on the likely changes in the domestic gas price? Because there is a steep increase expected, and there are some concerns about the end users for the preferential allocation segments like the CNG and domestic PNG segment. Any thoughts or any discussion between the government and the industry to possibly ameliorate the impact? What is your sense you get on that? The issue pertaining to domestic gas price has been affecting ONGC because the gas price which was on the basis of APM formula, it was calculated at 1.79. It has now been revised to 2.9. It was barely enough to meet our production cost. We had been taking it up with the ministry, and we had been requesting for pricing and marketing freedom. This is what we have been trying, and we hope that it will be implemented as early as possible by the government. Yeah. No, I understand that, you know, for you it is a benefit and, if it's implemented, what the sense we get is the domestic price can exceed $6. It's a steep increase, so in terms of the end user for CNG and domestic, that still implies a steep increase in their prices. Your view is that that formula will continue for the April price revision. Is that a correct understanding? As far as we are concerned, we have to produce oil and gas and we would like to be remunerated at least the production cost which we are incurring. Otherwise, it will be very difficult to continue to explore and produce oil and gas. This is why we are requesting that market forces should decide what the price of oil and gas should be. Okay, fair enough. On in terms of your production plan, can you give us the breakup of gas production increase between ONGC excluding KG gas? What is the number you set for FY 2024 and 2025 from KG gas? You are asking for the next year's figures or Yeah. If you can give us in terms of the increase in gas production for FY 2023 and 2024, excluding KG gas, and what is the number you expect in KG gas? This is total 34.36. KG gas only. For 2023-2024, our gas production is expected to be 32.16, out of which 3 BCM is expected from KG 98/2 alone. Okay. This is for 2024. How about 2023? This- 2022, 2023. Twenty-four. Yeah. How about for 2022, 2023? It will be 26.36. How much will be from KG? KG contribution would be about 3 BCM. It's 3 BCM in 2022, 2023 also. Okay. Yeah. Are you still confident of that peak of 15 million cubic meters a day from KG? And when do you expect that, assuming the CapEx progresses as per your expectation? There have been some delays, but we are making all efforts. The third well, as I said little bit earlier, is likely to come on stream later by the end of March. We trying to maintain figures, and we are trying to expedite and minimize delays wherever they are taking place. By 2025 you should get to that 15 MMSCMD. Is that a correct assessment? By 10 million standard cubic meter per day. Okay. The gap between 10-15, we are trying to look into those things to expedite so that it goes uptime. As of now, the forecast is about 10 million standard cubic meters per day. Okay. What is the CapEx you have incurred in KG year to date? What is the number now? So far investment is around in the range of INR 15,000 crore-INR 15,500 crore. Okay. What is the full CapEx expected over the life of the field, say, to achieve that 10 or 15, whichever you are working on right now? The plan estimate was INR 34,000 crore. Okay. This will happen over the next three years, the difference between 15 and 34? Yes. Okay. Just one last thought. In terms of the OPaL performance, can you give us what is the revenue and profit from OPaL for Q3 and nine months? Yeah, just a minute. For Q3 of 2022, OPaL was EBITDA positive with INR 939 crore, but it incurred a loss of INR 355 crore. For nine months it was EBITDA positive with INR 2,229 crore, but had a negative PAT of INR 153 crore. EBITDA three months was INR 929 crores. INR 2,294 crores for nine months FY 2022. Yeah. What was it for three months? For three months it was INR 939 crores. 9:39 A.M. Okay. Thank you very much. I'll join back with you. Thank you. Thank you so much. The next question is coming from Puneet Gulati from HSBC. Line has been unmuted. Please go ahead. Yeah, thank you so much, and congratulations. My first question is with respect to, you know, you've talked about production growth. Do you foresee any risk for a material decline in production from any of your gas or oil fields? Yeah. The forecast is based on the analysis which our institutes carry out, which our engineers carry out. For the past few years, we have been successful in attaining those targets, and we continue to be optimistic about the future as well. Right. Are you saying that the gas production for the company per se in FY 2023 can go up by 10.4, which is the big delta coming from KG Basin or any? Should we be worried about any negative surprises there? Yes, 10.4 million corresponds to KG-DWN-98/2 coming on stream, and we are trying our best to realize this target. Understood. My second question is there a capital allocation plan towards your renewable business as well? If you can elaborate a bit on that as well. Yes, we do have a plan. Just a minute. On renewables, as you would be aware, that we already have installed capacity of about 