Good afternoon, ladies and gentlemen. I am Parashar, moderator for the conference call. Welcome to ONGC's Q4 FY24 Earnings Conference Call. We have with us today Mr. Manish Patil, Director HR, Mr. K.C. Ramesh, ED, CCF, and CFO, and team, who will interact with investors and analysts to discuss Q4 earnings. As a reminder, all participants will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchtone telephone. Please note that this conference is recorded. I would now like to hand over the floor to Mr. Manish Patil for his opening remarks. Thank you, and over to you, sir. Good afternoon, ladies and gentlemen. Just to introduce, I am Manish Patil, Director HR, ONGC. I welcome you all in this ONGC earnings call for Q4 and FY 2024. Thank you all for joining us on the call. I am joined here by my colleagues from ONGC, Mr. K.C. Ramesh, ED, Chief Corporate Finance and CFO. Mr. Pavan Agrawal, Chief Corporate Planning. Mr. Ashok Kumar, Group General Manager, Business Development. Mr. Devendra Kumar, Chief Commercial. Mr. B.R. Subudhi, Head Corporate Accounts. Mr. Prakash Joshi, Head Corporate Budget and Investor Relations. And Mr. Lakshman Gora from Corporate Finance. Mr. Vinod Hallan, Head Finance, and Mr. Mukul Bhatnagar, Head Planning and Strategy, have joined from ONGC Videsh Limited. Let me share with you, with all of you, that in FY 2023-2024, we have posted highest ever standalone net profit of INR 40,526 crore. Highest ever consolidated net profit of INR 57,101 crore, and highest ever total dividend of INR 15,411 crore. We have made total 11 discoveries during the year, and our reserve replacement ratio, 2P, was 1.15, more than one for the 18th consecutive year. ONGC drilled 541 wells, the highest recorded in past 34 years, comprising 103 exploratory and 438 development wells. ONGC invested around INR 37,000 crore CapEx in FY 2024, thus achieving highest ever utilization, excluding acquisitions, in the financial year for strengthening the growth prospects of the company. To counter the decline in production from some of the mature and marginal fields, ONGC is taking proactive steps by implementing well interventions and advancing new well drilling activities. The result of these efforts is becoming evident, and it is heartening to share that crude oil production on a standalone basis was up by 4.3% in Q4 of FY 2023-24, as compared to Q4 of last year. Crude oil production, including JV share, was also up by 2.4% in the quarter four of this year. Although there were a decline in gas production by 3% during Q4, the decline in production from mature fields will be further compensated in the upcoming quarters with commencement of additional production from upcoming projects, which are at their various stages of development. Crude oil production has already commenced from KG 98/2, and hopefully we will be better placed with the coming up of additional oil and gas in the subsequent quarters. The board has recommended final dividend of 50%, that is, INR 2.50 on each equity share of INR 5, with payout of INR 3,145 crore. This is in addition to two interim dividends of INR 9.75, or 95%, with payout of INR 12,266 crore. The total dividend for FY 2024... 2023-2024, would be INR 12.25 per share, 25%, with a total payout of INR 15,411 crore, the highest ever dividend. Our consolidated financials are also robust, with the highest ever net profit of INR 57,101 crore, with the increment coming from the subsidiary, HPCL and MRPL. Now, for giving you all a brief synopsis of the results, I hand it over to our Chief Corporate Finance and CFO, Mr. K.C. Ramesh. Thank you. Thank you, sir. Good afternoon, ladies and gentlemen. Just to introduce, I am K.C. Ramesh, ED, CCF, and CFO, ONGC. I welcome you all in this ONGC earnings call Q4 FY 2024, Q4 and FY 2024. As our Director HR has already explained the major highlights, now I'll take you through the numbers in some more detail. ONGC has compiled its financial results for the fourth quarter and the year ended 31st March 2024, which have been reviewed by the statutory auditors. The financial results have already been released on 20th of May 2024, 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 of the synopsis of the results. The company has earned a net profit, that is, profit after tax, of INR 9,869 crore during the fourth quarter of FY 2024, as against restated profit of INR 528 crore during fourth quarter FY 2023. That's an increase of INR 9,341 crore. The profit after tax for FY 2024 has increased by INR 429 crore from the restated profit after tax of INR 40,097 crore in FY 2023 to INR 40,526 crore in FY 2024. The increase in net profit during the Q4, FY 2024 and FY 2024 is on account of the increase in the other income, that is interest, dividend, and exception item, which was there in the last year, but not in the current year. As you all know, that last year we had taken a hit of around INR 12,000-odd crore on account of booking GST on royalty, of which the exceptional item was around INR 9,820.9285 crore. The sale revenue for Q4, FY 2024 and FY 2024 has decreased by INR 1,571 crore, that is 4.4%, and by INR 16,980 crore, that is 11%. As against the corresponding quarter on the previous year, mainly due to the lower crude and gas prices. These revenues are, of course, before the SAED adjustment. The billing net of VAT and CST for crude during the fourth quarter of the current fiscal was $80.81 per barrel, as against $7.12 per barrel in the same period of the last year. That is an increase of $3.69 per barrel. The exchange rate of rupees versus dollars stood at $83.03, vis-à-vis $82.26 in the last year. Thus, the realization for crude in rupee terms stood at INR 6,709 per barrel in Q4 FY 2024, vis-à-vis INR 6,344 per barrel in Q4 FY 