The Hindu Business Line : OVL pays first-ever dividend of Rs 105 cr to ONGC

ONGC Videsh Ltd (OVL), the overseas arm of Oil and Natural Gas Corporation (ONGC), has paid its first-ever dividend of Rs 105 crore for the year ended March 31, 2005 to its parent ONGC.

The dividend was approved at the annual general meeting of OVL held on September 19, an official release said. The company's production of Oil plus Oil Equivalent Gas went up 31 per cent to 5.063 million tonnes (mt) from 3.868 mt in the fiscal before.

The consolidated gross revenue of OVL increased by 72 per cent to Rs 6,025.8 crore, and net profit improved by 78 per cent to Rs 761.4 crore. It has a committed investment of $4.3-billion overseas, the release said.

During the fiscal 2004-05, OVL has secured equity participation in six oil and gas exploratory assets in five countries, viz. Block 5A and 5B in Sudan, Block WA306P in Australia, Block CI-112 in Ivory Coast, North Ramadan in Egypt and Najwat Najem Structure in Qatar.

The appraisal work of the discovery of natural gas in one of the prospects in the Block A-1, Myanmar, announced by the operator earlier, has been completed and the certification of reserves is currently in progress, the company said.

Exploratory drilling on other prospects in the Block A-1, Myanmar, is also in progress. Further, based on interpretation of 2D and 3D seismic data acquired in Farsi Offshore Block, Iran, drilling of four exploratory wells in the block is expected to commence in later part of 2005, the company statement said.

The interpretation and processing of seismic data for Najwat Najem oil structure in offshore Qatar is now under process, and the appraisal well is expected to be drilled in the second half of 2006.

Further, the contract for North Ramadan Block, Egypt, has been signed on August 8. The initial work programme is now under finalisation, and interpretation and processing of seismic data is expected to commence in early part 2006, while the exploratory well is expected to be spudded in later part of 2006, the company said.

OVL has recently acquired a 30 per cent participating interest in the deepwater exploration blocks 25, 26, 27, 28, 29 and 36, and part of block 35 in the Republic of Cuba from Repsol-YPF of Spain.

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OVL pays first-ever dividend of Rs 105 cr to ONGC