ONGC Q3 FY’19 Results: Net Profit ? 8,263 crore, up 64.8% QoQ, declares interim dividend of ? 5.25 per share

Dated : 14 February 2019 08:13:20 PM

Highlights:

  • Gross Revenue ? 27,694 Crore, up 20.4 % Q-o-Q
  • Net Profit ` ? 8,263 Crore, up 64.8 % Q-o-Q
  • Two New Basins i.e. Vindhyan and West Bengal upgraded to Category II
  • Notifies 11 discoveries so far in FY’19
  • Standalone Natural Gas Production up 7% QoQ and VAP Production up 3.3% QoQ

In its 313th Board Meeting held on February 14, 2019, ONGC presented the Quarterly results for the third quarter ended December 31, 2018.

1. Financial Results

Financial Results

2. Dividend

ONGC Board has approved interim dividend of 105%, i.e. ? 5.25 on each equity share of ?5. The total payout on this account will be ? 6,605 Crore (excluding Dividend Distribution Tax). The Record date for distribution of dividend has been fixed for 1st March, 2019  which has been intimated to the stock exchanges.

3. Production Performance (ONGC + Share in JVs):

Production Performance

4. Exploratory Performance

Two new basins i.e. Vindhyan and West Bengal have been upgraded to Category II during the current financial year. The appraisal plans are drawn to further upgrade them as producing basins. ONGC has notified total 11 discoveries so far in FY’19 (4 discoveries after last press release on 03.11.2018). The details of the 4 latest discoveries are as under:

New Pool Discovery:
(i) GKS091NFA-1 in Block GK-OSN-2009/1 Kutch Offshore:
The exploratory well GKS091NFA-1, was drilled down to 3871m. The well on testing of Igneous intrusive produced gas @ 2,62,199 m3/day. This discovery has opened up a large area for further exploration of this play.

New Prospect Discovery:
(ii) Hatta#2 in NELP-VIII Block VN-ONN-2009/3, Vindhyan Basin, State of Madhya Padesh:
Exploratory well Hatta#2 in NELP-VIII Block VN-ONN-2009/3, Vindhyan Basin in Damoh district of Madhya Pradesh was drilled down to 2265m. On testing, flowed gas @ 48117 m3/d. Hatta#2 is the New Prospect (Gas) discovery with first commercial flow of gas in Vindhyan basin and adds significant value to the earlier made lower potential discoveries in the basin and is a big step forward towards possible up gradation of Vindhyan basin to producing category (Category-I).

(iii) Jantapathar#1Z in Golaghat Extn-IIA (Addl.) ML, A&AA Basin, State of Assam:
Exploratory well Jantapathar-1z in Golaghat Extn-IIA (Addl) PML block in Assam drilled to a depth of 2681 m, on testing flowed gas @ 80,541 m3/d from the interval 2497.50-2499.50 m and from interval 2481.5-2484 m also flowed gas @ 56,338 m3/d. This new prospect discovery has given impetus to exploration in area between Dayalpur field in the east and Hazarigaon field in the west.

(iv) B-203#2 in NWMH Extn. PML, Western Offshore Basin
Exploratory well B-203-2 drilled in NWMH Extn. PML, Western Offshore Basin to a depth of 2515 m, on testing flowed oil @ 783 BOPD and gas @ 78,571 m3/d from the interval 2448.50-2450.50 m from Mukta Sandstone formation of Early Oligocene age. A limestone  interval 2377 -2379.50 m in Heera formation of Early Oligocene age also flowed oil @ 125 BOPD and gas @ 5193 m3/d. This new prospect discovery proves the westward extension of WO-24 plays in the down dip direction.

Issued By:
Corporate Communications,
Oil and Natural Gas Corporation Ltd
DeendayalUrjaBhawan, 5, Nelson Mandela Marg
Vasant Kunj, New Delhi -110070
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