2023. That is an increase of 365 per barrel, or 5.8% in INR terms. Similarly, the gross billing for crude during the current year was at $80.77 a barrel, as against $91.90 a barrel in the same period of the last year. That is a decrease of $11.13 per barrel. The exchange rate of rupee versus dollar stood at $82.79, vis-à-vis $80.39. Thus, the realization for crude in rupee terms stood at INR 6,687 a barrel in FY 2024, vis-à-vis INR 7,388 a barrel in FY 2023, which amounted to a decrease of INR 701 per barrel, that is 9.5% in INR terms. The expenditure on statutory levies, that is royalties, sales and excise duty, have decreased in FY 2024 by INR 8,486 crore, that is 18.7% in comparison with similar period of the previous year. This decrease in statutory levies is attributable mainly to a decrease in sale price of crude oil and natural gas, and levy of special additional excise duty by the Government of India on production of petroleum crude at a rate revised every fortnight based on international crude price. This SAED on crude have been levied with effect from First July 2022, which amounted to INR 11,004 crore in FY 2023 and INR 8,661 crore during FY 2024. The operating expenditure has increased by INR 280 crore, that is 3.5%, from INR 7,986 crore in Q4 FY 2023 to INR 8,266 crore in Q4 FY 2024. Similarly, the operating expenditure in FY 2024 has increased by INR 1,803 crore, that is 7.2%, from INR 24,922 crore in FY 2023 to INR 26,725 crore in FY 2024. The increase is mainly on account of the increase in other expenses, that is, by INR 901 crore, mainly at Western Offshore by INR 616 crores towards VAT amnesty, INR 160 crores interest payment towards Vivad Se Vishwas, INR 393 crore, and increase in repair of various platforms for cyclone repair and maintenance of INR 483 crores, and also water injection cost by INR 271 crores, mainly at Western Offshore, due to increase in activity and CSR amounting to INR 198 crores. Depreciation, depletion, and impairment costs for Q4 FY 2024 and FY 2024 stood at INR 5,676 crores and INR 20,495 crores respectively, as against INR 4,860 crores and INR 16,819 crore during the corresponding previous year. The depreciation for FY 2024 has increased mainly the Eastern Offshore asset, 98/2 project, by INR 1,292 crore due to the depreciation on ROU asset of FPSO. The depletion for FY 2024 has increased by INR 1,584 crore, mainly at Western Offshore by INR 1,446 crore due to increase of facilities and abandonment costs of various fields, change in reserve production mix of various fields. The company, at a consolidated level, has earned a net profit, that is profit after tax, of INR 11,527 crore during Q4 FY 2024, as against INR 6,478 crore during Q4 FY 2023. That is an increase of INR 5,049 crore, amounting to 77.94%. Similarly, the company, at a consolidated level, has earned a net profit of, net profit, that is profit after tax, of INR 57,101 crore during FY 2024, as against INR 34,046 crore during FY 2023. That is an increase of INR 23,055 crore, 67.7%. This increase in profit can be mainly attributed to our subsidiary, HPCL and MRPL. Well, friends, with this, I finish my briefing of the fourth quarter results for the financial year 2023-24. We'll be very happy to take questions from you. We would request you to restrict your queries on financial results only. Thank you. Thank you very much. Thank you, sir. 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.... Ladies and gentlemen, if you have any question, please press star and one on your telephone keypad. First question comes from Probal Sen from ICICI Securities. Please go ahead. Thank you for the opportunity, sir. Mm-hmm. I had a couple. Am I audible? Yeah. I just had a couple of queries. Firstly, on this quarter result, just wanted to understand why has the other operating expenses gone up so sharply? When I say other operating expenses, I mean, you know, other than employee expenses and selling and administrative expenses, the other expenses line has also shown a huge increase on a QoQ level. Yeah, Probal, just hold on for a second. Okay. Yeah. Yes, sir. Yeah, I think, Probal, you're talking about the other expenditure of INR 901 crore, if I understood correctly. This actually, the expenses increased by INR 901 crore from INR 393 crore in FY 2023 to INR 1,294 crore in FY 2024. This is mainly on account of, mainly at Western Offshore by INR 381 crore, towards payment of VAT amnesty, which we had done in Q3 2023-24. Rupees 160 crore. Interest payment towards settlement of Vivad Se Vishwas is about INR 170 crore. Increase in repairs of various platforms, post Cyclone Tauktae, by INR 62 crore, and some repair expenditure at Assam asset was INR 191 crore due to interest paid for Vivad Se Vishwas, the scheme of Megha at our Assam asset. And at CBM asset, there is an expenditure of INR 21 crore of repair and maintenance. Okay. The second question was in the opening remarks, I think, sir mentioned that, you know, the gas decline will be compensated, with the start-up of new assets. So primarily, we are talking about basically the KG Basin assets, at least from the context of FY 2025, or are there any other assets also that we can look forward to, from a gas production perspective for next year? Okay, I'm Pavan Agrawal, Chief Corporate Planning. With respect to the gas, managing the decline in the gas production- Mm-hmm. So in the current financial year of 2024-2025, we anticipate the increase in gas primarily from KG 98/2. However, we are also working on the monetization of the stranded gas with the completion of the Urja Ganga Pipeline and the Indradhanush Gas Pipeline. So we are hoping to increase our 0.3 BCM of the gas, we envisage to monetize during the current financial year from the stranded gas fields in Cachar, Bokaro, CBM Bokaro, Chinnewala, Jorhat, Hatta, in the Vindhyan basin. Sorry, sir, could you run the asset names again? I couldn't quite catch that. Again, repeat. Bokaro? 