Page 2 - Oil And Natural Gas Corporation

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

ONGC seeks premium over govt price for coal seam gas in Jharkhand

State-owned Oil and Natural Gas Corporation (ONGC) is seeking a premium over the government gas price for the gas it plans to produce from coal seams in Jharkhand. ONGC has sought bids from users for sale of 0.05 million standard cubic metres per day of gas from the North Karanpura coal-bed methane (CBM) block for three years. Users have been asked to quote a premium they are willing to pay over and above the monthly domestic natural gas price that the Oil Ministry's Petroleum Planning and Analysis Cell (PPAC) notifies, the tender document showed. PPAC every month declares a price for the majority of domestically produced natural gas. This price is 10 per cent of the monthly average of the basket of crude oil that India imports. For the month of January, this price comes to USD 7.82 per million British thermal unit. This price in the ONGc tender has been marked as reserve gas price. While the government sets price for two-thirds of the gas produced in the country, CBM gas enjoys .

ONGC seeks partners to cut gas flaring, zero methane emission by 2030

India's top oil and gas producer ONGC is seeking global technology partners to cut gas flaring and achieve zero methane emission by 2030 as part of its ambitious decarbonisation plan, its chairman Arun Kumar Singh said on Monday. Oil and Natural Gas Corporation (ONGC) has substantially cut gas flaring -- burning of methane gas that is produced when oil is extracted from below surface -- and would look to bring it down to nil as part of its environmental commitments. In a post on LinkedIn, Singh said India's role in the global energy landscape is progressively becoming pivotal, and is likely to account for 25 per cent of global energy demand growth over the next two decades. According to the International Energy Agency, India's share in global primary energy consumption is expected to rise to 9.8 per cent by 2050. "India's share in cumulative global green-house-gas (GHG) emissions has been only 4 per cent, and current emission is 7 per cent, despite its population share of 16-17 per

Energy surge: Oil and gas sector set for good growth in FY24, FY25

Natural gas consumption to rise 10-15% this financial year, driven by CGD

ONGC Videsh to raise upto Rs 5,000 cr via debentures to fund capex, assets

The operational linkages are driven by companies operating in the same segment, with OVL being essential to ONGC for providing ownership in international oil and gas-producing assets

Failure to meet household gas demand will have consequences, says regulator

In many cases, connections have been provided, but the gas flow has not been initiated, the Chairman of Petroleum and Natural Gas Regulatory Board said

India's top oil companies slide on net-zero goals to slash emissions

They have ambitious targets, but are still to outline how they'll get there or their funding plans

ONGC posts Rs 248-crore loss in Q4 on tax provisions; profit down 3.7%

India's top oil and gas producer ONGC posted a surprise loss in the March quarter after it made over Rs 12,100 crore provision for a contested tax liability. Oil and Natural Gas Corporation (ONGC) reported a net loss of Rs 247.70 crore in the January-March quarter as compared to a net profit of Rs 8,859.54 crore a year back, according to a company statement. Service tax department at various work centres had raised a demand for payment of service tax on the royalty the company paid to the state and central government on crude oil and natural gas it produces from below ground. The company challenged the demands in courts. While the matter is pending in courts, "as an abundant caution, the company has deposited the disputed service tax and GST on royalty along with interest under-protest amounting to Rs 11,558 crore up to March 31, 2023," the notes to the accounts said, adding Rs 1,862 crore towards penalty and other differences in the tax demands has also been disclosed as contingent

Oil and Natural Gas Co to bet on deepwater oil as India seeks to cut import

India, with a fast-growing appetite for crude, is eager to reduce its fuel import bill and bolster energy security, and has encouraged companies like state-controlled ONGC to do more

ONGC stepping up $7 billion drive to boost output in next 3-4 years

State-owned Oil and Natural Gas Corporation (ONGC) is stepping up a USD 7 billion investment over the next three-four years to reverse years of decline in oil and gas production, company's director for production Pankaj Kumar said. Up to 24 field development, enhanced oil recovery (EOR) and improved oil recovery (IOR) projects are currently in progress that will further help reverse the declining trend in oil and gas production. "Most of our fields are old where natural decline has set in. But we are heavily investing in technology to raise recovery as well as tap isolated reservoirs," he told PTI. ONGC is investing USD 5 billion-plus in development of the Cluster-II region of its flagship KG-DWN-98/2 asset in the Krishna Godavari basin offshore India's eastern coast. It also has multiple field developments in the west coast region, including a planned fifth phase of redevelopment of Mumbai High along with the development of neighbouring fields like Daman, he said, adding these ...