New Delhi: 20 May 2024 Oil and Natural Gas Corporation (ONGC) reported unprecedented financial achievements for FY’24, with a standalone net profit reaching Rs 40,526 crore and a consolidated net profit of Rs 57,101 crore. The company declared a historic total dividend of Rs 15,411 crore. Crude production increased by 2.4% in Q4 FY’24.
*Key Figures:*
– Standalone net profit: Rs 40,526 crore
– Consolidated net profit: Rs 57,101 crore
– Total dividend: Rs 15,411 crore
ONGC’s Board of Directors sanctioned these results at their 380th meeting on 20 May 2024. Additionally, 11 discoveries were made, and 7 were monetized during the year.
*Performance Highlights:*
– Q4 FY’24 crude oil output: 5.359 MMT, up 2.4% QoQ
– Standalone gross revenue: Rs 1,38,402 crore (down 11%)
– Consolidated gross revenue: Rs 6,43,037 crore (down 6.1%)
*Exploration Success:*
ONGC reported significant discoveries in various basins, including the East Lakhibari-6 in the A&AA Basin and West Amod-1 in the Cambay Basin, marking new hydrocarbon potentials.
*Investments and Operations:*
The company invested approximately Rs 37,000 crore in capital expenditure, the highest ever excluding acquisitions, and drilled 541 wells, the most in 34 years.
ONGC Videsh Ltd, the company’s international arm, registered a production of 10.518 MMTOE, a 3.4% increase, with notable contributions from assets in Colombia, South Sudan, and Venezuela.
Other Highlights
- The Hon’ble Prime Minister of India dedicates ONGC Sea Survival Centre to the nation during India Energy Week (IEW) 2024: The Centre located at the ONGC Advanced Training Institute in Goa, has emerged as a pioneering institution aimed at advancing the nation’s sea survival training ecosystem to global standards.
- ONGC in Joint Venture Agreement (JVA) with NTPC Green: During IEW 2024, ONGC and NTPC Green Energy Ltd (NGEL) signed a JVA to develop renewable energy projects focusing on offshore wind.
- ONGC signs Cooperation Agreement to detect and measure methane emissions:During India Energy Week 2024, ONGC entered into an Agreement with TotalEnergies to carry out methane emissions detection and measurement campaigns.
- First Crude Oil tanker despatched from Krishna Godavari deepwater block:Hon’ble Prime Minister remotely flagged off the ‘First Crude Oil’ tanker ‘Swarna Sindhu’ from Krishna Godavari deepwater block on 2nd March 2024.
- Fast Crew Boat (FCB) Sea Stallion-I was flagged off from the Domestic Cruise Terminal of Mumbai Port on 14th April, 2024. With a cruising speed of 26 knots, this initiative would assist in further improving the HSE performance of the company and ensure safe travel of employees. The second Fast Crew Boat Sadhav Anusha began its services on 10th May, 2024 from the Domestic Cruise Terminal of Mumbai Port.
- ONGC celebrated 50 years of successful completion of Mumbai High Field on 18 February 2024. Mumbai High Field, located in the Arabian Sea, has been a cornerstone of India’s Oil Production, contributing significantly to the nation’s energy needs.
- Institute of Drilling Technology (IDT) has clinched the prestigious “Business World Recycling for Greener Tomorrow Awards 2024” in the Team of the Year category for IDT’s outstanding contributions to the recycling and waste management domain on 30th Jan 2024.
- On 22nd April 2024, ONGC conferred with Governance Now 10th PSU Award in nation-building & Communication Outreach categories.