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ONGC Notifies Four more discoveries totaling 15 in the Fiscal year
04 January, 2012

 
   



l.
ONGC Notifies Four more discoveries totaling 15 in the Fiscal year
ll.
ONGC declares 125% interim Dividend
Dated: 04th January, 2012
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Highlights:
1.
ONGC Board in its 226th Meeting held on 4th January 2012 took note of four discoveries as follows:
 
New Prospect discovery
i.
North Patharia (Patharia# 5), Karimganj District PEL, A&AA Basin
 
Well North Patharia located at a distance of about 7 km from Karimganj town in Karimganj district in the state of Assam, was drilled to a depth of 1402 m. On testing, the interval 1136 – 1128 m flowed gas @ 9400 m3/day with little quantities of water through 3 mm bean. Another interval 1121 – 1114 m also flowed gas @ 4820 m3/day with little quantities of water through 4 mm bean. The success of this well has reinforced the hydrocarbon prospectivity of the northern plunge of Patharia anticline in Cachar fold belt areas.
   
ii.
East Linch (LNBU), Linch PML, Western On-land Basin(New Prospect Discovery):
 
Exploratory well LNBU (East Linch) in Linch PML, Western On-land Basin, near Mandhali village of Mehsana district in the state of Gujarat, was drilled to a depth of 2201m. Multiple zones interesting from hydrocarbon point of view were encountered in the well. The interval 1854 – 1857 m in Mehsana Member, on conventional testing produced oil @ 29 m3/day through 5 mm bean.

This is the first time oil and gas has been discovered in Mehsana Member in East Linch area thereby opening a new play for further exploration.
   
New Pool discoveries
iii.
Well KH # 31, Nambar PML block, A&AA Basin
 
Well KH#31, in Nambar PML block and located at about 6 km from Noajan town in Golaghat district in the state of Assam was drilled to a depth of 2494 m. On conventional testing, the interval 2288 – 2290 m and 2296 – 2298 m, produced oil and gas @ 64 m3/day and 3100 m3/day through 6 mm bean.

This is the first oil discovery in Kopili formation in Khoraghat –Nambar area towards the southern part of Dhansiri valley and will lead to further exploration in the area.
   
iv.
Well Viraj # 58, Viral PML block, Western Onland Basin
 
Development well Viraj # 58, near Kadi town of Mehsana district in the state of Gujarat was drilled to a depth 2020m. The well encountered a new pool in Mandhali Member in the interval 1866 – 1869m, which on testing produced oil @ 108 m3/day and gas @ about 12,500 m3/day.

This is for the first time oil & gas has been discovered in commercial quantities in Mandhali Member of Kadi formation in Viraj Field area and is likely to open up new areas for exploration.

With these four discoveries, ONGC notifies 15 discoveries in three quarters of the Fiscal 2012. Out of these, 9 are prospects and 6 pools.
   
2.
ONGC declares 125% Interim dividend
 
ONGC Board has approved an Interim dividend of 6.25/- (Rupees six and paise twenty five only) per equity share of 5 each (on 8,555,490,120 equity shares) for the Financial Year 2011-12. The total payout on this account will be 5,347.20 crore, out of which the Govt. of India will reap 3,964.36 crore.

Total Payout on account of interim dividend is 6214.65 Crore including Dividend Tax of 867.45 Crore. Out of total payout of 6214.65 crore, payout to Government of India is 4,831.81 crore.

The Record Date for the same has already been fixed for 9th January, 2012 and payment of the Interim Dividend to the shareholders shall start from Tuesday, 10th January, 2012 onwards. The intimation of Record date 9th January, 2012 has already been intimated to the Stock Exchanges on December 2, 2011.
   
3.
New Investment proposals Approved:
a.
Board approves the Feasibility Report on IOR of B-173A Field
 
B-173A is a marginal field situated 50 km west of Mumbai city at an average water depth of about 55 m. Field was discovered in 1992. Five development wells were released for the Development of B-173A structure in August 1994 with 16.27 MMT oil and 2017 mmscm gas in-place. The field is currently producing oil @1870 bopd with 87% water cut due to active water drive. Till 1st October, 201, the field has produced about 2076 MMT.

The current proposal is the redevelopment of the field for improving its recovery factor.

