OREANDA-NEWS. March 19, 2012. ONGC Board in its 229th Meeting held on March 15,2012 has approved second interim dividend of 1.5/- (Rupees one and paise fifty only) per equity share of 5 (no. of shares-8, 555 ,490, 120) for the Financial Year 2011-12. The total payout on this  account will be  1283.32 Crore, out of which the  Govt. of India will  receive   888.38 Crore.

The Record Date for the same has already been fixed for March 20, 2012 and payment of the Interim Dividend to the shareholders shall start from Wednesday, March 21, 2012 onwards. The intimation of Record date of March 20, 2012 has already been intimated to the Stock Exchanges on February 14, 2012.

Earlier on January 4, 2012, ONGC Board had approved an Interim dividend of 6.25/- (Rupees six and paise twenty five only) per equity share for 2011-12. The total payout on that account had been 5,347.20 Crore, out of that the Govt. of India received 3,964.36 Crore.

Total Payout on account of interim dividend stands at 6,630.52 Crore plus the Dividend Tax of 1075.52 Crore.

Early monetization of C-23, C-26 & B-12-1 fields

Board in its meeting approved advancement of development of C-26 Cluster (consisting of C-23, C-26,&B-12-1) fields of phase III of approved development projects scheme of C-series. This envisages estimated capital cost of 2592.17 Crore. The project involves three well head platforms, associated facilities and pipeline, drilling and completion of 8 wells and conversion of old drilling rig Sagar Pragati (of 1981 vintage) to Mobile Offshore Production Unit (MOPU).

This advancement will help realizing production starting pre monsoon 2014 instead of 2018 envisaged earlier. The cumulative gas and condensate production from this project will be 16.67 bcm and 2.81 million cubic meter respectively by 2024-25.

New Prospect discoveries       

Well Nohta-2 in Vindhyan Basin

Well Nohta-2 was drilled in nomination block DamohJaberaKatni falling in the state of Madhya Pradesh, situated northeast of Nohta town in Damoh district approximately 230 km in the east from Bhopal. The well was drilled down to a depth of 1850m. Based on the analysis of well data and logs recorded in the well, one interval from 1702 to 1727m was identified for barefoot testing.

Discovery of gas in this well has given a new boost to exploration for hydrocarbons in this Category-III basin after first discovery of gas reported in 1991 in well Jabera-1.

The discovery is significant as it is in one of the oldest sedimentary sequences of Proterozoic age.

Well GK-42-1 in Kutch Offshore

Prospect GK-42-1 was released in Kutch Block-1 Extension nomination block of Kutch Offshore. The prospect is situated in shallow water depth of 30 m at a distance of about 50 km from the coast (Okha Port in Gujarat). The well spudded on December 31, 2011 was drilled down to 1470m. On conventional testing, interval 1372-69 m in Nakhatrana formation of Paleocene age flowed gas. Another interval in Jakhau formations on MDT gave gas. Conventional testing of Jakhau formation is yet to be done.

This discovery of hydrocarbon in the south of GK-28 discovery has opened up scope of further exploration in the region and will help in early monetization.