Good evening, ladies and gentlemen. I'm Vidya, moderator for the conference call. Welcome to Oil and Natural Gas Corporation's Q3 FY 2023 earnings conference call. We have with us today Mrs. Pomila Jaspal, Director Finance, and her team, who will interact with investors and analysts to discuss Oil and Natural Gas Corporation Q3 earnings. As a reminder, all participants will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during the conference call, please signal an operator by pressing star then zero on your touchtone telephone. Please note, this conference is recorded. I would now like to hand over the floor to Madam Pomila Jaspal. Thank you, and over to you. Thank you. Good afternoon, ladies and gentlemen. Just to introduce myself, I am Pomila Jaspal, Director Finance, ONGC. I welcome you all in this ONGC earnings call for the quarter and nine-month financial year 2022, 2023. Thank you all for joining us on the call. I am joined here by my colleagues, Mr. K.C. Ramesh, Chief Accounts and Financial Reporting Services, Mr. Pawan Agarwal, Chief Corporate Planning and Strategy, Mr. Sanjay Bharti from Corporate Account section, Mr. Vinod Hallan and Mr. Chandrashekhar from ONGC Videsh Limited, and Mr. Prakash Joshi from Investor Relations and Corporate Budget. As you know, ONGC has compiled its financial results for the quarter and nine months ended 31st December 2022, which have been reviewed by the statutory office. The financial results have already been released on 14th February 2023 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 before tax, a profit after tax of INR 11,045 crores during the third quarter of financial year 2023, as against INR 8,764 crores during the third quarter of financial year 2022, an increase of INR 2,281 crores, that is 26%. The profit after tax for nine months for financial year 2023 has increased by INR 7,631 crore, that is 24.3%. That is from a profit after tax of INR 31,446 crores in nine months, financial year 2022 to INR 39,077 crores in nine months financial year 2023. The increase in net profit during the current quarter and nine-month period financial year 2023 is on account of higher sales value revenue, mainly due to higher crude oil, natural gas and VAT price realization. The sales revenue for quarter three financial year 2023 and nine months financial year 2023 has increased by INR 10,020 crore, 35.3% and by INR 43,113 crore, that is 57.1% as against the corresponding quarter and nine months of previous year. The billing that is net of VAT and CST for crude during the third quarter of the current fiscal was at $87.13 per barrel, as against $75.73 per barrel in the same period of last year. That is an increase of $11.40 per barrel. The exchange rate of Indian rupee versus US dollar stood at INR 82.20 vis-a-vis INR 74.96. Thus, realization for crude in Indian rupee terms stood at INR 7,162 per barrel in quarter three financial year 2023, with $5,677 per barrel in quarter three financial year 2022, which amounted to increase of INR 1,485 per barrel, that is 26.2% in INR terms. Similarly, gross billing for crude during the first nine months of the current fiscal was $96.99 per barrel as against $70.26 per barrel in the same period of last year. That is an increase of $26.73 per barrel. The exchange rate of rupee versus dollar stood at INR 79.77 vis-a-vis INR 74.27. Thus, realization for crude in rupee terms stood at INR 7,737 per barrel in nine-month financial year 2023, vis-a-vis INR 5,280 per barrel in nine months financial year 2022, which amounted to an increase of INR 2,519, that is 48.3% in INR terms. The expenditure on statutory levies, that is royalties, cess, and excise duty, have increased during quarter three financial year 2023 by INR 4,152 crores. That is 59.4%. In nine months, financial year 2023 by INR 17,311 crores, that is 90.7% in comparison with similar period of previous year. This increase in statutory levies is attributable to increase in sale price of crude oil and natural gas. Levy of Special Additional Excise Duty by Government of India on production of petroleum crude at a rate revised on every fortnight based on international crude price. This SAED, that is Special Additional Excise Duty on crude, has been levied with effect from 1st July 2022, due to which excise duty has increased by INR 2,938 in quarter three financial year 23, and INR 9,390 crores in nine month financial year 20 23. There is a increase of INR 489 crores, that is 43.7%, in exploration cost written off in Q3 financial year 2022-2023, and INR 2,558 crores, that is 86.2%, in nine months financial year 2023 versus corresponding Q3 and nine-month period of previous year. This increase in Q3 financial year 2023 is mainly due to increase in 3D seismic data acquisition activity by INR 951 crores in Western Offshore Basin and Andaman Deep Water, which is offset by INR 462 crores due to decrease in expenditure on unsuccessful well costs, that is dry wells charged off. The increase in nine-month financial year 2023 is mainly due to increase in 3D seismic data acquisition activity by INR 1,158 crore in Western Offshore Basin