Amid falling crude prices, State-owned Oil and Natural Gas Corp. (ONGC) has declared a 100% interim dividend.
The company also said it had sufficient funds to continue operations.
“The ONGC board approved the payment of an interim dividend of ₹5 per share (i.e. 100% of face value of ₹5 per share) to the shareholders,” said the ONGC in a statement.
ONGC is investing USD 5.07 billion in developing the oil and gas discoveries in the blockNew Delhi: State-owned Oil and Natural Gas Corp (ONGC) has begun gas production from its most promising block in the Krishna Godavari basin in the Bay of Bengal and is planning a ramp up production in coming weeks, officials said. ONGC's KG-DWN-98/2 or KG-D5 block, which sits next to Reliance Industries' flagging KG-D6 area, holds key to the company's output profile that is constrained by aging fields.