1 BCM gas from 98 by 2. Okay. 0.3 BCM of the gas from the stranded gas field in the different- Mm-hmm. geographies of the country, in Cachar or in CBM Bokaro, Jorhat, Hatta in the Vindhyan basin. Okay. And Chhinewala. Okay. Understood, sir. Last question, if I may. The reason for the CapEx increase so substantially to INR 37,000 crore, which we have done, has there been any major, you know, capitalization of certain spends that has happened? And what can we look at in terms of runway for the next year, the other FY 2025? Yeah, Prabal, just a second. Okay. Yeah, you might have seen that the CapEx expenditure is almost around INR 37,000 crore during this year, FY 2024. Yes. The main reason for that is, you know, the 98/2 project, which we have in the east coast, we had, you know- Right ... some issues with respect to, you know, change order and, settlement with the, contractors, as a result of changing contractors. So, a large amount was spent there, and then thereafter, we had a certain expenditure on a pipeline replacement for the PRP-VII in the, Western Offshore.... In addition to that, we also have, settled a lot of, cases through Vivad Se Vishwas, that also, to the tune of around INR 2,000 crore in total, which we have capitalized, because there were- INR 2,000 crore. 2,000, 2,000. INR 2,000 crore. There were the cases, the projects which we had, we had executed earlier through engineering services in Mumbai. And the dispute, we had settled the dispute, so we had capitalized those to the respective projects. We had created some infrastructure in Goa, basically, which was to the tune of INR 5. Which one? Yeah, which we created- INR 250 crore. Yeah. So it was around INR 250 crore, but rest of the expenditure also, we are going to incur on that. sir, FY 2025 should be building this kind of a runway or should it again normalize back to the INR 32,000 crore-INR 34,000 crore guidance that we have been giving and we have been seeing earlier? In this, there were a number of one-offs, as sir was telling, Vivad Se Vishwas- Right. and some expenditure came up from CapEx. Right. You can see the range would be somewhere in the range of INR 33,000 crore-INR 35,000 crore. INR 33 crore-INR 35,000 crore. All right, sir. I sir. I have no questions, but I'll come back if we need it. Thank you so much. Thank you. Thank you. Thank you. Next question comes from Mayank Maheshwari from Morgan Stanley. Please go ahead. Thank you for doing the call, sir. A couple of questions from my end. The first one, if you can just give us a bit more details around the gas production and what you were talking about in terms of opportunity to grow that production. You know, the last two years, you obviously have kind of done a bit of work around other fields as well, but net production has still come a kind of decline. So is there something that you can kind of talk about, which will help us get more confidence on the growth? And also the timelines that you're looking at on the KG-DWN-98/2, in terms of ramp up from in fiscal 2025 or fiscal 2026, if you can give us some details around that. And the second question really was on OPaL. If you can just give us an update of how the asset is doing. I read that you are running at 92% utilization now, but in terms of the restructuring, where are we and how you should think about that going forward? Okay, I think you are processing two parts. One is with respect to the- Yes. More view on the gas production, and second is on the OPaL. So, first thing first, with respect to the gas field, we saw a decline by 2% during the current financial year, during the last financial year. As you know, that we are already it's all mature fields, there the decline is in the range of 7%-8%. So we have been able to control the decline to a total of around 2%. We were anticipating an increase to be on a higher side of the gas production during the last fiscal. However, because of slight delay in the 98/2 project, we could not achieve those anticipate increased gains. However, moving forward, all our infrastructure has been in the Indian waters. Already we have installed the CPP, already, and the LQUP, Living Quarter Utility Platform, is in the process of installation. So we hope that we will be ramping our production somewhere in the Q3 because of certain weather, bad weather had already started. So, anticipating clear conditions, we hope that we should be ramping up the production in the KG from Q3 of this year. And we should be getting the full potential of our production during the Q4. So coming from this, we hope that we will be getting incremental gas production of around one BCF from 98 / 2 during this financial year. I hope that answers your question. Yes, your second- Yeah, your second question, to answer just clear, sir... Please go ahead. So just I was asking in terms of the oil side as well, if you can give us an update of what's going on, on the oil production there as well? Similarly, with both the oil and the gas sales from the 98/2, we will be ramping our production from current 12,000 barrels to we hope to get an average of around 20 in Q3 and 45,000 barrels and 10 million cubic meters per day gas production in the Q4. Yes, sir. Yeah, good afternoon, Mayank. This is K.C. Ramesh. To answer your questions on OPaL, you know that Oil India had already announced an investment of around INR 18,000 crore for OPaL, including the, you know, the backstopping support which we have already done for CCDs and the, the warrant, that some balance for the warrant is there. And in addition to