and Andaman Deep Water, and increased by INR 1,400 crores due to company charging off exploratory wells amounting to INR 2,140 crores lying in the fields falling under the contract areas offered under Discovered Small Field Bid Round that is three by DGH and awarded to the winning bidders. The operating expenditure has increased by INR 816 crores, that is 14.9%, from INR 5,459 crore in quarter 3 financial year 2022 to INR 6,275 crore in Q 3 financial year 2023. The increase is mainly on account of increase in consumption of materials by INR 417 crores, mainly at the Dahej C2-C3 plant, INR 352 crores on account of increase in price of spot LNG and foreign exchange rate, transport expense by INR 97 crores, repair and maintenance by INR 60 crores, and transportation of product by INR 64 crores, mainly at Mumbai Offshore. Similarly, the operating expenditure in nine-month financial year 2023 has also increased by INR 1,653 crores, that is 10.8%, from INR 15,282 crores in nine-month financial year 2022 to INR 16,935 crores in nine-month financial year 2023. The increase is mainly on account of increase in consumption of materials by INR 334 crores, mainly at RJ-ON-90/1 block by INR 2,021 crores on account of increase in average polymer prices. The increase is mainly on account of increase in consumption of materials, that is INR 334 crores, mainly in RJ-ON-90/1 block by INR 221 crores on account of increase in average polymer prices. Repair and maintenance cost of INR 336 crores. Transport expenses by INR 224 crores. Workover operations by INR 137 crores. Water injection by INR 218 crores due to increase in activities, mainly at Western Offshore. The depreciation, depletion, and impairment cost for Q3 financial year 2023 and nine months financial year 2023 stood at INR 4,855 crores and INR 11,959 crores as against INR 4,337 crores in Q3 financial year 2022 and INR 12,446 crores during the corresponding quarter, period of previous year. This decrease in nine months financial year 2022, 2023 is mainly due to reversal of impairment by INR 2,129 crores on certain Discovered Small Fields of the company falling under 10 contract areas, which were awarded by DGH to the winning bidders. Which is offset by increase in depletion expenditure by INR 1,710 crores, mainly due to capitalization of development wells and facilities at Western and Eastern offshore. Well, friends, with this, I finish my briefing of the third quarter results for the financial year 2022, 2023. We will be very happy to take questions from you. We would request you to restrict your queries on financial results only. With this, thanking you and, thank you very much. Thank you, Madam. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on your telephone keypad, and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again. We will wait for a moment while the question queue assembles. The first question comes from Probal Sen from ICICI Securities. Please go ahead. Thank you for the opportunity. Good evening, good afternoon. My first question was with respect to the KG Basin asset. Earlier briefings have indicated that the FPSO, which was a critical piece of equipment, was due to be installed any time in the next few months or was already in process. Just wanted to get a sense if that has actually happened, and if so, then, you know, what are the timelines for production start? When can we expect more updates from this meeting? Prabal. Yes. Probal, I think, the specific question which you are referring to, with regard to KG Basin. Let me tell you over here that the FPSO, the floating production and storage unit, sailed from the Singapore yard on 21st November 2022, arrived in Indian waters on 15 December 2022, and sailed away from Kakinada anchorage and arrived at offshore site in, on 19 December 2022. Hookup of STP buoy to FPSO was completed on 27th December 2022. Our installation of seawater take risers, et cetera, completed on 20th January, and further commissioning work is in progress. With this, I think, most of the activities so that they are in line and we are expecting to produce, you know, the gas, the oil to the tune of 38,500 barrels of oil per day and gas by, you can say, gas to the tune of 11, gas with peak oil of 45,000 in 2023, 2024 and likely peak gas of 11.2 million standard cubic meters per day in 2024, 2025. Okay. That is very helpful. The second question, ma'am, was about with respect to the results this time around, there seems to be an increase quite sharply in the, both the other operating expenses, as well as in raw material consumed. Any specific reasons for that? One immediate reply which is coming to my mind is that because our raw material contains the C2, C3, that rich gas, LNG, which we are buying for our C2, C3 plant. That is coming because now with the international volatility in the crude oil prices, the LNG prices have also gone up. We were buying this through PLL, and that has also built up this feed increase in the feed feedstock prices. With regard to the other, you can say, operating expenditures, it is mainly because of, you know, you can say the, this is