State-run Oil and Natural Gas Corporation (ONGC) has declared an interim dividend of Rs 18 per share for the financial year 2009-10, as the company has found gas in the well GK-28-1 that is drilled in the Kutch offshore block-1 in western offshore.

The company has informed that the well GK 28-1 is drilled to a depth of 1,550 meters and has produced 1.2 lakh meters of the gas during its test, while well Kammapalem-1 in KG on-land block produced gas at the rate of 1.01 lakh cubic meters per day and 2.4 cubic meters a day, respectively.

ONGC had paid a dividend of 320 percent that is Rs 32 per share to the shareholders in the 2008-09 fiscal.

At the Moment, ONGC chairman, Mr. R S Sharma has informed that keeping in view the financial performance of the company in the backdrop of changing international oil prices and looking at future investment plans of investment, the board has decently decided to pay 180 per cent interim dividend.

He has expected that the shareholders will certainly welcome the decision.

The company informed that it has also signed a memorandum of cooperation (MoC) with National Cultural Fund, which is a trust under Ministry of Culture, with a view to take up various projects for conservation and restoration of art, culture and heritage sites.

In a statement Mr. Sharma said, “ONGC will fund and collaborate with Archaeological Survey of India (ASI) for the conservation and development of Ranghar Ruins, Karenghar, Garhgaon and group of maidams at Charaideo in Sibsagar, Assam in the first instance."