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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The Company has not advanced any money to its employees for the purposes of investment in the securities of the Company.
There has been no default in payment of interest during the year. Contingent liabilities are disclosed by way of notes to accounts.
Capital Reserve Note 5. He further informed in his letter that based on the opinion of an independent law firm, the restrictions that the Contractor face lead to a Force Majeure FM situation under the Contracts. These have been organized into the following main geographical and business segments: Foreign Exchange Translation Reserve Note 5. In case, events and circumstances indicate any impairment, recoverable amount of these assets is determined.
Acquisition cost of a producing oil and gas property is capitalized as Producing Property. Non-Recourse Deferred Credit Annul. Hazarika, holding additional charge of Chairman and Managing Director up to Balance amount reversed is attributable to Jodhpur and Silchar onshore due to transfer of assets to another CGU and change in estimation of abandonment liability in respect of offshore.
In view of the several subsidiaries and Joint Ventures of the company, with each entity operating under different regulatory requirements in different countries and adopting different policies and disclosure, the information required under Accounting Standard AS on Employee Benefits is not disclosed in Consolidated Financial statement due to impracticability. The Company’s share in assets, liabilities, income, expenses, contingent liabilities and capital commitments of Jointly Controlled Entities:.
Such different policies of depreciation of fixed have been adopted in respect to the following: During the year Rs Currently, Block 5A is under exploration, production and development and due to certainty of the recovery, the net onc amount of USD 1.
Other Non Current Assets. Out of this Rs The recovery is towards certain observations raised by auditors appointed by the Director General of Hydrocarbons DGH under Production Sharing Contract PSC for the period to in respect of cost and profit petroleum share payable to GoI.
Provision is made for any diminution, other than temporary, in the value of such investments. An impairment loss is annal if there is change in the recoverable amount and such loss either no longer reort or has decreased. Post Retirement Medical Benefits. The abandonment cost on dry well is expensed as exploratory well cost. Notes to Financial Statements for the year ended 31st March For APM consumers, except for consumers in North Eastern states, the consumer price is same as producer price, i.
The loan is repayable in 8 equal quarterly instalments starting April Abnormal Rig days’ costs are considered as unallocable and charged to statement of profit and loss. Other goodwill on consolidation is not amortized. In case of abandonment, such costs are expensed. Accordingly, the resulting exchange annusl of 26, Sulphur is valued reoprt net realisable value.
Opening and Closing Stock of goods produced: Also refer note Balance amount of The effective date of transfer of PI shall be the date of Government approval, which is pending. Deferred Tax Asset is recognized and carried forward only to the extent that there is reasonable certainty that the asset will be realized in future.
These reserves are estimated annually by the Reserve Estimates Committee of the Company, which follows the International Reservoir Annuao Procedures. Research Expenditure Revenue expenses on Research are charged to statement of profit and loss, when incurred.
Tax on Dividend 13, The same is paid to a fund administered through a separate trust. Provisions and Write Offs. Details of Nature wise Expenditure.
Repayment of the loan will start in 28 equal instalments starting from Also, includes restricted amount of Any retrospective revision in prices is accounted for in the year of such revision. LD amounting to In case of overseas projects, the same is taken anbual capital work in progress. Further, subject to regular payments on due dates by GOS to the Company, GOS shall have the exclusive right to use and operate the pipeline system and the Company shall not assign, transfer, sub-let, sub-contract, mortgage or create any rights to any third party or encumbrances or make any disposition to any third party.
The Company is confident that OCL will be able to honour its obligations. An impairment loss is recognized, whenever the carrying amount of such assets exceeds the recoverable amount.
Employees are gifted a silver plaque also, depending upon their level.
ONGC- Sustainability Reports
The risks and rewards incidental to ownership are annhal transferred to the lessee. Foreign Exchange Transactions Transactions in foreign currencies are accounted for at the exchange rate prevailing on the date of the transaction.
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.