mainly because of repair and maintenance of INR 60 crore, then transportation expenditure of INR 97 crore. Mainly this is because of the Mumbai offshore. Because the market, because of the increase in prices, you know, the charter hire of the helicopters. That has also become costly now. The O&M charges, we are, you know, lot of flying hours are, you know, they have been increased because of which the transportation expenses have increased. The other reasons are, of course, that I have already explained to you. The foreign exchange loss is also there. That is also, you know, adding to the, you know, the increase in the cost. Our Chief Corporate Accounts is here, Mr. Ramesh, if he can add something on this. That will, you know, further explain the details. Good afternoon. Like Madam has already explained the reason for the increase in the OpEx. Mainly it is with the, as far as the nine-month period is concerned, it is as she explained, it is in the Western offshore, where we have increased activity in water injection, work over, repair also. We had this Tauktae, there's also cyclone also earlier, we are doing certain repairs over there. Mainly with this, plus the exchange loss of about INR 1,066 crores, these are the contributing factors for the increase in the OpEx. Got it. That's very helpful. If I can ask a small follow-up. In terms of run rate therefore on a quarterly basis, should we then assume this as the new normal of around INR 5,500 crore for this other expense going ahead, given that our activities in offshore will only continue to accelerate? Your question is with respect to the next financial year, are you saying that key for year-on-year, this would be the first passing for the coming quarter? I'm saying that, going forward for the next few quarters, sir, is this five and a half thousand plus INR crore number That yeah, maybe around 5% to 10%+- is the thing. Normally in quarter four, we have a little more expenditure. Mm-hmm. It could be in that range, yeah. Got it. That is very helpful. Thank you so much for your time. I'll come back if I have more questions. Thank you, sir. The next question comes from Varatharajan Sivasankaran from Antique Stock Broking. Please go ahead. Thank you. Good afternoon, ma'am. I just wanted to check on this number which you gave for KG Basin. If you can provide a breakup from the current year and the next year, and maybe like, you know, can we reach the peak? What is your forecast, Shalu? I think I will hand it over to our Mr. Pawan Agarwal. He is our Chief Corporate Planning. He will explain further on this, KG Basin. Hello, good afternoon. As madam has just already briefed, that we are expecting our first oil by May or June 2023, we will be getting the gas production, additional gas, free gas production in May 2024. During this financial year 2023, we will be getting a incremental of oil of around 1.9 MMT, the gas to the tune of 2.8 BCM, which will be mainly the associated gas coming along with the oil. This will be further increased to in financial year 2025 to 2.2 million of oil and 3.8 million of gas with the commissioning of the CPP package, which is expected in the year 2024. These are the projections. Thank you. My second question is on Russia. If you can provide a perspective as to what is the transaction which is happening with respect to Sakhalin, and also in the overall scheme of things, how is it, you know, proceedings with regard to dispatch of volumes and participation of profit as well as, you know, the production volumes? Your good name? Varadarajan. Varadarajan. Mr. Varadarajan, Mr. Vinod Hallan is here. He is head finance here from our ONGC Videsh Limited, so he will give you the explanation for this. You know, Sakhalin was put on force majeure by the operator in April. At that time, the field was producing something around 200 barrels of oil per day. In stages, the production actually came down to zero in September. At that time when the gas production was also stopped. There was a decree issued by the Russian Federation on 7th October, taking over the operatorship and assigning it to a LLC incorporated in Russia. That the partner commercial partners under the PSA were required to apply for shares in the new company. OVL applied on 8th November, and our request was approved on 9th November for allocation of 20% shares. There are some conditions precedent, which OVL is working very hard to resolve the issue. This was the question, no? Yeah. Expected production. Actually, you, since there are production conditions precedent to be fulfilled by OVL, we are yet to receive our allocation of shares. We are not officially in the project. We are not receiving any information on production officially from the operators. I hope it does satisfy your answer. Yes, thanks a lot. I will come back to you. Thank you, sir. The next question comes from Sabri Hazarika from Emkay Global. Please go ahead. Good afternoon, congratulations on good numbers. My question is regarding FY 2024 oil and gas production in general. I mean, you have got that Sagar Samrat also now installed in western offshore. Net of KG 98/2, how