ONGC declare three new discoveries

Oil and Natural Gas (ONGC) on Monday 30 May 2011 reported a 26 per cent drop in its quarterly net profit because of increase in fuel subsidy burden. Net profit in January-March dropped 26 per cent to Rs. 2,791 crore, from Rs. 3,776 crore in the same period last year. ONGC Chairman and Managing Director A K Hazarika said, ONGC had to pay the highest ever Rs. 24,892 crore, half of it in Q4, in fuel subsidy by way of discounts on crude oil it sells to state-owned refiners.ONGC Occupies 155th rank in “Forbes Global 2000” list 2010 of the world’s biggest companies for 2010 based on sales, profits, assets and market capitalization. ONGC chairman said it continues to be zero debt company,has notified three more oil and gas discoveries. Three new notified discoveries are 1.Well GS-70#1,GS-15/23 PML Block,KG Shallow Offshore Basin: 2.Well BH#67,BOFF-123PEL,Western offshore Basin: 3.Well Periyakudi#1,L-11 PEL Cauvery Onshore Basin. ONGC CMD Shri A K Hazaria said government has planned to bring public offer next month in the ONGC five percent share sale further added 'Prudent reservoir management and sound financial management have always been ONGC's focus areas.' The company recommended payout of Rs 0.75 per share on number of shares enhanced due to split and issue of bonus shares including special interim dividened Rs 32 per share aggregating to Rs 35 per share based on pre-split and pre bonus number of shares.Total dividend payout is 7486 Cr and increase of 6.1% over FY'2010