‘The project, to be completed by December 2018, will result in incremental oil production of 1.83 million tonnes and incremental gas production of 1.971 billion cubic meters by 2030,’ the state-owned company said in a statement here.
The ONGC board, at its meeting on Monday, accorded approval to the additional development of the Vasai East field at a total estimated capital cost of Rs 2476.82 crore. ‘This project will improve the recovery factor of Vasai East field with infill wells towards north and south side of the field with two well platforms VSEB and VSEC and utilising existing surface facilities at process platform of BPA and BCPA-2 with minor modifications,’ it said.
ONGC’s oil and gas fields in the Arabian Sea are of an over 40-year vintage. ONGC, now recognised as one of the best brownfield managers in the exploration and production world, has increased its recovery factor to over 40 per cent by aggressive redevelopment efforts since 2001.
The board also approved a second interim dividend of Rs 4.25 per equity share, i.e., 85 per cent on an equity share of Rs 5 each for the financial year 2013-14. This is in addition to an interim dividend of 100 per cent (Rs 5 per equity share of Rs 5 each) on 855.54 crore shares. The total payout on account of this second interim dividend would be Rs 3,636.08 crore. ‘Thus the total interim dividend adds up to 185 per cent (Rs 9.25 per share of Rs 5 each) or Rs 7,913.83 crore without dividend distribution tax,’ the statement said.
ONGC also said a new oil and gas discovery has been made in South & East Bassein block of Western Offshore basin. ‘This discovery will add to the reserves and production potential of the field B-173A. With this, total new discoveries of ONGC during the year 2013-14 add to 14,’ it added.
Earlier in the day, shares of ONGC rose by over 4 per cent ahead of the company’s board meeting to consider second interim dividend for financial year ending March 2014. The energy major’s scrip settled at Rs 321.20, up 4.27 per cent from its previous close on the BSE. During the day, the stock rallied 4.51 per cent to Rs 321.95. At the NSE, the scrip gained 4.37 per cent to close at Rs 321.35. On the volume front, 3.25 lakh shares of the company changed hands on the BSE, while over 67 lakh shares were traded at the NSE during the day.
‘A meeting of the Board of Directors of the company will be held on March 24, 2014, inter alia, to consider payment of second interim dividend for the financial year 2013-14,’ Oil & Natural Gas Corporation had said in a BSE filing on March 4, which led to Monday morning’s share movement.
The company had said that the record date for determining entitlement of shareholders for payment of second interim dividend for the financial year 2013-14 had been fixed on March 29, 2014.
Payment of interim dividend would start from March 31, 2014 onwards to the shareholders, it had noted.
The ONGC board, at its meeting on Monday, accorded approval to the additional development of the Vasai East field at a total estimated capital cost of Rs 2476.82 crore. ‘This project will improve the recovery factor of Vasai East field with infill wells towards north and south side of the field with two well platforms VSEB and VSEC and utilising existing surface facilities at process platform of BPA and BCPA-2 with minor modifications,’ it said.
ONGC’s oil and gas fields in the Arabian Sea are of an over 40-year vintage. ONGC, now recognised as one of the best brownfield managers in the exploration and production world, has increased its recovery factor to over 40 per cent by aggressive redevelopment efforts since 2001.
The board also approved a second interim dividend of Rs 4.25 per equity share, i.e., 85 per cent on an equity share of Rs 5 each for the financial year 2013-14. This is in addition to an interim dividend of 100 per cent (Rs 5 per equity share of Rs 5 each) on 855.54 crore shares. The total payout on account of this second interim dividend would be Rs 3,636.08 crore. ‘Thus the total interim dividend adds up to 185 per cent (Rs 9.25 per share of Rs 5 each) or Rs 7,913.83 crore without dividend distribution tax,’ the statement said.
ONGC also said a new oil and gas discovery has been made in South & East Bassein block of Western Offshore basin. ‘This discovery will add to the reserves and production potential of the field B-173A. With this, total new discoveries of ONGC during the year 2013-14 add to 14,’ it added.
Earlier in the day, shares of ONGC rose by over 4 per cent ahead of the company’s board meeting to consider second interim dividend for financial year ending March 2014. The energy major’s scrip settled at Rs 321.20, up 4.27 per cent from its previous close on the BSE. During the day, the stock rallied 4.51 per cent to Rs 321.95. At the NSE, the scrip gained 4.37 per cent to close at Rs 321.35. On the volume front, 3.25 lakh shares of the company changed hands on the BSE, while over 67 lakh shares were traded at the NSE during the day.
‘A meeting of the Board of Directors of the company will be held on March 24, 2014, inter alia, to consider payment of second interim dividend for the financial year 2013-14,’ Oil & Natural Gas Corporation had said in a BSE filing on March 4, which led to Monday morning’s share movement.
The company had said that the record date for determining entitlement of shareholders for payment of second interim dividend for the financial year 2013-14 had been fixed on March 29, 2014.
Payment of interim dividend would start from March 31, 2014 onwards to the shareholders, it had noted.