are we seeing the production? Also, you said that the LNG prices were up, so that was one of the reason for the raw material cost to have gone up. You mentioned about that polymer injection also in the Rajasthan block of Vedanta. Was that also one of the factors behind the increase in Q3 in particular of raw material cost? These are the two questions. Uh. Ma'am, they already told Q3. In fact, Q3, in Q3 the 57% rise in the polymer is on account of? RJ-ON. RJ-ON-90/1. Okay. These are the two factors, both LNG as well as polymer, both of them contributed to the raw material cost going up, right? Yeah. 100%. Water injection also. Okay. Okay, got it. Second is on the overall production for FY 2024. Yeah. Overall production. Yeah. Any other asset also which we can look up and some re-. Yeah. increase in production from, say, Western Offshore and the likes. Our Mr. Pawan Agarwal, he will give you the sort of reply for this. If we go by the performance of the financial year 2023, we see this year as a year of consolidation, whereby we have adjusted the decline what we have been observing for last two or three years. The next year, FY 2024 is going to be the year where we'll be reaping the gains of our efforts, which have been ongoing for the last two years. In this year, FY 2023, we will be having a 1% increase in the production over FY 2022. That is also after accounting the natural decline which we are facing to the tune of 6% to 7% in the mature field. In FY 2024, we expect to have a increase of production by around 4% to 5% with the coming up of the production from 98/2 oil production and the associated gas production. Okay. We have got certain other projects going on in the western offshore, where we will be expecting another 0.5 MMBO of the gains. We see an increase of production in the next year. 4%-5% growth will be basically on an overall basis for FY 2024 versus FY 2023. Right. including KG 98 by 2 oil, you are saying, right? That's right. Right. Yeah. Okay. Just one add up. Your CapEx for nine months, as per the government data, it is like around 19,000 crore. Is it right, or is this 10 more CapEx? Uh- INR 9,000 CapEx, basically if you see. Q3. till January. No, till Q3. Q3. Q3 December. Till December. I think we have got it. No, we have got it now. Yeah. It is basically 22,100, 22,068. Till January. This is a 2,068. 19,153 till January. Mm-hmm. Till December. This is, Wait, that is what he is telling, 19,153. That's right. That's right. Yeah. Our of the CapEx has been to the tune of INR 19,153. That has been till December. Okay. Your full year guidance is still 30,000? No. It could be lower than this? Now, considering that nine months has been, like, less than 20,000. No, no, no. We have already now, even this month also it has overachieved. It is around 100.2%. We expect to achieve the targeted, you know, CapEx. Okay. It will be 30,000 going ahead also. It won't increase beyond this, right? I think around 30,000. Maybe, a little more than 30,000. Oh. Sabri, if you see, Sabri, if you've seen the last quarter, basically, there is always an increase in expenditure, basically. Right. Looking into the trend for last so many years, we expect to be within the targeted that is for 99.50. Okay, got it. Thank you so much and all the best. Yeah. Thanks. Thank you. Ladies and gentlemen, if you have a question, please press star and one on your telephone keypad. I repeat. Ladies and gentlemen, if you have any question, please press star and one on your telephone keypad. We have a question from Kirtan Mehta from BOB Capital Markets. Please go ahead. Thank you. It's not audible. Mr. Mehta, you are not audible. Is this better? Mr. Mehta, you are not audible. Is this better? Yeah. Now it is better. I wanted to check on the view on the sort of the implementation of the CEPA committee recommendation. Will you be able to share your discussions with government around what is your likely timeline on the same? See, Mr. Mehta, I think we are already engaged with the government. As you, I think you are aware about this CEPA committee report also. You know, the various, you know, that formula which they have suggested to the government, so which we feel that that is more practical and, you know, pragmatic is from our point of view also and for the consumer point of view also. But we are still engaged with the government only, and it is under the consideration of the government. That is what we have learnt, and nothing more we can say on that. Is it likely in this financial year itself, or is there a possibility of sort of getting spilled over the next? I think it should be within this financial year. That is our apprehension. Because, you know, the price which we are presently in, that is $8.57, that is applicable till 31st March 2023. From 1st April, again, a call has to be taken. Before that it should be. We are not much aware about that. Thank you. It would not be proper to say anything further at this stage. Sure. The second question was about the OVL. In terms of the CapEx, could you be able to sort of elaborate on the CapEx plan for OVL and the production targets