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Highlights: |
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1. |
ONGC Board in its 226th Meeting held on 4th
January 2012 took note of four discoveries as follows:
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New Prospect discovery
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i. |
North Patharia (Patharia# 5), Karimganj District PEL, A&AA
Basin
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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.
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ii. |
East Linch (LNBU), Linch PML, Western On-land Basin(New
Prospect Discovery):
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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.
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New Pool discoveries |
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iii. |
Well KH # 31, Nambar PML block, A&AA Basin
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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.
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iv. |
Well Viraj # 58, Viral PML block, Western Onland Basin
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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.
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2. |
ONGC declares 125% Interim dividend
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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.
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3. |
New Investment proposals Approved:
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a. |
Board approves the Feasibility Report on IOR of B-173A Field
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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.
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b. |
Board approves early production from Heera Redevelopment Phase-II
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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.
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4. |
Other News items:
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a. |
OVL wins SCOPE award
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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).
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b. |
ONGC bags “ICSI National Award for Excellence in Corporate Governance
for 2011”- Certificate of Recognition :
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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.
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c. |
ONGC bags NIPM National award :
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In the prestigious competition of NIPM National award for Best HR
Practices – 2011, ONGC won Certificate of Merit for achieving success as
a “Finalist”. |
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d. |
ONGC adjudged amongst 20 Top Companies for Leaders 2011-Aon Hewitt
Award
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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.
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e. |
C2-C3 plant Dahej bags Safety Award from NSCI December 29, 2011
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C2-C3 Plant, Dahej won Safety Award in Construction Sector from
National Safety Council of India (NSCI).
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f. |
ONGC bags Safety Innovation Award 2011 for innovative safety measures
December 01, 2011
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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.
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g. |
ONGC wins All India Public Sector Football Tournament
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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.
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