ONGC announces 180 percent dividend, two new gas finds

December 18th, 2009 - 10:27 pm ICT by IANS  

New Delhi, Dec 18 (IANS) State-run oil explorer, ONGC India Ltd has announced a interim dividend of 180 percent for the year 2009-10.
For 2008-09, ONGC had paid an aggregate dividend of 320 percent. The interim dividend payout of 180 percent for 2009-10 was approved by the ONGC Board of Directors Friday.

“Considering the financial performance of the company in the backdrop of volatile international oil prices and looking at the future commitments in terms of investment, the board has taken a very balanced decision of paying 180 percent interim dividend,” ONGC chairman and managing director R.S. Sharma said, according to a company press release.

At the board meeting, ONGC also announced two new discoveries of ol fields, one in Western Offshore Basin and the other in Krishna-Godavari basin.

The discovery in Kutch offshore block in Western Offshore basin is the first ever gas find in the reservoirs of Miocene age in that region, said the release.

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