for FY 2024 for OVL? Yeah, OVL, I think again, Mr. Vinod Hallan is there, so he will be able to give a suitable reply for this. Regarding the CapEx for FY 2023, our budget is INR 2,907 crores, and by December, we have used INR 1,970 crores. Next year, we have projected INR 3,339 crores. As regards the production, oil plus O&G, oil plus gas, for next year it is 9.668 MMT of oil. O&G. OE. Mm-hmm. Oil plus oil equivalent gas. Repeat 9.668. Nine point six six eight. Right, ma'am. Thank you, sir. Thank you, sir. The next question comes from Mayank Maheshwari from Morgan Stanley. Please go ahead. Yeah. Yeah. Thank you, ma'am, for the call. Just two questions from my end. First was, if you can just give us a bit of an idea around the oil marketing freedom that you had got from October last year. How has been the progress in terms of getting higher realizations on that? Anything around that, if you can share, that would be great. Yeah, yeah. Just hold on, Mayank, please. See, the marketing freedom has been given to us, and the various lots which we have already auctioned in the month of. October. October. There were some around 36 slots which were auctioned, and we got an average premium of something around 1.79. That is all. Ma'am this is 1.79 over? Over Brent. Over Brent. This is $1.8/barrel increase over Brent? Yeah, yeah. Okay. Over Brent. Ma'am, when you say 36 slots, like, can you just give it in million ton terms or, like how much% was sold in there? What's your plan for FY 2024 of how much do you think you can be able to sell in the open market like these in FY 2024? I think, as regards the sale quantity is concerned, we don't have right now the data. Yeah, Mayank, actually this, sale we have initially started, so, still it will. Okay. as far as selling the entire offshore crude that we would be selling. onshore crude, basically we are supplying it through our pipelines in the existing process. we would be in a position to sell the entire crude. Offshore. offshore crude. The figures I can let you know separately, basically. It's not handy with us as of now. Yeah. That's fine. I think I just wanted to understand, like, will your premium over Brent, for fiscal 2024, versus what you had seen in the last eight, 10 years, will that now be a premium or will the discount that you had kind of been getting for so many years, will that continue even in FY 2024? I think. Just a broad picture around it, if you can help us, will be useful. See, as of now there is a premium. Rest we need to see how the market behaves, what are the market dynamics. Accordingly, it would be too early to say anything at this point of time. Okay. Sure. And we hope- The second question was more related to... Sorry. Go ahead. Yeah. We hope to get a premium, naturally, considering our crude quality and. You know, that our, you know, marketing freedom, which has been given by the government, it gives in true sense the value to us. Otherwise, we were selling earlier also. We are expecting a premium. Got it. Thank you. ma'am, my second question was more related to OVL. If you can just give us any color around extension of the Vietnam license. Vietnam license. anything around Colombia Yeah. in terms of the production updates there in Colombia. Okay, Vinod, please. Could you repeat the first question, please? Uh. Vietnam license. Vietnam license. Extension. Extension of Vietnam license. Yeah, Vietnam, we, the current PSC is valid until 18th of May 2023. As the reserves still have an expected life of another, say, two and a half years, we are pursuing with the Vietnamese government to extend. There is another area also in that block only, acreage only, where a discovery effort was made in the year 2019, for which also the extension has been applied for, and we are likely to receive the extension. That is the case of Vietnam. I mean, to produce until the economic life of the existing field and also to carry out further exploration. Second is regarding the Colombia. In Colombia, the current production levels are around 18,000 barrels of oil per day. In the next year we are going to take up intensive drilling of around six wells, which is likely to take the production, enhance the production from the block. Yeah. Any targets around what you're targeting for production next year? The next year it should be around 30,000 BOPD. INR 35,000. 35,000? 