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Gas from ONGC's C-Series Likely in 2014

  • ONGC has advanced the development of its C-Series gas fields in the West Coast, which will help it raise gas output.The advancement will help realise production from the fields starting pre-monsoon 2014 instead of 2018 planned earlier, the company said in a statement. The cumulative gas production from the project will be 16.67 billion cubic metres and condensate production will be 2.81 mcm by the financial year ending March 2025.

  • The Board also approved early monetisation of C-26 cluster (consisting of C-23, C-26 and B-12-1) fields of phase III of approved development projects scheme of C-series. This envisages estimated capital cost of Rs 2,592 crore.The company also said it has discovered gas in block DamohJaberaKatni in Madhya Pradesh and in Kutch offshore block in Gujarat.

INTERIM PAYOUT

  • The ONGC Board on Friday approved the second interim dividend of Rs1.5 per equity share of 5 for 2011-12. The total payout on this account will be Rs 1,283.32 crore, out of which the Government will receive Rs 888.38 crore.

  • The record date for the same has already been fixed for March 20 and payment of the interim dividend to the shareholders will start from the following day.This is the second interim dividend announcement. Total payout on account of both interim dividend stands at Rs 6,630.52 crore plus the dividend tax of Rs 1,075.52 crore.

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