Record Profits, Dividends, and Production Growth

ONGC Board of Directors in its 380^th Meeting held on 20^th May, 2024, accredited the annual outcomes for FY’24.

 1. Financial Performance (Standalone)

*Restated 

2. Financial Performance (Consolidated)

*Restated 

3. Dividend pay out

The complete dividend for FY’24 can be 245% (Rs 12.25 per share of face worth Rs 5 every) with a complete payout of Rs 15,411 crore. This contains interim dividend of 195% (Rs 9.75 per share) already paid in the course of the yr and last dividend of fifty% (Rs 2.50 per share) really helpful by the Board. 

4. Production Performance

Crude Oil manufacturing in This autumn FY’24 noticed a rise of two.4% over This autumn FY’23 whereas gasoline manufacturing decreased by 3%. 

 5. Exploration Performance

(a) ONGC has declared 11 discoveries (6 in onland, 5 in offshore) throughout FY 2023-24 in its operated acreages. Out of those, 6 are prospects (1 in onland, 5 in offshore) and 5 are new pool (onland) discoveries.

(b) 7 hydrocarbon discoveries have been monetized in the course of the FY 2023-24 together with the three discoveries notified in the course of the fiscal of 2023-24.

(c) The particulars of newest discovery notified for the reason that final press launch on this regard on 10.02.2024 are as beneath:

(Discoveries notified throughout This autumn FY 2023-24)

(i)        East Lakhibari-6 (ELDA) in A&AA Basin – The improvement Well East Lakhibari-6 was drilled right down to 2271.86m with a revised goal depth to discover the HC prospectivity of Cretaceous sediments. During testing Object-II (2162.5-2165.5m, Cretaceous) flowed oil @ 23.444 m³/day with feeble gasoline and Object-III (2144-2148m, Cretaceous) flowed oil @ 43.2 m³/day and gasoline @ 500 m³/day. The Hydrocarbon Strike from the Cretaceous Sequences in effectively East Lakhibari-6 in Upper Assam Shelf-South is important milestone as it’s first Hydrocarbon Discovery from the Cretaceous sequences in total Assam Shelf and thereby marking the New Play Opening within the A&AA Basin.

(ii)       West Amod-1 (CBONH212A-A) in Cambay Basin – The exploratory effectively West Amod-1 (CB-ONO-AD-A) was drilled in OALP block CB-ONHP-2021/2 to discover HC potential of Hazad Sands GS-1(P) and GS-3B (S). During testing, Object-ll (2914.5-2918m, GS-1 Sand) flowed oil @ 9.23 m³/day and gasoline @ 6533 m³/day. The success within the effectively, established presence of business hydrocarbon within the OALP block and opened up the block space for additional exploration and improvement.

(Discoveries notified throughout Q1 FY 2024-25)

(i)        Ranaghat (WBON5-4-NA-H) in Bengal Onland  – The exploratory effectively Ranaghat-2 (WBON5_4-NA-H) was drilled in WB-ONN-2005/4 NELP block to discover HC potential of Mio-Pliocene sands. During testing Object-I (2657-2664 m, Pandua Formation/Miocene) flowed gasoline @ 147215 m³/day and condensate @ 8.40 m³/day. The success within the effectively has established hydrocarbon gasoline within the north japanese a part of NELP block and opens up areas for re-evaluation and future exploration.

(ii) Neelmani (MBS191HDA-1) in Mumbai Offshore (SW) – The exploratory effectively MBS191HDA-1 (MBS191HDA-A) was drilled in OALP block MB-OSHP-2019/1 in Mumbai Offshore (SW) to discover HC potential of Pliocene Pay. During preliminary testing Object-IB (909-915m in Chinchini Formation) flowed gasoline @1,70,799 m3/day. Subsequently, Object-IA (925-931m) was added by way of Metrol crossfire expertise. The effectively flowed gasoline @ 1,66,571 m3/day.

(d) Reserve Accretion (Estimated Ultimate Recovery:EUR,2P): FY’24

(e) Reserve Replacement Ratio (RRR) of ONGC-Operated Domestic Areas

Reserve Replacement Ratio (2P) from home fields (excluding JV share) was 1.15. ONGC has achieved Reserve Replacement Ratio (2P) of a couple of for the 18^th consecutive yr. 

6. Drilling efficiency

ONGC drilled 541 wells, the highest recorded prior to now 34 years, comprising 103 exploratory and 438 improvement wells. The year-wise pattern for final 5 years is as beneath:

7. Capex

ONGC invested round Rs. 37,000 crore CAPEX in FY’24, thus attaining highest ever utilization (excluding acquisitions) in a monetary yr for strengthening the expansion prospects of the Company. The year-wise pattern for final 5 years is as beneath:

8. ONGC Group of Companies