State-owned Oil and Natural Gas Corporation on Monday said it has signed a pact with global oil major BP to explore collaboration in exploration and production, trading and other energy vectors, in India and internationally. The MoU comes within a month of ONGC selecting BP as a technical service provider for raising output from its flagship Mumbai High oil and gas field. "ONGC and BP have agreed to explore opportunities for collaboration and partnership across the energy industry in India and internationally, focused on oil and gas exploration and production, as well as trading and extending to other energy vectors," the firm said in a statement. The two companies signed a memorandum of understanding (MoU), on the eve of India Energy Week, the premier energy event in India. The signing ceremony was attended by ONGC Chairman and CEO Arun Kumar Singh and BP Executive Vice President, William Lin, along with senior leadership from both organisations. "Under the terms of the MoU, BP w
US giant Marathon Oil pledging investments and technology to raise output from Mumbai High oil and gas fields, companies such as Occidental Petroleum seeking a stake and at least two privatisation bids have seen final culmination in global energy giant BP signing up to lift output from India's prime field lying off the Mumbai coast. State-owned Oil and Natural Gas Corporation (ONGC) last month signed a technical service contract with BP to reverse declining output from the ageing field, according to statements by the two firms. BP has pledged to lift oil production by 44 per cent and gas output by 89 per cent from India's largest field in exchange for a fixed fee. The BP deal is exactly on lines of the one ONGC had in 1998-99 signed with Marathon Oil Corporation, according to company insiders and industry sources. Just like BP, Marathon wasn't getting any stake in the field but only a pre-agreed share in the incremental oil and gas production over a defined baseline. But unlike BP,
The drop in ONGC share price came after the company reported a weak set of results in the December quarter of financial year 2025 (Q3FY25)
However, the Q2 profits were recorded even as the company saw gross revenue decline marginally by 0.7 per cent to Rs 1.66 trillion, down from Rs 1.67 trillion registered in Q3 FY24
Q3 FY25 company results, January 31: Vedanta, Nuvama, Punjab National Bank, IndusInd Bank, and Bandhan Bank will be among 135 companies to release their reports for the Oct-Dec quarter
The tax demand includes a penalty amount of Rs 2.54 crore, the company said
In a step towards enhancing safety and emergency response, energy major Oil and Natural Gas Corporation (ONGC) has ramped up its fleet of ambulances in Assam by adding 65 new vehicles, an official said on Friday. The new ambulances, which were leased from the Assam State Transport Corporation (ASTC) for a period of five years, were added to ONGC's fleet in Sivasagar, he said. Out of the total ambulances, 63 are equipped with essential features, like foldable seats, swiveling fans, autoloader stretchers and provisions for 2.2 L oxygen cylinders. "These ambulances will be strategically deployed across ONGC Assam Asset's operational sites, including drill locations, workover rigs and production installations," the official said. Besides, two advanced life support (ALS) ambulances fitted with critical life-saving equipment such as ventilators, defibrillators, suction pumps and oxygen delivery systems have also been hired, he said. The company has decided to deploy these two ALS ambula
ONGC said TSP will receive a fixed fee for the first two years, followed by a service fee based on a percentage share of the revenue from net incremental hydrocarbon production
Nifty today: Ajit Mishra of Religare Broking recommends maintaining a "sell on rise" strategy for the Nifty index while prioritising prudent stock selection
Upstream player ONGC has seen strong buying although 3QFY25 is expected to be flat
The field reached a peak production level of 471,000 barrels per day of oil in March 1985, and its output had declined to about 134,000 bpd in April 2024, according to the tender document floated
The uptick in ONGC share price came after Hong Kong-based capital market firm CLSA upgraded ONGC to 'high-conviction outperform.' CLSA has set a price target of Rs 360 per share.
ONGC share price: Brent crude futures were trading above $76 per barrel-mark, while WTI Crude was around $73.4 per barrel. Both of them were higher by up to 0.36 per cent today
Pawan Hans will deploy made-in-India Dhruv NG helicopters, manufactured by Hindustan Aeronautics Ltd (HAL), to the Oil and Natural Gas Corporation
State-owned Oil and Natural Gas Corporation (ONGC) has made four more discoveries since it first made an oil field near Asokenagar in West Bengal six years back but is still awaiting the state government's nod for a petroleum mining lease to develop them, Oil Minister Hardeep Singh Puri said on Thursday. ONGC notified the first Asokenagar discovery in Block WB-ONN-2005/4 on September 24, 2018, Puri said in a written reply to a question in Lok Sabha. The discovery, he said was the outcome of continuous exploration efforts of ONGC in the Bengal sedimentary basin over five decades. As per initial laboratory studies, crude oil, which is refined into fuels like petrol and diesel, discovered in the Ashokenagar discovery is a light variety with American Petroleum Institute (API) gravity of 40-41 degrees and is almost similar to Bombay High and Brent Crude. "ONGC, accordingly, applied on September 10, 2020, to the Government of West Bengal for a grant of Petroleum Mining Lease (PML) for an
At 10:20 AM, the BSE PSU index, the top gainer among sectoral indices, was up 3.5 per cent at 19,856, as compared to the 1.5 per cent rise in the BSE Sensex
As many as 27 out of the Nifty 50 stocks are trading below their respective long-term moving average; analysts see this as an overall weak trend in the market.
Ayana Renewable Power, owned by NIIF, British International Investment Fund and Green Growth Equity Fund, operates solar and wind plants that produce 1,600 megawatts in India and has another 2,500
Of the six announced discoveries so far in FY25, one has been monetised so far
The Board of Directors of ONGC has declared the first interim dividend of Rs 6 per equity share of face value of Rs 5 each for FY25