ONGC to build new gas well at Ranaghat

ONGC has entered the current fiscal year on a positive note with new gas finds at Ranaghat-2 Well, located in the Bengal inland basin.

ONGC to build new gas well at Ranaghat

State-owned Oil and Natural Gas Corporation (ONGC) announced fresh gas discoveries and record annual profit in 2023-24 even as production volumes dipped slightly.

ONGC has entered the current fiscal year on a positive note with new gas finds at Ranaghat-2 Well, located in the Bengal inland basin.

This Ranaghat well encountered gas and condensate in Mio-Pliocene sands during testing. The discovery opens doors for further exploration in the northeastern NELP block. The Mumbai offshore well also encountered gas during testing.

 

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These discoveries demonstrated the oil refinery backup in the previous financial year, where it declared 11 hydrocarbon discoveries six on land and five offshore within their operated acreages.

The Oil PSU has maintained profitability despite a slight decline in revenue to Rs1.38 lakh crore compared with Rs1.55 lakh crore in 2022-23.  The firm reported a record net profit of Rs 40,526 crore, surpassing the previous year’s Rs 40,097 crore.

A total dividend of 245 percent (Rs 12.25 per share) was declared, amounting to a payout of Rs 15,411 crore, the PSU said in a release.

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