that, we have already invested INR 994 crore around in terms of equity contribution, around 49%. Now, of course, the management had the plans to go for this investment with, you know, being a Maharashtra company, we need to have the approval of CCA. So we had applied to the government for the same, and we are expecting the approvals to come anytime soon. So once the approval comes, the, you know, the transactions would be completed. So that's where it stands as of now. We are waiting for the approvals. ... And sir, operationally, how is OPaL done at the EBITDA level or at the overall operational utilization rates level? How is being that going on? If you can just give us some idea. If you see the pack numbers, you know, we had a loss of INR 4,155 crore during FY 2023. Now, that has got reduced to, you know, INR 3,456 crore. So, a gain of around INR 700 crore at pack level. And if you see the PBT level, PBT level number has come down from INR 3,874 crore. The loss at PBT is slightly higher at INR 4,336 crore in the current year. But that apart, like, you know, once we address the major issues of OPaL in terms of the feedstock, in terms of getting out of the SEZ, so, with these, we expect that, like, you know, the, we can be in a much comfortable position. The CCDs are also having much higher rate of interest, as you know. So once we, you know, convert that into equity as per the plan that we have, we can, definitely have, good saving on account of interest. So with these three, you know, issues being handled, we expect that, the company can, come out of the present position, maybe in a year or two. But EBITDA was positive, sir, or, but is that the way to think about? And it's more about the restructuring below the EBITDA line that is leading to the losses. No, currently, this year the EBITDA was negative. Negative. I think it was 400-something negative. Okay. Okay, got it. Perfect. Thank you. Thank you. Thank you. I request the participants to restrict with two questions in the initial round and join back the queue for more questions. Next question comes from Nitin Tiwari from PhillipCapital. Please go ahead. Hi, sir. Thank you for the opportunity. So my question is related to the 11 discoveries that you mentioned at the beginning of the call in your opening statement. So if you can talk a little bit more about those discoveries, what is the prospect size we are talking about? And, like, you know, tentative timelines of, basically monetization of the, of, those discoveries. And, with respect to KG-98/2, a little bit more clarification is what I needed in terms of what is the current production, and also, what is the current HPHT production of natural gas, in the entire, production that we have. So that will be, my one, first question, then I'll, take it next, rest later. Yeah, just second it too. Yeah. The current production, if I start with, current production of the KG-98/2 is around 12,000 barrels of oil per day. Currently, we have 2.4 million cubic meters of gas, of which around 1.6 million cubic meters of gas is coming from 98/2, and 0.8 million cubic meters of gas is coming from the other fields like HPHT, G1, and Field, S1, Vasishta. Sorry, sir, the 0.8 from S1 and Vasishta you mentioned, right? From HPHT, G1 and, and Videsh, that's from Vasishta. Okay, sir. So current total HPHT production that we have is 0.8 MMSCFD, is it? You can say so. Understood, sir. So on the monetization of discoveries and prospect size, et cetera, the 11 discoveries that you mentioned, and, like, you know, additionally, like, you know, if you... Just a bookkeeping one, if you can give us the guidance for FY 2025 and 2026 for crude and natural gas production in terms of the breakup that you have given in the past, in terms of what is your production going to be, in terms of MoU and also what the daily production will be for both crude and natural gas. During this last financial year, we made a discovery. We made around 11 discoveries. Right, sir. We had monetized around seven. During the year. Hmm? Three discoveries discovered during the year or monetized in the year? Of the seven discoveries which have been monetized, three discoveries were monetized, which were made during this year, and four discoveries were monetized, which were made in the past. Okay. During the current financial year, we staged to monetize our pending around eight to 10 discoveries we plan to monetize during this current financial year, which are pending, which are current forward. So, sir, what are these discoveries? These are onshore or offshore discoveries. Any idea about the prospect size? Are they going to materially add to our production? If you can provide more color in that aspect. I think most of the discoveries which have been monetized are primarily from the onshore fields, with a small pool, small prospects. And, two major discoveries which have been monetized are all of the 98 / 2. Mm-hmm. You know, of the first choice. And during the later part of the year, when we will be ramping our production from the 98 / 2, thereafter, we'll be monetizing few more discoveries. Three to four discoveries will be monetized from 98 / 2. The other discoveries will be monetized from the onshore, what we plan to do during this year. Understood, sir. And lastly, sir, the bookkeeping question which I asked, if you can just elaborate on the guidance for production of crude oil and natural gas in terms of your production and daily production for FY 2025 and 2026? Like, for the forecast of the moving forward, we envisage to increase our production from the current 39.45 MMtoe to something around 47 MMtoe. That's an increase by 20% over the next three years. Okay. Around 12% increase will be contributed from oil, and 27% increase will be coming from gas. 47 MMtoe in the next three years, sir, you mentioned? By FY 2027. Okay. No specific target with respect to crude and natural gas separately, sir? For that, it is 19.5, and maybe we may be going up to 22, which is exactly 21.87, what we have envisaged. This is in FY- FY 20- This is FY 2020, FY 2027. Okay. And gas, sir? Gas from 20 BCF, it may be going up to something around 25.5. 