Page 2 - Oil And Natural Gas Corporation

India's natural gas consumption to rise 60% by 2030: Oil regulator PNGRB

India's natural gas consumption is likely to rise by close to 60 per cent by 2030 on the back of rise in usage of the fuel as CNG in automobiles and for cooking and industrial purposes, according to a study by oil regulator PNGRB. Consumption of natural gas, which is used to produce electricity, make fertilizer or turned into CNG for running automobiles and piped to household kitchens for cooking, is expected to rise from 188 million standard cubic metres per day in 2023-24 to 297 mmscmd by 2030 under 'Good-to-Go' scenario which assumes moderate growth and developments based on current trends and commitments, the study by Petroleum and Natural Gas Regulatory Board (PNGRB) said. It is projected to rise to 496 mmscmd by 2040 under the same scenario. Under the 'Good to Best' scenario that considers accelerated progress, favourable policy implementation, and enhanced investments leading to higher-than expected growth, consumption could rise to 365 mmscmd by 2030 and 630 mmscmd by 2040.

India's oil production in dire straits as fuel use continues to be strong

Oil India's output is expected to decline by 21 per cent to 66,000 bpd by 2029-30 from 84,000 bpd next financial year, according to the report

ONGC diversifies to safeguard core business amid looming oil glut

The company's multi-pronged approach involves entering the refining and petrochemical sectors, trading liquefied natural gas and growing its renewable capacity

ONGC's OPaL exits from Dahej SEZ, aims to tap into booming local market

ONGC PetroAdditions Ltd, a subsidiary of the state-owned Oil and Natural Gas Corporation (ONGC), has relinquished its 'only-for-export' unit status as it aims to tap into the booming local petrochemical market to drive a turnaround. In a stock exchange filing, ONGC said OPaL has received the final approval for its exit from the Dahej Special Economic Zone (SEZ). "Accordingly, OPaL shall operate as a Domestic Tariff Area (DTA) unit with effect from March 8, 2025," ONGC said. "Further, this exit from SEZ will improve the competitiveness of OPaL for supplies to be made to the DTA". This essentially means primarily catering to the domestic Indian market instead of focusing on exports, which is the primary purpose of an SEZ unit. It will now not have to pay customs duty on products sold within India, helping improve margins. The move is primarily to gain access to the wider domestic market and potentially benefit from the lower corporate tax regime. ONGC's C2C3 project extracts ethane

ONGC unit acquires PTC Energy for $106 mn to expand its green portfolio

India has committed to setting up 500 GW of non-fossil fuel electricity generation capacity by 2030, but is still falling short of its previously set target to add 175 GW by 2022

ONGC share price falls 3% after weak Q3 results; Profit drops 19% YoY

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)

ONGC adds 65 new ambulances for effective internal operations in Assam

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

BP partnership to boost ONGC revenue by $10.3 billion over 10 years

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

Production ramp-up, higher realisations expected to drive gains for ONGC

Upstream player ONGC has seen strong buying although 3QFY25 is expected to be flat

CLSA's upgrade to 'high conviction outperform' drives ONGC share 5% higher

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.

Coal gasification projects: Govt gives LoAs to 4 entities for incentives

The government on Thursday gave letters of award to four entities, including BCGCL- a joint venture of CIL-BHEL - for availing fiscal incentives totalling Rs 4,150 crore for setting up coal gasification projects. Letters of Award (LoAs) have been given to CIL-BHEL , a consortium of CIL-GAIL , Coal India Ltd and New Era Cleantech Solution Pvt Ltd. "Ministry of Coal has reached a significant milestone in India's Coal Gasification Initiative with the issuance of LoAs to the selected applicants under Categories I and III of the Rs 8,500 crore Coal Gasification Incentive Scheme," the coal ministry said in a statement. BCGCL has been awarded Rs 1,350 crore of financial incentive under the scheme for its coal gasification project in Lakhanpur, Odisha. With a total investment of Rs 11,768 crore, the project aims to produce 0.66 million tonne per annum of ammonium nitrate. The CIL-GAIL joint venture project in Sonepur Bazari, West Bengal, has been awarded Rs 1,350 crore. This project, costi

