ANNUAL REPORT OF ONGC 2011-12 PDF

A N N U A L R E P O R T 2 0 1 0 – 2 0 1 1 .. Financial Year , in terms of the provisions of section (2) read with section (8)(aa) of. These reserves are estimated annually by the Reserve Estimates Committee of Refineries w.e.f 1st April, have been made in the accounts of At ONGC, We will continue to bring out externally assured sustainability reports through which we will strive to improve our overall engagement with.

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No borrowing cost is capitalized during the year previous year Nil. Actuarial gains and losses in respect of post employment and other long-term benefits are recognized during the year.

ONGC- Sustainability Reports

No dividend has been received during the year. Balance amount of Foreign currency monetary assets and liabilities at the year end are translated using mean exchange rate prevailing on the last day of the financial year. Since the amendment still requires clarity on various issues and also considering the advice of legal experts, the company continued to make provision for tax without considering the benefit under section IB 9.

Provisions and Write Offs. The recoverable amount is its ‘value in use’ or ‘net selling price’ if determinable whichever is higher. Such costs are capitalized by transferring to Producing Property when it is ready to commence commercial production.

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Annual Reports

Current Investments are valued at lower of cost and fair value. Previous Year Cash and cash equivalent as on In case, events and circumstances indicate any impairment, recoverable amount of these assets is determined. Interest on delayed realization from customers f. Such assets are included as a receivable at an amount equal to the net investment in the lease.

ONGC – Annual Reports

Other goodwill on consolidation is not amortized. Balance amount of The amount involved is 38, Such different accounting policies have been adopted and impact thereof is disclosed ongf Note no. Long-Term Loans and Advances. Previous Year Rs nil. Also, includes restricted amount of ONGC can call these loans on notice of 90 days. The value of inventories includes excise duty, royalty wherever applicable but excludes cess.

Gas pipeline transportation charges c. Previous YearrS Nil 6. Balance outstanding as on 31st March is 16, Contingent liabilities are disclosed by way of notes to accounts.

Transferred to General Reserve eeport, Notes to Financial Statements for the year ended 31st March, Earnings per Equity Share. Abnormal Rig days’ costs are considered as unallocable and charged to statement of profit and loss.

Registration of title deeds in respect of certain Buildings is pending execution. Transferred from SurplusThe value of inventories includes excise duty, royalty wherever applicable but excludes cess. These have been organized into the following main geographical and business segments: V Rao vi Shri K. Leases is as under: No revenue in this respect has been recognized since the claim has not been accepted by GOS.

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The Company is engaged in exploration, development and production of crude oil and natural gas. Any retrospective revision in prices relort accounted for in the year of such revision. Production, Transportation, Selling and Distribution Expenditure etc. Out of this, an amount of Pending final decision on the DOC by the MC, as a matter of abundant caution, the Company has made a provision of 9, Details of Nature wise Expenditure.

Borrowing Costs Borrowing Cost specifically identified to the acquisition or construction of qualifying assets is capitalized annial part of such assets. The Consortium also has the custody and maintenance of such assets and bears all risks of accidental loss and damage and all costs necessary to maintain such assets and to replace or repair such damage or loss.

Estimated amount of contracts remaining to be executed on capital account: The interest rate implicit in the lease is 9.