Oil and Natural Gas Corp (ONGC) approved a 100 per cent interim dividend of Rs 5 on each share of the equivalent amount. The total payout on this account will be Rs 4,277.75 crore of which the Government will receive Rs 2,948.08 crore.

Payment of the dividend will start from December 18.

New discoveries

The company also notified three discoveries, one in the deepwater Krishna Godavari basin, one in the Mumbai offshore basin and one in the Cauvery basin in the southern onshore.

“In KG Basin offshore, ONGC has made a significant gas discovery from its nomination deep water block, KG-OS-DW-III. The discovery well GD-11-1, located about 43 Km to the South of the nearest coastal town Odalarevu in the state of Andhra Pradesh, was drilled down to a depth of 2,810m in water depth of 812m to explore the hydrocarbon potential of Pliocene sands,” the company said in a statement.

Mumbai offshore basin

In the Mumbai offshore discovery, ONGC said it has made a new pool discovery situated 160 km from the west coastline in Maharashtra. “On testing, the well flowed oil at the rate of around 1,500 barrels per day and gas at the rate of around 10,000 cubic meters per day through half inch bean. Significantly, oil flow from Panna Formation has been reported for the first time in this structure,” the company said.

Thirunagari gas discovery

The discovery in the Cauvery basin in a gas and named the Thirunagari Gas Discovery. During testing, the well flowed gas at 61,800 cubic meters per day along with condensate at the rate of 9.6 cubic meters per day. ONGC said it expects the discovery to enhance the commercial viability of the block.

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