25.5 BCF. Okay. Thank you, sir. That is all from my end. I'll get back in with you. Thank you. Next question comes from Sabri Hazarika from Emkay Global. Please go ahead. Yeah, good afternoon. So I have a few questions. Firstly, I mean, if I look into your overall expenditure trend, so year after year, the OpEx will definitely keep increasing only. So if versus that, if I consider your net realization because of the windfall, I think it is capped at $75 per barrel. So is there a possibility that this $75 gets increased to take care of the increase in OpEx? And are you taking it up with the ministry to consider such a change, change in the overall windfall tax formula? Hello? Yeah, just a second, Sabri. Yeah, yeah, sure. Yeah, as far as your question with respect to realization is concerned, see, even at this level of, say, $75, you might have seen that we are in a comfortable cash flow position. So, the increase in OpEx is—I mean, currently, we might have seen as, you know, around INR 18,300 crore, which is about 7.2% over the last year, on year-on-year basis. Which is not something which is, you know, very alarming. If you see the exchange rate variation, which is happening, in terms of the... You know, that we have substantial exposure, in terms of Forex for payments. So, that's a natural increase, which is 7.2%, is not something which is alarming. But at the same time, the efforts are on from our side to take up this issue of, you know, the windfall tax, say, with the government, which, at our level, we have been trying. But this being a government policy, we won't be able to comment anything specific on that at this point in time. Got it. And on this, I mean, this new wells and premium gas pricing, so DGH, after the February communication, has there been any update, in terms of implementation of the same or anything of that sort? I'm Devendra Kumar, Chief Commercial. Government has instructed DGH to look into this, and, DGH has, constituted a multi-company, core group committee. So they're looking into it, regarding the modalities of, computing the well intervention pricing. Okay. So they've grown, like, around 7.5% would be the decline rate. So, anything, nothing further beyond that communication, right? No, that's right what you are saying, considering the 27.5% decline rate, thereafter, whatever the gas is produced, that will be considered for the 20% premium price. Right, sir. But no further... I mean, I mean, it's, like, still under study. I mean, it's not finalized or anything. No further updates beyond that, right? Yeah, there is no further update. Yeah, currently a development, there was already a development in terms of, the order which was issued on the 7.5% decline. Right. So the nitty-gritties, we are working out on that with the DGH, as Devendra, you were saying. So, based on that, we are expecting a positive outcome in terms of quantifying the, you know, incremental production. Right, sir. Just one last bookkeeping question. Your, I mean, you mentioned in your notes to account regarding this seismic survey adjustment, due to which, I think profitability and the balance sheet also had some changes. So was there any bearing on the CapEx from that? Was there some sort of like capitalization which happened because of that, due to which the CapEx went up to INR 37,000 crore? Yeah. As you could see from the note, we had... See, basically, let me explain this. The 3D ocean bottom node seismic survey, basically, we are doing in the, you know, Western Offshore, mainly from the point of view of increasing the production. And these are the these expenditures mainly incurred in the area where we already have discovery and where we are currently producing with the, you know, sole objective of increasing the production or accelerating the production. And this expenditure, obviously, since we have, you know, decided to capitalize as against what we were doing, as charging it off earlier, this has added to the CapEx in the current year. We have, you know, current year's expenditure, which we have capitalized out of this, is around INR 1,700 crore, which is included in INR 37,000-odd crore, which we have shown as CapEx expenditure. Okay. So INR 2,000 crore that you've mentioned, plus this INR 1,700 crore, so we have almost, like, INR 4,000 crore, both taxation as well as this combined, which is basically why the CapEx is inflated. Is that right? Come again. INR 2,000 crore is with respect to what? You mentioned this settlement, Okay. Yeah, yeah, yeah. Good. Good. That's correct. Okay. Okay. Thank you so much, and all the best. Thank you. I request the participants to stick with two questions in the initial round, and join back the queue for more questions. Next question comes from Varatharajan Sivasankaran from Antique Stock Broking. Please go ahead. Thank you for the opportunity. So on this, import tax applicability on KG Basin, now we are absolutely sure it is not applicable, since you have already, moved some parcels away as well? Yeah, just one second. Yes, we are quite sure. We have a legal opinion on that, and we will continue to review that in future also in connection with the government. Sure. Thank you. On the 20% premium in terms of applicability of, according to you, you had actually given some proportion of production by FY 2026, or proportion of gas