ONGC Board of Directors in its 380^th Meeting held on 20^th May, 2024, approved the annual results for FY’24.

 1. Financial Performance (Standalone)

*Restated 

2. Financial Performance (Consolidated)

*Restated 

3. Dividend pay out

The total dividend for FY’24 would be 245% (Rs 12.25 per share of face value Rs 5 each) with a total payout of Rs 15,411 crore. This includes interim dividend of 195% (Rs 9.75 per share) already paid during the year and final dividend of 50% (Rs 2.50 per share) recommended by the Board. 

4. Production Performance

Crude Oil production in Q4 FY’24 saw an increase of 2.4% over Q4 FY’23 whereas gas production decreased by 3%. 

 5. Exploration Performance

(a) ONGC has declared 11 discoveries (6 in onland, 5 in offshore) during FY 2023-24 in its operated acreages. Out of these, 6 are prospects (1 in onland, 5 in offshore) and 5 are new pool (onland) discoveries.

(b) 7 hydrocarbon discoveries have been monetized during the FY 2023-24 including the 3 discoveries notified during the fiscal of 2023-24.

(c) The details of latest discovery notified since the last press release in this regard on 10.02.2024 are as under:

(Discoveries notified during Q4 FY 2023-24)

(i)        East Lakhibari-6 (ELDA) in A&AA Basin – The development Well East Lakhibari-6 was drilled down to 2271.86m with a revised target depth to explore the HC prospectivity of Cretaceous sediments. During testing Object-II (2162.5-2165.5m, Cretaceous) flowed oil @ 23.444 m³/day with feeble gas and Object-III (2144-2148m, Cretaceous) flowed oil @ 43.2 m³/day and gas @ 500 m³/day. The Hydrocarbon Strike from the Cretaceous Sequences in well East Lakhibari-6 in Upper Assam Shelf-South is significant milestone as it is first Hydrocarbon Discovery from the Cretaceous sequences in entire Assam Shelf and thereby marking the New Play Opening in the A&AA Basin.

(ii)       West Amod-1 (CBONH212A-A) in Cambay Basin – The exploratory well West Amod-1 (CB-ONO-AD-A) was drilled in OALP block CB-ONHP-2021/2 to explore HC potential of Hazad Sands GS-1(P) and GS-3B (S). During testing, Object-ll (2914.5-2918m, GS-1 Sand) flowed oil @ 9.23 m³/day and gas @ 6533 m³/day. The success in the well, established presence of commercial hydrocarbon in the OALP block and opened up the block area for further exploration and development.

(Discoveries notified during Q1 FY 2024-25)

(i)        Ranaghat (WBON5-4-NA-H) in Bengal Onland  – The exploratory well Ranaghat-2 (WBON5_4-NA-H) was drilled in WB-ONN-2005/4 NELP block to explore HC potential of Mio-Pliocene sands. During testing Object-I (2657-2664 m, Pandua Formation/Miocene) flowed gas @ 147215 m³/day and condensate @ 8.40 m³/day. The success in the well has established hydrocarbon gas in the north eastern part of NELP block and opens up areas for re-evaluation and future exploration.

(ii) Neelmani (MBS191HDA-1) in Mumbai Offshore (SW) – The exploratory well MBS191HDA-1 (MBS191HDA-A) was drilled in OALP block MB-OSHP-2019/1 in Mumbai Offshore (SW) to explore HC potential of Pliocene Pay. During initial testing Object-IB (909-915m in Chinchini Formation) flowed gas @1,70,799 m3/day. Subsequently, Object-IA (925-931m) was added through Metrol crossfire technology. The well flowed gas @ 1,66,571 m3/day.

(d) Reserve Accretion (Estimated Ultimate Recovery:EUR,2P): FY’24

(e) Reserve Replacement Ratio (RRR) of ONGC-Operated Domestic Areas

Reserve Replacement Ratio (2P) from domestic fields (excluding JV share) was 1.15. ONGC has achieved Reserve Replacement Ratio (2P) of more than one for the 18^th consecutive year. 

6. Drilling performance

ONGC drilled 541 wells, the highest recorded in the past 34 years, comprising 103 exploratory and 438 development wells. The year-wise trend for last 5 years is as under:

7. Capex

ONGC invested around Rs. 37,000 crore CAPEX in FY’24, thus achieving highest ever utilization (excluding acquisitions) in a financial year for strengthening the growth prospects of the Company. The year-wise trend for last 5 years is as under:

8. ONGC Group of Companies