184 MW, which includes both wind energy and solar energy. Another 20 MW solar projects are already underway. Besides this, we had two major initiatives. We signed a MOU with the Solar Energy Corporation of India on second of December. This is for development of renewable energy-based power and other environmental societal governance projects. Also, we signed MOU with NTPC. It was done last year. Once this joint venture is approved, we plan to take renewable projects along with NTPC. Besides that, we have taken some other initiatives. We already concluded a study for offshore wind projects. We are also looking into carbon capture utilization and storage projects, along with IOC for CO2EOR at Gandhar field in Ankleshwar. We have also taken up the country's maiden geothermal field development project in Ladakh. These are some of the projects which we are taking up, and this will take shape in times to come. Is there a target for the total capacity that you have in mind? We have 184 MW. Is there a target? Most of the firms have now started giving targets for 2025, 2030, 2040. Is there something that you crystallized as of now? Under our Energy Strategy 2040, we have a target of 10 GW for renewable energy. Okay. Thank you. Understood. That's very helpful. Thank you so much, and all the best. Thank you. Thank you so much. The next question is coming up from Varun Rajan from Axis Mutual Fund. Line has been unmuted. Please go ahead. Hi, it is Ankit Gupta. Sorry. My question is about the CapEx in KG, that 34,000 number. Is there an escalation which is expected? For the KG project, which is about 65% complete, the wells have already been drilled. Since all the contracts are at an advanced stage and these are LSTK type of contracts, we don't anticipate any delay at this stage. Any escalation of cost at this stage. Fair enough, sir. Can you talk about this INR 30,000 crore of annual CapEx and plus incremental CapEx. Like, you know, when you talk about the plus incremental CapEx, that essentially refers to your KG plus all the other redevelopment expenses. Any idea you could give in terms of what could be the quantum on an annual basis over the next three years? This is 30 to 30. As I said earlier, our capital expenditure has been in the range of INR 30,000 crore, which we have been maintaining in last five years. We are hopeful of maintaining the same. This might go up if we get some exploration opportunities and some debottlenecking of our existing facilities comes up. We are expected to maintain in the range of INR 30,000 crore. Okay. As I understand, like, you know, this basically includes all the redevelopment plus KG. All put together, you will continue to maintain INR 30,000 crore kind of a run rate. Is it correct? Right. Yeah, that is correct. Thank you. On OVL, would you be able to give something like a guidance in terms of CapEx? Yeah, just a moment. OVL CapEx has been consistent at around $1 billion for the past 3-4 years. This year we had a higher allocation for CapEx because of Mozambique development. However, because of the force majeure there, we are cut back on that. Going forward, this is supposed to pick up and it would be around $1.2 billion or so for the next 1-2 years. Beyond that, this CapEx, of course, does not take into account any potential acquisitions that we might do. Right. This 1.2, like, you know, ex Mozambique, will it be significantly lower or It has been for this year, almost 55% of our CapEx at INR 8,000 crore comes from Mozambique. Because of the Mozambique deferral of CapEx, our figures have come down substantially. Next year we have again planned for Mozambique, and hopefully we'll be able to reach the target of INR 8,000 crore next year. Thanks. One last question on Opal. Any volume guidance plus current utilization and any feedstock mix, if you can share. Thank you. Just a moment. For nine months, the capacity utilization of OPaL was 93%. For this quarter, Q3, it was 99%. Any feedstock mix, sir? Feedstock mix. Ethane and naphtha. The feedstock mix is Ethane and Naphtha. Yeah, any breakup in terms of mix, percentage-wise? 60/40, approximately. 60 in favor of gas. Yeah. Should be 60. Okay, thanks a lot. Thank you. Thank you so much. The next question is coming up from Krishna Kumar from Spark Capital. Line has been unmuted. Please go ahead. Thanks for the time, sir. This is Krishna Kumar from Spark. Just wanted some clarity again on the production numbers that you have given. Sir, if you could just split for FY 2023 standalone oil and gas numbers again. For FY 2022/2023, the standalone numbers which you asked, these are estimated at $20.98 for oil. Okay. $24.28 for gas. Sorry, your voice is cracking, sir. 24? $24.28 for gas. Okay, this is for 2023. Okay, got it, sir. For FY 2024, what would the oil and gas number again be, sir? It will be 24 and 32. 