State-owned Oil and Natural Gas Corporation (ONGC) will take up additional development of its Vasai East Field in Arabian Sea at a total estimated capital cost of Rs 2476.82 crore. The project, scheduled to be completed by December 2018, will result in incremental Oil production of 1.83 Million Metric Tonnes (MMT) and incremental Gas production of 1.971 Billion Cubic Metres (BCM) by 2030.The company has received its board approval on March 24, 2014. This project will improve the Recovery factor of Vasai East field with infill wells towards north & south side of the field with two well platforms VSEB and VSEC and utilizing existing surface facilities at process platform of BPA and BCPA-2 with minor modifications.
Meanwhile, the ONGC Board, in the same meeting also approved a second interim dividend of Rs 4.25 per equity share, i.e. 85% on the equity share of Rs 5 each for the financial year 2013-14. This is in addition to an interim dividend of hundred percent (i.e. Rs. 5 per equity share of Rs 5 each) on 8,555,490,120 shares declared and paid in December, 2013. The total payout on account of this 2nd Interim Dividend would be Rs 3636.08 crore.
ONGC is currently trading at Rs. 325.10, up by 5.00 points or 1.56% from its previous closing of Rs. 320.10 on the BSE.
No comments:
Post a Comment