production, potentially get that number. If you could just give us that number again. You mean to say what would be the 20% gas of the total nomination? That's what your question is? Yeah. So what percentage of production this will be applicable on, for example, in FY 2026? Okay. Okay. I think as per the latest guidelines and the modalities which are under discussion with the DGH, we understand that something around 24%-25% of our new, of our gas will be eligible for the premium gas pricing. This will be for FY 2026 production or FY 2025, sir? It will be 25% will be coming in FY 2026 and thereafter. Fair enough. Thank you. Thank you. Thank you. Next question comes from Abhishek Nigam from MOSL. Please go ahead. Yeah, thank you for the opportunity. So, first question is that there's INR 900 crore change in stock in the standalone earnings in this quarter. So, you know, if you can just give us some more color on that, like, is it because of crude oil changes or price changes or, or something else? Yeah, this year, as you know, we started producing from our East Coast 98/2. So for the first time, we have had some closing stock there in the FPSO, which is added to the stock numbers. Okay. So basically, you've not been able to sell that parcel, and this is why there is a small inventory change? Yeah, not selling in the sense that, yes, it was the stock which was there in the vessel at the end of the financial year. So, the normal course of, you know, processing and selling takes its own time, so incidentally, it was there as a stock. It's not that we were not able to sell or anything. Yeah, yeah. I get your point. Okay, fair enough. And sir, the second question is, is it possible to let us know how many offshore rigs, jackup rigs, does ONGC have? And, you know, is there a shortage right now, in India for jackup rigs? I think we have got around 37 offshore jackup rigs currently in operation, and we do not anticipate any shortfall of the rigs as of now. Of the 37, six are owned- Owned, uh- and the rest is hired. Okay. Six are owned, and- Yeah, we also have two floaters in addition to that. Floater, and we correct the floater. Okay. I assume these two will be semi-submersibles. Sorry, can you repeat? We couldn't get you. Can you repeat? Sure. Sure. So I, I assume the two floaters will be semi-submersibles? No, two floaters are in operation. Your question was pertaining to the jackup rigs, so I restricted myself to jackup. We have got 37 jackup rigs, plus two floaters. Okay, 37. 3 7, right? Yeah, 37 + 2. Okay, perfect, sir. That's it from me. Thank you so much. Thank you. Thank you. Ladies and gentlemen, if you have any question, please press star and one on your telephone keypad. Next question comes from Kirtan Mehta, from BOB Capital Markets. Please go ahead. Thank you, sir, for the opportunity. Could you guide us on how do we think about the production growth at VL, and how does its profitability could grow over the next two to three years? I think your question is pertaining to ONGC Videsh? Correct, sir. Yeah. Good afternoon. This is Vinod Hallan. Production this year, we achieved 10.518 MMBOE, which is against the 10.17, which we achieved in the last year. ...And the outlook for the next year is, it will go up to 11 in 2024-2025, and then 2025-2026, we expect it to go to 11.22. So the outlook for profitability is good in the next year, as we expect to actually ramp up production in the CPO-5, and then continue with good production in the South Sudan projects, where we are already achieving a number of 64,000 barrels. And then we also expect it to remain close to the. Great, sir. Thank you. Thank you. Next question comes from Vikas Jain, from CLSA India. Please go ahead. Hi, sir. Thanks for taking my question. This is mainly on depletion. So depletion seems to have jumped up in the fourth quarter. Is it something linked to reserve adjustments? And what would be the next, you know, going ahead for FY 2025, what is likely to be, if we assume similar levels of production, what is likely to be the depletion number that we look at in FY 2025? Yeah, just one sec, Vikas. Yeah, I think you're talking about the increase in depletion at an annual level of INR 1,745 crore, right? I'm talking about the fourth quarter, sir. I'm talking about the fourth quarter, which might have adjusted the full year. Yeah, I'm talking about the fourth quarter, which is about INR 5,000 crore. Yeah. Okay. Actually, you know, to talk about depletion on a quarterly basis may not be the right thing to do, because what happens is normally we update our reserve numbers twice a year, once in the first half and again annually. So whatever additions that come, you know, during the year gets depleted on the basis of the annual reserve numbers. But having said that, the depletion numbers generally increase on account of the new capitalization. So, current year, we had capitalized around, you know, around INR 16,000 crore additionally in the assets, and that had resulted into increase in depletion by INR 1,250 crore. And also there is a, you know, change in the reserve-to-production ratio, which contributed around INR 370 crore. Okay, I think you talked only about depletion. You are not into depreciation, so I won't talk about depreciation. The increase in depletion in the quarter-on-quarter, there is also the main increases in Western Offshore by INR 1,009 crore, due to additions of wells and facilities, and then change in depletion rate around INR 115 crore, and a change in carrying value of the assets by INR 141 crore. One of the factors which has also contributed to this is that, as you know, that we have capitalized the OBN survey cost this year. So, on account of that, about INR 46 crore has got added. And in 98/2 block, depletion