New Delhi, May 20 -- The board of directors of state-owned Oil and Natural Gas Corporation (ONGC) in its 380th Meeting held on Monday, approved the annual results for FY24.

Oil and Natural Gas Corporation (ONGC) posted an increase of around 77.9 per cent in consolidated net profit at Rs 11,527 crore in the fourth quarter of the financial year 2023-24, compared to Rs 6,478 crore in the same period last year.

The company reported 67.7 per cent increase in consolidated net profit to Rs 57,101 crore in FY2023-24, compared to Rs 34,046 crore in FY23.

The oil and gas exploration major reported marginal increase in revenue from operations for the fourth quarter of the fiscal 2024, amounting to Rs 1,66,771 crore, compared to Rs 1,64,067 crore recorded in the same period of the previous year.

The total dividend for FY24 would be 245 per cent (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 per cent (Rs 9.75 per share) already paid during the year and final dividend of 50 per cent (Rs 2.50 per share) recommended by the Board.

ONGC's EBITDA for Q4 rose to Rs 25,772 crore from Rs 15,752 crore during the corresponding period last year.

Crude oil price realization from ONGC's nominated fields was $80.81 per barrel for Q4 compared to $77.12 per barrel for the same period last year.

In the fourth quarter, the company's total crude oil production increased 2.4 percent from last year at 5.359 million metric tonnes (MMT). Meanwhile, ONGC rported total oil production of 21.139 MMT in FY24, compared to 21.485 MMT in previous fiscal.

During FY24, ONGC declared 11 discoveries (6 in onland, 5 in offshore) in its operated acreages. Out of these, 6 are prospects (1 in onland, 5 in offshore) and 5 are new pool (onland) discoveries.

ONGC drilled 541 wells, the highest recorded in the past 34 years, comprising 103 exploratory and 438 development wells. ONGC invested around Rs 37,000 crore in capital expenditure in FY24, compared to Rs 30,208 crore spent in the previous year. The company 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.

Published by HT Digital Content Services with permission from Millennium Post.