ONGC declares results for Q3 FY’17

New Delhi [India], Jan. 31 : In its 289th Board Meeting held on January 31, 2017, ONGC presented the Quarterly results for the quarter ended December 31, 2016.

ONGC Board has approved 2nd interim dividend of 45 percent, that is, Rs. 2.25 on each equity share of Rs. 5. The total payout on this account will be Rs. 2,887Crore. Government of India will receive Rs. 1,973 crore on its 68.34% shareholding. In addition, dividend distribution tax of Rs. 588 Crore would also be paid to the Government. The Record date for distribution of dividend has been fixed for 8th February, 2017 which has been intimated to the stock exchanges.

Net profit for the quarter was valued at Rs. 4,352Crores, up from the last quarter's value of Rs. 1,644Crores. ONGC will be investing USD 66.05 Million (Rs. 474.15 crore) towards development of North West B-173A field to enhance production from its Western Offshore.

The investment decision has been approved by the ONGC Board in its 289th Meeting here today. NW-B-173A field is located 5 km northwest from B-173A field which is about 25 km north of Neelam field at an average water depth of 55 m.

In April 2014, B-173A-8 exploratory well was drilled in NW B-173A field, which produced oil at the rate of 2,246bopd on conventional testing from Mukta pay, resulting in declaration of discovery of this field.

The production is expected to commence from February 2019 and peak production rate of 2870 BOPD of oil and 56,350 M3/Day of gas is expected to be achieved in 2019-20.

The cumulative production till 2031-32 is pegged at 0.760MMt of oil and 0.213 BCM of gas. The oil and gas will be evacuated through existing Neelam Process facilities. The project envisages installation of one Well Head Platform, associated pipelines and drilling of 3 wells.

The project is scheduled for completion by May 2019..

Source: ANI