35,000. We have a exploratory campaign to drill 6 wells. Hopefully we'll be touching around 35,000 barrels of oil per day. Got it. Thank you. Thank you for your time. Thank you. Thank you. The next question comes from S. Ramesh from Nirmal Bang Equities. Please go ahead. In terms of your ONGC consolidated P&L, there is the increase in the share of joint venture and associates. If you can make us understand where this increase has come from? Is it from ONGC Petro additions? What kind of profits ONGC Petro additions has delivered in 3Q, which will be great? So in consolidation- Just hold on. Just hold on. See, if we have our consolidated account, what we see is that mainly in the nine months case, our profitability has been affected by HPCL only. HPCL because of, you know, not increasing the retail price, sorry, the RSP. All the ONGCs, they were under loss. In this case also we are affected to the tune of something around INR 10,589 crore. I was asking about the share of... I understand the consolidated earnings segment you have given. Yeah. I'm asking about the share of JVs and associates in your P&L. Okay. Yeah. In case of P&L, it is, we are into the profit of INR 2 crores. Another one OPaL in a loss because of this high LNG prices, to the tune of INR 1,132 crores. In regard to OTPC, we have a profit of INR 77 crores. IGGL again a profit, OTBL again a small profit of INR 7 crores, and the SEZL, INR 13 crores. This is before elimination, I would say. This OPaL loss of INR 1,132 crores is for nine months or the third quarter? nine months. When do you see OPaL turning around, and when do you see it reaching a logical, you know, sunset? The debt levels are very high. Actually- Yeah. Next financial year, we are hoping that the prices will come down and we will have some kind of a synergy in this regard. Major OPaL has already undergone a total major turnaround after operation of four years for overhauling of the major equipment. That is why this time also, one was, it was shut down for some time, and in the first quarter. Then of course the increase in their raw material cost also. Next year we are hoping that it will come out and it will be we will be able to come with the profits. That is useful. In the ONGC P&L, if you look at the depletion provision, that has increased. Can we also understand why that has happened? I think a lot of Western offshore projects, so they have been capitalized. Sagar Samrat also, MOPU, then, other Western offshore, the redevelopment project. Water injection, platform. Water injection platform. I think Mr. Ramesh is there, he will be able to give you a good reply. As far as the increase in depletion is concerned, as ma'am was saying, we have added a lot of facilities in the Western offshore, mainly. There we have the pipeline replacement projects. The major pipeline projects are also there. In addition to the platform, there is a platform by the name Vis in Mumbai here, which we have added during this quarter. Also the MOPU, Sagar Samrat which has come. All these have added to the our base of capital base, which has resulted in the increased depreciation. If we move to OVL, there is an increase in daily share, but your core revenue has come down. Has the government take increased in any of your OVL properties? Secondly, how has the share of JVs increased in OVL as well? JV. No, no. This is for OVL, JV. Okay. When you see this, you have on the one hand the revenue has dropped. I want to understand whether government take of profits or profit oil has increased? Secondly, what is the reason for the increase in JV share? Because that's actually leading to the growth in profit share. To reply to the second part, there is no change in the entitlement, so there is no increase in the government take in any of our projects. On the first part, the revenue has come down mainly because of the Sakhalin, because after May 22, there are no revenues coming from the Sakhalin project. What about the increase in JVs, share of JVs in OVL? Pardon? Come again. Share of? The share of JV and equity accounting entity that has increased in this quarter in OVL. Where has that come from? You're talking about quarter to quarter? Yes. You're talking about quarter? Yeah. Compared to third quarter 2022 to third quarter 2023, yeah. Yeah, yeah. In the third quarter that has increased because of the joint venture with Vankorneft in Russia. What is our current thinking on the Rovuma area energy project where OVL and BPRL are involved? When do you think that normal project execution activity will resume? Are we still, you know, working on 26% gas? What is the current thinking? As per the current estimates, there is likely to be a soft resumption of activities in the month of April 2023. With this, there is a likelihood that in July 2023 there will be a resumption of operations on the ground in case of Mozambique project. What was 46% you asked? Are you on track in terms of the first gas coming out by twenty twenty-? Yeah, yeah. No, no. The first gas is likely to be in the year 2027. 2027. 2027. The CapEx cost remains unchanged. Is there any increase in the CapEx cost? As of now, There is no change in the CapEx, but that will be revised- That will be revised. Once the resumption of activities take place and the contractors are re-engaged to look at the situation. As of date, there is no increase. If I may, just one final question. What is the current status in the KG-98/2? When do you see the volumes go up? What is the, you know, final, fully capitalized project cost there as of date? I think we have already answered, but again, our Chief Corporate Planning, so he will give you a suitable reply. I think, we are, as we have explained, that we expect the first oil by May 2023. We will have a peak oil production of 45,000 barrels per day during this year. Because it will be coming from 45, May or June 2023, the