Oil and Natural Gas Corporation (ONGC) has posted a net profit of ₹4,842 crore for the quarter ended September 30, down 11 per cent from the ₹5,445-crore reported in the corresponding quarter previous fiscal.

The fall in net profit was mainly due high cost in maintaining old fields.

Gross revenue was marginally higher at ₹20,732 crore against ₹20,512 crore in the corresponding quarter previous fiscal.

“The ONGC board has approved an interim dividend of 90 per cent paying ₹4.50 per equity share of ₹5 each. The total payout on this account will be ₹3,850 crore, out of which the Government of India will receive ₹2,654 crore on its shareholding. In addition, dividend distribution tax of ₹784 crore would also be paid to the Government,” it said in a statement.

The company’s subsidy payout has come down to ₹596 crore against ₹13,641 crore in the corresponding quarter previous fiscal.

The subsidy is in the form of discounts extended to public sector oil refining-cum-marketing companies on crude oil and products.

The company’s board also approved the field development plan of Madanam field awarded under the fourth round of NELP to the joint venture of ONGC and BPRL, located about 50 km north of Karaikal district in Tamil Nadu.

The company said that three more discoveries have been notified — two new prospects and one new pool.

These include discoveries in Mumbai Offshore Basin in Western Shallow Offshore, at NELP block in the Krishna-Godavari Shallow Offshore and another at Onland Basin, Tripura.

“With this, ONGC has so far notified 10 new discoveries — five new prospect and five new pool — in FY-16,” the statement added.

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