ONGC Q2 Results: Posts Net Profit of Rs. 12,826 Cr, Interim Dividend of Rs 6.75 per share

by Psu Connect
Date: 15-11-22

The company reported a standalone net profit of Rs 12,826 crore in the second quarter of the current fiscal year.

ONGC Q2 Results: Posts Net Profit of Rs. 12,826 Cr, Interim Dividend of Rs 6.75 per share

New Delhi: In its 359th meeting held on 14th November 2022, Oil and Natural Gas Corporation (ONGC) Board approved the results for the Second Quarter (Q2) of FY 2022-23 (FY’23).

The company reported a standalone net profit of Rs 12,826 crore in the second quarter of the current fiscal year. The central public sector undertaking had posted a profit of Rs 18,348 crore in a year ago quarter.

Major Highlights:

Gross Revenue Rs. 38,321 crores in Q2
Net profit Rs. 12,826 crores in Q2
Interim Dividend of Rs. 6.75 per share
Six discoveries notified so far in FY 23

The company's Board has approved an interim dividend of 135%, i.e. Rs 6.75 on each equity share of Rs 5. The total payout on this account will be Rs 8,492 Crore. The Record date for the distribution of dividends has been fixed for 22nd November 2022 which has been intimated to the stock exchanges.

ONGC has declared total 6 discoveries (4 in onland and 2 in offshore) during FY 2022-23 in its operated acreages. Out of these, 1 is prospect (onland) and 5 (3 in onland and 2 in offshore) are pools.

The details of the latest discoveries notified since last press release in this regard on 12.08.2022 are as under.

(i) Malleswaram-22 (MS-22) in Malleswaram PML, KG-PG Basin, Andhra Pradesh. Exploratory well Malleswaram-22 (MS-22) in Malleswaram PML block of KG onland, flowed gas @ 1,85,220 m3/day with traces of liquid from Raghavpuram Formation.

(ii) GS-15-22 in Vainateyam PML, KG Offshore. Exploratory well GS-15-22 drilled in Vainateyam PML block of KG offshore flowed gas @ 2,52,072 m3/day from one interval, 2,30,404 m3/day from second interval and 1,96,952 m3/day from third interval within Pliocene Godavari Clay.

(iii) Kesanapalli West Deep-7 (KWD-7) in Vainateyam PML, KG Offshore. Exploratory well Kesanapalli West Deep 7 (KWD-7) in Vainateyam PML, KG Offshore flowed oil @ 183 m3/day and gas @ 81,630 m3/day from Vadaparru Formation.

(iv) Karugorumilli-1 (KML-1) in Godavari Onland PML, KG Basin, Andhra Pradesh. Exploratory well Karugorumilli-1 (KML-1) in Godavari Onland PML, KG Basin flowed gas @ 1,03,902 m3/day from one interval and 1,13,930 m3/day from another interval within Pasalarapudi Formation.

Out of six discoveries notified till date during FY 2022-23, two discoveries viz. Mandapeta-60 and Kesanapalli West Deep-7 have already been monetized by ONGC.

Other highlights/Awards/Recognitions:

ONGC’s U-field Onshore facilities dedicated to nation by Hon’ble Prime Minister: Hon’ble Prime Minister Shri Narendra Modi dedicated ONGC’s U-field Onshore facilities of KG-DWN-98/2 Deep Water Block, situated in Odalarevu, Dr. B R Ambedkar Konaseema district of Andhra Pradesh to the Nation on 12 November 2022.

ONGC signs MoU with Chevron Corporation to assess exploration potential in India: State-owned energy giant ONGC on 19 September 2022 signed a memorandum of understanding (MoU) with Chevron New Ventures PTE Limited, a subsidiary of California-based energy major Chevron Corporation, to assess exploration potential in India.

ONGC signs MoU with Greenko ZeroC to make Green Hydrogen and achieve its renewable energy targets: Oil and Natural Gas Corporation Limited (ONGC) signed a Memorandum of Understanding (MoU) on 26 July 2022 to enter into a Joint Venture with one of India’s leading renewable energy companies M/s Greenko ZeroC Private Limited.

High-level ONGC Team visits Norway for collaboration with Equinor ASA: A high-level delegation of ONGC visited Norway during 9-12 August 2022 to provide a concrete shape to the ideas broadly covered in the MoU signed with Equinor ASA recently for collaboration in the areas of upstream E&P, midstream, downstream and clean energy options, including CCS/CCUS.

ONGC conferred with the Golden Peacock Award for Risk Management: In recognition of its commitment to Risk Mitigation in its business and operations, ONGC received the Golden Peacock Award for Risk Management at the 2022 London Global Convention on Corporate Governance & Sustainability organized by Institute Of Directors (IOD), India at House of Lords, Parliament of the United Kingdom on 09 November 2022.

ONGC Conferred with Finance Transformation Award: Energy Maharatna ONGC conferred with the ‘Finance Transformation Award’ for “comprehensive digital transformation of entire Finance process” at the SAP Achievement in Customer Excellence Awards 2022 on 04 November 2022.

Golden Peacock National Training Award 2022: The Institute of Drilling Technology (IDT), ONGC Dehradun, was awarded the prestigious Golden Peacock National Training Award for the year 2022 on 22 July in the presence of business & industry leaders.