ONGC Q3 Net Profit`5,015crore, up by 15.2% QoQ

ONGC Q3 Net Profit`5,015crore, up by 15.2% QoQ

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ONGC

 

In its 303rd Board Meeting, ONGC presented the Quarterly results for the third quarter ended December 31, 2017.

Financial Result - ONGC
Financial Result
  • Dividend

The Board deferred the decision on 2nd interim dividend, if any to the next meeting of Board.

Production Performance (ONGC + Share in JVs)
Production Performance (ONGC + Share in JVs)
  • Exploratory Performance

ONGC has notified total 10 discoveries so far in FY’18. The details of the latest discovery are as under:

New Prospect Discovery:Mattur West-1(MTW-1, MTAN) in L-II PML Block (7 year, Nomination), Mattur-Pundi Area, Cauvery Basin

The Exploratory well MT-14(MTAN) renamed as Mattur West-1(MTW-1) in L-II PML (7 year), Mattur-Pundi Area, Cauvery Basin (Onland) was drilled to a depth of 1292 m. Two objects have been tested in this well and both were proved to be oil bearing. Object-I (1068-1292m) in Basement gave cumulative influx of 3.7 m3 of oil and Object-II (959-964 m) in Sand (Upper Nannilam Formation, Upper Cretaceous) flowed oil @ 33 m3/d and gas @ 3500 m3/d through 6 mm bean.

The New Sand interval (959-964 m) has been encountered for the first time in Mattur Field, which is an older sand layer in Upper Nannilam Formation.

The success in this well has helped in establishing the Nannilam Play (Sand) to be of commercial interests at a very shallow depth for further exploration in addition to the known Basement play in the Mattur-Pundi area and declared as a New Prospect Discovery. Commercial oil & gas flow in the well will facilitate the conversion of the L-II PML (7 year PML) into long term/regular PML.