average production will be around 38,500 barrels for next financial year. Gas production after the commissioning of the CPP is likely to be commissioned by May 2024, we will then have up to the likely peak gas production of around 11 million cubic feet per day. What is the total-? Yeah? What is the total capital cost? Capital cost. Uh Sorry, I couldn't hear you. Hello? Sir, one moment, sir. Yeah. Ladies and gentlemen, please stay connected while we connect the management team back on the call. Welcome back, sir. Please go ahead. Hello? Hello. Yes. Yeah. Can you just confirm where we left last? I was asking the capital cost. I am sorry I'm asking this question again, because I had to join the call later because of another call. I was asking about the capital cost. Okay. Yeah, yeah. Against the approved project cost of around INR 34,000 crores or $5 billion. The actual expenditure till January 2023 has been 21,500 crores. Okay. This 11 million, is it going to be peak production? Because earlier you were saying a number of 15 million cubic meter per day. Will it manage to maintain that point in time? A peak production of around 11 million cubic meters per day, we expect in financial year 2024, 2025. What I heard you earlier, the number was, you know, earlier we were told to understand that would be around 15 MMSCMD. Has that peak production been revised down? At some point in time, will you see this number being raised to 15 million cubic meters a day? I think, it was 12 million cubic meter per day we were earlier anticipating the peak production. Okay. The three wells which we are producing already, we are producing around 1.6 against the projection of three million. That 12 million cubic meters per day peak production has been now revised to around 11 million. The rest, once all these wells are put on production, we will be again reviewing the whole thing. Okay. Thank you very much, and wish you all the best. Thank you very much. Thank you. Thank you. The next question comes from Hemang Khanna from Nomura. Please go ahead. Hemang Khanna. I hope I'm audible. You're audible. Yeah, yeah. Go ahead, sir. Just wanted to get a sense on the overall survey expenses that we saw in this quarter. There was a pretty, sharp uptick, and, given the fact that we have a significant, you know, expansion plan over the next few years. Could we also understand if this could be a more sustainable kind of run rate for us to build it? Just Hemang, one second. Yeah. Mr. Hemang, the thing is that there was certain area which was under the No-Go area, around 3 lakh sq/km. That has been given out by the government. Now government has given to us, we will be bidding it under the OALP. We will be going ahead with the exploration, which will include the tool, you know, 3D also, survey expenditure also. That will definitely increase. We expect that around in the next 3 years, we will be spending around INR 32,000 crores in exploration. If we take into account this now, since we have to carry out the aggressive exploration in this now the area which has been given, which was categorized earlier as a No-Go area. Definitely, there will be increase in the survey expenditure also. Got it, ma'am. Got it. Thank you so much. That was my only question. Thank you. The next question comes from Amit Singhi, an individual investor. Please go ahead. Hello. Good afternoon, madam. I want to know what is the amount of revenue from natural gas in quarter three standalone? Okay. Whether all the natural gas prices are covered under APM mechanism? If the APM price is reduced to $6.5, or reduction in natural gas prices, how it will impact ONGC? Yeah. We have got a very robust revenue of in which quarter you are asking, nah? 11,000. INR 11,174 crores. Q3. Okay. That is in Q3. Of gas. Of gas. Yes. We are talking only of gas. Yeah. The Q3, the price has been from first October, the prices were revised to $8.5, $8.57 per million BTU. Let's see, let's hope that we get good prices now from first April also. Definitely if there is some reduction in price or it will affect, you know, our revenues. Approximately you can say INR 3,000 crores or so for $1 per million BTU reduction or increase. Okay. Okay. Per annum. That is per annum. Per annum, okay. Yeah. That is fine. Yeah. Thank you. Thank you very much. Thank you, sir. That will be the last question for the day. Now, I hand over the floor to Mrs. Pomila Jaspal, Director Finance, for closing comments. Over to you, madam. Thank you all the investors. You have been very, you know, very, you can say, the very satisfactory. I hope our replies have satisfied your questions. If at all you have some additional questions, you can let us know through a mail to our investor cell also, that IRC cell, they will be able to give you the written answers on that. With this, I am thankful to all of you for holding, you know, coming on this investor call. Let's wish best for the future for ONGC. Thank you. Thank you, madam. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Door Sabha's conference call service. You may disconnect your lines now. Thank you. Have a good day, everyone.