2024 and 2032. Okay. This will be 2036. Understood. Close to 2045. More or less 2022 and 2023, we don't think a major except for marginal increase in gas production. Oil will remain flat. Yes. Oil, we will be able to arrest the decline. Gas, with the KG-DWN-98/2 coming on stream and some more projects coming on stream, the gas production is expected to increase. Understood. OVL, you expect the number to. Hello? Hello? Yes, please. For OVL, do you expect the number to be around 12.5 million ton for the next few years? Yes, you are right. In that range. Understood. Secondly, you mentioned INR 30,000 crores CapEx more or less will continue. You did say that also we may consider something. If you consider additional CapEx, would it be another INR 10,000 odd crores, the magnitude will be very high, or you expect only a few thousand crores up and down? That will depend on the projects which we might have. As of now, the likelihood is of maintaining INR 30,000 crore. If we get some interesting projects or some under OALP round, some exploration blocks, the investment required for those licenses would necessitate some more investments. Okay. Any next update would come by when, sir? If you are going to give the CapEx as in, like, you take a midterm review, by June, July, or, is it again next year? Just trying to get a sense. We will let you know about this, because this review will be carried out once we get all the information which we require for this review. Understood, sir. Yeah. On the KG 98, what is the gas price that you are currently getting, and what do you expect it in April, specifically on KG? Also if you could just highlight to us what will be the APM price that indicatively that you are seeing in April? For KG-DWN-98/2, we as of now have allocation of about 1 million standard cubic meter per day. The gas price which we are getting is are discovered during the tender process, but it is limited by the ceiling price, which for Deepwater and HPHT fields is published. As of now, we are getting the ceiling price for 98/2. 6.13. What is the price, sir? Sorry. 6.1. 6.1. This ceiling will remain so or will it increase in April? As we understand, this is expected to increase, but how much it is going to increase, that we'll come to know only when this exercise is complete. Understood, sir. What is the price that you're seeing in APM, sir? Is it between $6-$6.5 or less than that? What do you see as the gas price for APM in April? This again, because it is calculated based on the hub prices, this is again expected to increase, but again, this will depend on the formula and inputs which are required for calculation of that formula. Understood, sir. Sir, one final question from me. Given the steep increase in prices in crude, which we are seeing almost after 2014, 2015, any thoughts on subsidy sharing, specifically on LPG side, any thoughts on that? Essentially on cash realization, do you think the government will claw back some through subsidy sharing that you are seeing today? Any thoughts on that? This information I cannot give, but we have been requesting the ministry and advocating for a market-based pricing for oil and gas. Okay. Got it, sir. Thanks and all the best. Thank you. Thank you so much. The next question is coming up from Somya from Spark Capital. Line has been unmuted. Please go ahead. Yeah, thanks for the opportunity, sir. Can you just help us with the debt numbers, both standalone and subsidiary level? You asked for debt numbers? Yes. The total outstanding debt as of September 21, 2021, INR 6,709 crores. For ONGC, the outstanding debt stands at INR 6,779 crores. What would be the consolidated? Consolidated will be. Balance sheet is not prepared for the quarter, right? Half year we can say. Half yearly. Okay. This information is not readily available with me as of now. Obviously. But, uh- Got it, sir. I mean, would we have OVL debt numbers along, sir? For OVL, as on 30th September, the debt is INR 37,685 crores. Got it, sir. Sir, with respect to the OVL CapEx, you did mention that, you know, the guidance of INR 8,000 crore, what you're looking at excludes any potential, new acquisition. Now, given that, you know, Vietnam, as you mentioned, is kind of declining, is this something that you are thinking about as to further augment your portfolio there? Is this something that is in the radar? This is an ongoing exercise. The ONGC business development team keeps on working on it, and they are, at this point, also looking at several offers. This is an ongoing work which is being carried out by ONGC Videsh. Okay. Also one question with respect to KG 98. What would be the breakeven gas price there? This information again is not available with me right now. For the company, figures I can share if you want. Yes. This is for? Yes. For- MMBtu. For ONGC, it is $3 per MMBtu. Cost of production for the company is $3 per MMBtu. What would be the cost heads that are considered under this? This includes depreciation also? Yes, it includes depreciation also. Okay. Thank you, sir. Thank you. Thank you so much. There are no further questions at this point of time. Turning the program back to you, sir for your closing comments. Just to supplement, $3 per MMBtu, the cost of production which I shared, it does not include the returns on capital employed. This is excluding that figure. Just to clarify. If there are no more questions, then can we close? Thank you so much. Thank you respected speakers. Thank you participants for joining the call. Wish you all have a great day ahead. I'm requesting to please stay safe. Thank you so much. Thank you very much. Thank you so much.