OREANDA-NEWS. May 31, 2012. In its 232nd Board Meeting on 29th May, 2012, ONGC presented an impressive Annual Financial Result for FY’12 while declared two new discoveries.

Two new notified discoveries are:

New Prospect Discovery:

IBantumilli South # 1, (1B Nomination PEL, Krishna Godavari Onland Basin, Andhra Pradesh)

Exploratory well Bantumilli South # 1, in 1B Nomination PEL of Krishna Godavari Onland Basin in the state of Andhra Pradesh was drilled to a depth of 4232.3 m. On testing (barefoot) the interval 4221 – 4232.3 m produced gas @ 98,010 m3/day through 4 mm choke.

This high potential discovery has further consolidated the prospectivity of the Nandigama arenaceous unit, already proven in nearby Malleswaram- Nandigama area.

The discovery well is situated 22 km west of Narsapur and 20 km east of Bantumilli town in West Godavari district of Andhra Pradesh state.

New Pool Discovery:

Vadtal # 5 (NELP Block: CB-ONN-2004/2, Cambay Onland Basin, Gujarat):

Well Vadtal # 5 in NELP Block CB-ONN-2004/2, Cambay Onland Basin, in the state of Gujarat was drilled to a depth of 3615 m.

The intervals 1598 – 1604 m in Kalol formation (equivalent of Middle Eocene age) has confirmed the presence of oil.

This oil discovery in Kalol formation, in addition to already notified Chhatral discovery (in May, 2012) in the same well will boost the efforts of ONGC towards speedy development of this block.

This discovery well is situated 14 km to the west of Anand town in Anand district of Gujarat.

Performance Highlights FY’12

Total 23 Discoveries made in FY’12 which include 15 New Prospects (9 offshore, 6 Onshore) and 8 New pools (1 offshore, 7 onshore).

ONGC’s ultimate reserve accretion of 84.13 MTOE from domestic acreages is highest in last 2 decades.

Domestic oil and gas production (including JV share) maintained at  52.43 mtoe against 52.60 in FY’11 (Oil 26.92 mtoe against 27.28 mtoe in FY’11 and Gas 25.51 bcm against 25.32 bcm in FY’11)

Net Profit of Q4 FY’12 increases 102%, from Rs 2791 crore to Rs 5644 crores in FY’11.

Annual net profit of ONGC increases 33%, from  ` 18,924 Crore in FY’11 to Rs 25,123 crores in FY’12.

Discount to OMCs to meet their under-recoveries increased to Rs 14170 crores as compared to  ` 12,136 Crore in Q4FY’11.  For FY’12 this was  ` 44,466 Crore as compared to  ` 24,892 Crore in FY’11- up by 79%.

Dividend: Recommended payout of final dividend of  ` 2/- (Rupees two only) per equity share of  `  5 each fully paid up for the Financial Year 2011-12 which works out to 40 % on the equity share of  `  5 each. This is in addition to an interim dividend of  ` 7.75/- (Seven rupee and seventy five paise only) per equity share on 8,555,528,064 equity shares of  ` 5 each.  Total dividend payout would be  `   8,342  Crore against   `7,486 crore in FY’11)