The Oil and Natural Gas Corporation (ONGC) has recorded a 32 per cent growth in net profit for the year ended March 31, 1998. The net profit went up to Rs 2,678 crore compared with the previous year's figure of Rs 2,037 crore.
The gross profit for 1997-98 stood at Rs 3,312 crore against Rs 2,533 crore in the previous year before providing Rs 634 crore for taxation. The company's turnover rose 15 per cent to Rs 15,224 crore from Rs 13,235 crore in 1996-97.
According to a press release issued here yesterday, the board of directors has recommended a dividend of 25 per cent for 1997-98. In the previous year, the payout was 20 per cent.
During the year, oil production was 28.25 million tonnes (excluding production from joint venture fields)_ 0.5 million tonnes more than the target of 27.73 million tonnes. ONGC supplied 18.62 billion cubic metres (excluding supply from JV fields) of gas against a target of 17.76 billion cubic metres.
A record level of LPG production was achieved with 1.14 million tonnes produced against a target of 1.04 million tonnes. The total production of value-added products, including LPG, C2-C3 and NGL, was of the order of 3.49 million tonnes against a target of 2.96 million tonnes.
As part of its growth strategy, ONGC is focusing on India's frontier basins and deepwater areas with commensurate technology upgradation. Additionally, in view of the increasing demand for gas, the corporation is pursuing new ventures for non-conventional gas resources like coal bed methane (CBM). ONGC struck CBM in Parbatpur in Bihar in its maiden indigenous effort.
During 1997-98, a new gas bearing structure B-121/119 was put on production in Bombay offshore and ONGC is currently producing through four wells. Two new well platforms in Heers field in Bombay offshore, forming part of Heera Phase -III project, also commenced production during the year and it currently contributes about 8000-10,000 barrels of oil per day.