around INR 620 crore due to increase in the oil and gas assets capitalized. So these are the major reasons for increase in quarter-to-quarter depletion. On an annual basis, say we were at about 14,200 in FY 2023, that's up to 15,800 now. FY 2025, after this 4Q change number, how is that likely looking like? I mean, what is it that we should look at? Because, I mean, 5,000 into four, is that what we are looking at? Or that is because that INR 5,000 crore has an adjustment for earlier quarters also, it is not that higher number. What should be the depletion that we look at, assuming similar production levels for FY 2025? Yeah, it won't be 5,000 into 12 for sure. It is 15,861 is the number that we have for the current year. So you can probably add further depletion because of the full production, which comes from 98 / 2. So there could be some addition coming in from there. But other than that, we expect the depletion to be at the same level as far as the other areas are concerned. So the current level, plus some addition coming from 98 / 2. Okay. That's with the production that comes in. Yes. Yeah. So I'm a bit confused on this Vivad Se Vishwas thing. You said that OpEx, which is other expenditure in income statement, is higher because of some one-offs linked to Vivad Se Vishwas. So should I say that there is some of it is in OpEx, some of it in CapEx, both, both? And- Absolutely. So basically- Absolutely, yeah. Yeah. How much of the OpEx jump that we see in fourth quarter can be because of some of these one-off numbers? Can you just remind us again, please? Only on account of Vivad Se Vishwas, you mean? Or, any other which you believe are largely one-off in nature. It was around INR 700 crore in the revenue. See, Vivad Se Vishwas, on account of Vivad Se Vishwas, mainly because of the interest that we had to pay. On two cases, we had to pay interest of almost around maybe INR 350 crores or close to INR 400 crores. That is one reason, which is, it has gone to P&L. And the total, in total, Vivad Se Vishwas would be in the range of around, Eighteen hundred. ...No, what has gone into the OpEx is? In fourth quarter, sir. INR 700 crore-INR 800 crore. Yeah, INR 700 crore. The entire Vivad Se Vishwas impact has been settled in fourth quarter only, and it is around INR 700 crore-INR 800 crores is the hit that has gone to the P&L in Q4. Okay. Okay. Any other element which is, which you can say is more one-off in nature or not really? Just hold on for a second. Okay. Yeah, in addition to the Vivad Se Vishwas, we also had a VAT amnesty scheme that has also added by about INR 160 odd crore to the OpEx. So mainly Vivad Se Vishwas and VAT amnesty, this is the one-off cases. INR 750 crore for Vivad Se Vishwas and INR 160 crore for the other one, right? Yeah. So annual, year-on-year, it increases around INR 1,800 crore, right? So of which, these are the two cases which are one-off cases. Okay. Lastly on this, firstly on KG-98/2, you said 3Q is when you see the oil picking up, from 12 to 30, and then in 4Q going to that 45 mark. And, for gas, you said similarly, 3Q and 4Q is when you see the pickup, right? Right here. 12-20 or 20-30, in Q3. 12 to 20, and then 20 to 45. Right. Right? And gas, similarly, 3, 3Q and 4Q. That's right. Okay. And, last thing that I wanted to ask was, on, this, 7.5% depletion rate that you said is under discussion, which means that if, say, in FY 2025, and the starting year will be FY 2024, right? So whatever is... If 100 is your gas, production, in FY 2025, if it, if it remains at 100, so 7.5 will be getting a higher gas price, and remaining 92.5 will get the ceiling of 6.5 or so. Is that how I should think about it? I think your understanding is correct. When you say the higher gas price, in your understanding, there is no ceiling applicable over there, right? There's a 20% premium on the Indian crude basket price. Which is 12% slope. That's right. Instead of 10%, 12% slope without any ceiling? That's correct. Okay. This windfall tax thing, not being applicable for KG 98/2, is not—I mean, irrespective of the fact that your production is lower than FY 2022 level, which is how it was decided, on all of KG 98/2 oil production, there, in your understanding, there will be no windfall tax. That's the legal opinion that you have taken, right? That, that's right. Okay. Thank you so much, sir. Thank you. All the best. Thank you. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. Next question comes from Somaiah V. From Avendus Spark. Please go ahead. Thanks for the opportunity, sir. First question on the gas production outlook. I just want to understand, you said 20 going to 25 in a three-year timeframe. If you could just help us, next, I mean, FY 2025, 2026, how this ramp-up would be. That should be it. Hmm. Hello? Yeah. We said we will be producing around 10 million cubic meter gas per day from 98 / 2. That gives me 3.65 BCF, of which, out of the 10,000, we are currently producing only 2.4. That means 75% increment of the gas will be coming from 98 / 2, that 3.65 plus 75% is around 2.8, and then we expect around 1.5 BCM of gas from upside project. So that is our major contributor. In addition to that, what I told about the stranded gas, which will be adding another 0.3-0.5 million. 