The proposal envisages installation of one bridge connected wellhead platform and drilling and completion of three development wells at an investment of 352.49 crore. With this additional input, the field performance is expected to result into an enhanced recovery from base case of 16.98% to 20.36% of OIIP (Oil Initial In-place). In other words, the field would be cumulatively producing 3.330 mmt oil and 0.4719 bcm gas by 2025-26 instead of business as usual case of 2.763 mmt oil and 0.4009 bcm gas.

The project is scheduled to be completed by March, 2014.
   
b.
Board approves early production from Heera Redevelopment Phase-II
 
Heera and South Heera fields are situated 70 km south-west of Mumbai city at an average water depth of about 50 m.

The development of Heera and South Heera fields has been taken up in phases from March 1983 encompassing Heera Ph-I, II, III and South Heera field development.

The Feasibility Report of Heera Redevelopment Phase-II is presently under examination and due for put up to the Board in March’12.

Considering the onset of monsoon in mid-2012, ONGC Board decided to bring up the current proposal that would ensure early production of oil and gas through three clamp-on structures, off which two will be completed before the onset of monsoon. It has been felt that with this proactive and advanced action, drilling activities in the slots of the clamp-on could be conducted even during this monsoon which would make early production possible from these wells during 2012-13 & 2013-14.

This early initiative will enable enhanced cumulative oil production of 3,37,000 tonne by March 2014 over do-nothing case.

Thus the current proposal envisages installation of three clamp-on structures at HZ, HG and HJ Platform at an estimated cost of 115 crore with completion schedule of December, 2012.
   
4.
Other News items:
a.
OVL wins SCOPE award
 
ONGC Videsh Limited (OVL) won the SCOPE award for excellence and outstanding contribution to the public sector management (Other profit making PSE category-Non Ratna).
   
b.
ONGC bags “ICSI National Award for Excellence in Corporate Governance for 2011”- Certificate of Recognition :
 
ONGC has been bestowed with ‘Certificate of Recognition’ for adopting good corporate governance practices instituted by the Institute of Company Secretaries of India. The award was handed over by Hon’ble Minister for Corporate Affairs Dr. M. Veerappa Moily on 23rd Dec 2011 at Hyderabad in the august presence of H.E. Shri E S L Narasimham, Governor, Andhra Pradesh. It may be mentioned that this is the second year in a row that ONGC has received this prestigious award from the Institute of Company Secretaries of India.
   
c.
ONGC bags NIPM National award :
  In the prestigious competition of NIPM National award for Best HR Practices – 2011, ONGC won Certificate of Merit for achieving success as a “Finalist”.
   
d.
ONGC adjudged amongst 20 Top Companies for Leaders 2011-Aon Hewitt Award
 
Aon Hewitt, in association with the Fortune Magazine, and The RBL Group, conducted the Global Top Companies for Leaders survey, in which ONGC was invited to participate along with around 500 global companies. On the basis of the assessment, ONGC has been adjudged amongst 20 Top Companies for Leaders 2011. The Top Companies for Leaders study is the largest research initiative ever conducted on how companies grow great leaders. The Award was given to ONGC on 1st Dec 2011 at Mumbai.
   
e.
C2-C3 plant Dahej bags Safety Award from NSCI December 29, 2011
 
C2-C3 Plant, Dahej won Safety Award in Construction Sector from National Safety Council of India (NSCI).
   
f.
ONGC bags Safety Innovation Award 2011 for innovative safety measures December 01, 2011
 
ONGC has been declared winner of the Safety Innovation Award-2011 in the Oil & Gas Sector. The award was given away by Mr. S.S. Khurana, former Chairman, Railway Board during Award ceremony and Inaugural session of Safety Convention-2011 organized by Institution of Engineers (IEI) at New Delhi.
   
g.
ONGC wins All India Public Sector Football Tournament
 
ONGC’s football team won the All India Public Sector Football tournament on 14th Dec 2011 by beating Airport Authority of India 2-1 in the final played at Ranchi.
   


Issued By
Oil and Natural Gas Corporation Ltd.
Corporate Communications, New Delhi,
Phone: +91-11-23320032, 23301406;
Tele-Fax: 011-23357860
Mail: ongcdelhicc@gmail.com
  Issued By :- Corporate Communications, Oil and Natural Gas Corporation Ltd. New Delhi


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