ONGC awaits mining lease for new oil field discoveries in WB's Ashokenagar

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

ONGC share price up after Q2 profit jumps 17% YoY; Rs 6 dividend announced

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

ONGC looks at mini-LNG plants to evacuate natural gas from isolated fields

State-owned Oil and Natural Gas Corporation (ONGC) is looking to set up mini-LNG plants to evacuate natural gas from wells located in areas that are not connected with pipelines. The firm has identified five sites in Andhra Pradesh, Jharkhand and Gujarat for setting up mini plants at wellhead that will convert the gas pumped out from under the ground into liquefied natural gas (LNG) by supercooling it to minus 160 degrees celsius. This LNG will be loaded on cryogenic trucks and transported to the nearest pipeline where it will be reconverted into its gaseous state and pumped into the network for supply to users like power plants, fertilizer units or city gas retailers. ONGC has floated a tender seeking manufacturers/service providers to tap stranded natural gas, according to the tender. The locations identified for setting up mini-LNG plants in the tender are two sites at Rajahmundry in Andhra Pradesh and one each at Ankleshwar in Gujarat, Bokaro in Jharkhand and Cambay in ...

ONGC gets director to spearhead new energy, petrochem business & strategy

Oil and Natural Gas Corporation (ONGC) has got a new director to spearhead its new energy, petrochemicals and corporate strategy as part of a board revamp aimed at breathing fresh life into the state-controlled behemoth. Arunangshu Sarkar has been appointed as Director for strategy and corporate affairs, ONGC said in a stock exchange filing. Before the elevation, Sarkar, a petroleum engineer from the Indian School of Mines, Dhanbad, was Group General Manager (Production) at ONGC. He had previously worked as General Manager (Strategy & Corporate Planning), ONGC Videsh Ltd - the overseas investment arm of ONGC. Two years back, the board of ONGC was reorganised. Besides creating the new post of Director (Strategy & Corporate Affairs), the post of Director (Production) was created after merging Director (Onshore), who is in charge of all oil and gas fields located on land, and Director (Offshore) who looks after all offshore assets, such as the prime Mumbai High fields. In ...

ONGC Q1 FY25 results: Net profit declines 32.1% to Rs 9,936 crore

While production was marginally down, higher cost of materials, cost write offs swelled expenses

ONGC Q1 FY25 results: Net profit declines 15% to Rs 8,938.10 crore

India's largest crude oil and natural gas producer wrote off Rs 1,669.73 crore cost incurred in unsuccessful survey and drilling of wells to find oil and gas

ONGC to intensify gas production in Tripura to feed power plants: Official

Oil and Natural Gas Corporation (ONGC) has intensified operations to increase gas production in Tripura to feed power generation plants in the northeastern state, an official said on Monday. The decision comes amid reports of a reduction in gas supply to various gas-based power generation plants in the state. ONGC produced 1,527 million standard cubic metres (MMSCM) of gas in Tripura in the 2023-24 fiscal, while it has set a target of extracting 1,675 MMSCM gas in the current fiscal. "ONGC has been working to increase gas production so that sufficient gas is supplied to the gas-based power plants in Tripura. We have already set a target of extracting 1,675 MMSCM of gas during the current fiscal year (2024-25) while the production was 1,527 MMSCM in 2023-24," ONGC's Tripura Asset Manager Krishna Kumar told PTI. He said that ONGC will dig as many as 20 new wells for gas exploration in the financial year 2024-25 and one more rig will be added shortly to boost the exploration drive. At

ONGC acquires Equior stake in Azerbaijan oilfields for $60 million

ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), has acquired Norwegian firm Equinor's stake in an Azerbaijan oilfield and an associated pipeline for USD 60 million, the firm said in a statement. OVL "has signed a definitive sale purchase agreement (SPA) for directly acquiring 0.615 per cent participating interest (PI) in offshore Azeri Chirag Gunashli (ACG) oil field in Azerbaijan from Equinor. The agreement also includes acquiring 0.737 per cent shares of the Baku Tbilisi Ceyhan (BTC) pipeline company through its wholly-owned subsidiary ONGC BTC Limited," it added. The acquisitions, expected to be completed in the upcoming months, involve a total investment of up to USD 60 million. OVL currently has a 2.31 per cent stake in the ACG field and 2.36 per cent in the BTC pipeline. The buyout of Equinor will help raise its stake. Equinor, in December last year, announced an agreement to sell all its remaining assets in Azerbaijan to SO

ONGC Q4 results: Net profit rises 78% to Rs 11,526 cr, dividend announced

ONGC's board has recommended final dividend at the rate of Rs 2.50 per equity share of face value