ONGC in Q3FY19

ONGC Q3FY19 results
Net profit up 65% at Rs 8,263 crore
Thesynergyonline Corporate Bureau
Uptrend in net profit

increase of 64.77 per cent

NEW DELHI, FEBRUARY 14 : Oil and Natural Gas Corporation (ONGC) , State-owned oil and gas production behemoth registred net profit of Rs 8,262.70 crore for the quarter ended December 31, 2018 (Q3FY19), an increase of 64.77 per cent as compared Rs 5,014.67 crore reported for the corresponding quarter (Q3FY18) in the previous fiscal.
The company's net profit declined marginally as compared to Rs 8,264.61 crore in the September quarter of the current fiscal.

Interim dividend

The company's board of directors also approved an interim dividend of Rs 5.25 per equity share of Rs 5. The record date for determining eligibility of shareholders for payment of interim dividend has decided to be March 1, 2019, whereas the dividend will be paid on March 6, 2019.

The board also approved a proposal for buyback of its equity shares. Around 25.29 crore equity shares of the company will be bought back at the price of Rs 159 per equity share payable in cash. The total cost of this share buyback will not exceed Rs 4,022 crore, ONGC said in its statement. The process of buyback is likely to be completed in February 2019

The company's offshore revenues grew substantially to Rs 18,955.86 crore in the December quarter

In the Q3 FY19, company's revenue from operations increased around 20 per cent to Rs 27,694.09 crore as against Rs 22,995.88 crore in the Q3 FY18. The revenue from operations in the quarter declined marginally by less than two per cent on a sequential basis from Rs 27,989.17 crore. The company's offshore revenues grew substantially to Rs 18,955.86 crore in the December quarter whereas its onshore revenue increased to Rs 8,738.23 crore.

PNB Q3FY19 results

The total payout of interim dividend will be Rs 6,605 crore (excluding Dividend Distribution Tax). The record date for distribution of dividend has been fixed for March 01 ,2019.

ONGC

statement
New Pool Discovery:

GKS091NFA-1 in Block GK-OSN-2009/1 Kutch Offshore:

(i) 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.

The board approved interim dividend of 105 per cent, i.e. Rs 5.25 on each equity share of Rs5. The total payout will be Rs 6,605 crore (excluding Dividend Distribution Tax). The record date for distribution of dividend has been fixed for March 01 , 2019.

Standalone Natural Gas Production up 7% q-0-q and VAP production up 3.3 per cent q-o-q

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.