0.3 will go with this in the pipeline and this, in this direction, and the other area where we are working upon. This is a broad breakup of the major contributors. If I understand right, of the 5 BCM incremental expectation, roughly 1, 1.3, 1.4 will come from new projects, apart from KG Basin, 0.3 from stranded gas, and the rest all from KG 98/2. Yeah. The only upside, 98/2, and the stranded gas. That comes up to around 5 BCM. ... Got it, sir. Got it, sir. And, this ramp up between 20-25, this will be, most of this will be seen in FY 2026, or how should we look at it? So, partly it will be ramping up, will be something around 5%, ramping up in FY 2025, 10% in 2026, and 10% in 2027. So overall, ramping up will be around 27%. Got it, sir. Sir, also this CapEx number that we are looking at, which is INR 33,000 crore-INR 35,000 crore, this does not include any equity infusion. Just trying to understand the quantum that we need to you know infuse into OPaL, and whether that number is included in this, and also what is the timeframe that we are looking at for 33? The actual number so far is not included, definitely. Even the 33,000-35,000, which range I had given you, OPaL is not included in it. Yeah. So just want to understand how much we need to infuse, and what is the timeframe within which we'll be, you know, infusing to? So we, as we said earlier, we already have some CCDs in place and some warrants in place. So in addition to that, I think what we are looking at is around INR 10,000 crore. INR 10,500 crore. INR 10,500 crores in addition to the CCDs and the warrants. I mean, CCDs, we already had backstop, so we'll have to go take that as well. So total, INR 18,300 crores, yes. This will be done over a couple of years. Is that the right way to do? So that modalities are to be worked because we are awaiting the- Uh, clearance ... clearance from the ministry. Okay. Thank you. Thank you. Next question comes from Nitesh Dutt, from Berenberg. Please go ahead. Hi. Thanks for the opportunity. Sir, I have a couple of questions on the natural gas front. First one is the decline in the current year, FY 2024, was all of it because of the natural decline, or were there any production stoppages, et cetera, in our existing fields, which will get taken care of later on? I think it's a natural decline only. Got it. And so second, this increase from 20 to 25, can you just give an idea on the pricing as well? Will most of it be priced at $6.5 per MMBtu pricing slab or some of it is HPHT pricing slab? I think you had mentioned, but I missed it. This premium price, what we are talking about, is only through the well intervention or the new gas from the nomination field. So any field coming under the OALP, NELP, are not covered, or even the HPHT, it's not covered for the premium gas price. They are already getting the higher price. Sir, you are saying it's not within the ambit of HPHT? It does not include the HPHT. Got it. So it will be priced as per the 10% growth slope, is it? The HPHT gas? No, no, no. No, no, no, no. HPHT gas is eligible, "... 9 point and... 9.87. 9.87. That is currently eligible for $9.87 per MMBtu. Okay. Okay. Understood. Thank you. Thank you. Next question comes from Yuval Aiya from Nuvama Wealth. Please go ahead. Hello, sir. Hello, ma'am. Thank you for taking my question. So, my question is regarding the formation of the new subsidiary that was announced in January. So this proposed now that ONGC is going to have a ONGC Green Energy Limited, if I'm not wrong, as a subsidiary, ONGC Green Energy Limited. And we are planning to have the businesses of green hydrogen and renewable energy in that subsidiary. So out of the INR 33,000-35,000 CapEx that is expected in the next year, are we proposing to have any equity infusion or CapEx into that business in the next year? Or is it going to be after 2-3 years from now? Yeah, just a second. Uh, sorry? Just a second. Hold on for a second. Yeah. Yeah. See this, OGL, which we have formed recently, is a company which directionally will be going towards working in the renewable and green. And it's just a beginning, and we would be infusing the capital based on what sort of a projects which we're going to undertake, mostly in the field of solar or, to some extent, PSP also. So since it's just a beginning, the current CapEx of whatever is the figure which we talked about would not be including that, because right now we are at finding out the opportunities, and based on the fit with the business, we would be taking a call at that stage. ... I understand, sir. So, sir, India's target of 5 metric ton per annum of clean hydrogen by 2030, I understand that, we as a business want to be, you know, forming a large part of that. But, I had read that ONGC is targeting 0.18 metric ton per annum of clean hydrogen by 2030. So could you just give an idea as to when are we going to at least start with that capacity, sir? The first focus is right now on the solar and wind and others, and definitely hydrogen. Hydrogen is on our radar. We definitely would be working on that. As I said, right now we are looking at the right opportunity, so we'll be looking into that also. Noted, sir. Thanks. Thank you. The last question for the day comes from Vipul Kumar from Sumangal Investments. Please go ahead. Hi, sir. So what is the overall production this year, and would you repeat the figure, or where we see it going in next two years? Yeah, just a second. Hello, yeah. The current year overall production is 10.518 MMtoe, and the outlook for next year, 2024-2025, is 11. 2025-2026 is 11.22 MMtoe. Okay, sir. Thank you. Thank you. Now, I hand over the floor to Mr. K.C. Ramesh, CFO, for closing comments. Yeah, thank you all for being part of this earnings call this year. Normally, we do have a call at Mumbai, but this year we decided to have a call from Delhi. It was very nice interacting with all of you. Hope we could answer all your queries to your satisfaction. We look forward to seeing you and having more interactions in future. Once again, thank you all. Thank you very much. Thank you. Thank you. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Doorsabha Conference Call Service. You may disconnect your lines now. Thank you, and have a good day.