Page 6 - Oil India

Oil India surges 19%; ONGC hits nearly 6-year high on heavy volumes

ONGC surged 6 per cent to Rs 212, its highest level since January 2018. Oil India, meanwhile, hit a new high of Rs 406 and has zoomed 26 per cent in the past two days

RITES enters into pact with Oil India to develop Duliajan Township in Assam

Transport infrastructure consultancy and engineering firm RITES Ltd has signed a pact with Oil India Ltd to develop Duliajan Township in Assam as a mini smart city, according to an exchange filing. As part of the Memorandum of Understanding (MoU), RITES will undertake an extensive study, review the existing system and prepare a suitable, feasible design to develop the township which is managed and operated by Oil India. The collaboration which aims at reviving the township, involves infrastructure works such as review of existing drainage system and design, detailed project report (DPR) for integration of solid waste management system, review of road and traffic network and plan for parking facilities, the company said. RITES will offer its expertise in buildings, horticulture and beautification works. RITES Ltd shares dropped by 1.7 per cent to close at Rs 474 on BSE.

Oil India's Q2 profit drops 80% to Rs 2,363 cr by litigation charge

Oil India took on charges related to an ongoing litigation over a service tax demand raised in the states of Assam, Arunachal Pradesh and Rajasthan

Oil India hits new high after a 9-year hiatus; rallies 63% so far in 2023

In the last one year, the stock has outperformed the market by zooming 80 per cent, as compared to the 12.3 per cent rise in the S&P BSE Sensex.

Oil India surges 5%, hits 52-week high on rising oil prices, strong outlook

The company's prospects remain strong over FY24E / FY25E driven by steady increase in oil & gas output, and greater monetisation opportunities in gas via the imminent NE grid commissioning

Oil India share jumps 6%, rebounds to 1-year high after 3 weeks: Read why

With crude crossing $94 per barrel, upstream companies like OIL will benefit from higher net crude realisations; company also exploring ways to repatriate its dividends worth $150 million from Russia

Oil India Ltd to invest Rs 25,000 crore in renewable energy by 2040

The company will invest in green hydrogen, solar, geothermal energy, 2G ethanol plant, compressed biogas plants, and carbon capture utilisation and storage (CCUS)

Oil India targets 3.8 mn tonnes of oil production in FY24: CMD Ranjit Rath

Company will drill 60-plus wells in FY24 in Assam and Arunachal Pradesh, up from 45 in FY23

Oil India to invest Rs 25,000 crore in clean energy for net zero by 2040

State-owned Oil India Ltd plans to invest Rs 25,000 crore in clean energy projects that will help it achieve a net zero carbon emission goal by 2040, its chairman Ranjit Rath said on Thursday. OIL's net zero plan includes a combination of cutting down the flaring of gas and commercialisation of stranded gas as well as setting up renewable electricity generation capacity, building green hydrogen plants and constructing biogas and ethanol plants. The company plans to lay an 80-kilometer pipeline to bring natural gas from fields in Arunachal Pradesh to Assam to help replace polluting liquid fuels in transport as well as industries, he told a news conference. It is also looking to convert some of the pipelines originally built to transport crude oil, to help flow gas, he said. "Our Rs 25,000 crore commitment is for for array of activities including green hydrogen, compressed biogas plants, renewable portfolio. geothermal energy, zero flaring initiative, CCUS projects, and 2G ethanol ..

Oil India plans to invest $2 billion in projects, aims net zero by 2040

State-run energy companies - Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, GAIL (India) Ltd, Oil and Natural Gas Corp have already announced their net zero goal

NTPC, Oil India ink pact to explore collaborations in renewable energy

State-owned entities NTPC and Oil India have entered into an agreement to explore collaborations in the areas of renewable energy, production of green hydrogen and its derivatives. The collaboration is also to pursue geothermal and other decarbonisation initiatives, NTPC said in a statement. The memorandum of understanding (MoU) was signed in the presence of NTPC CMD Gurdeep Singh and Oil India CMD Ranjit Rath on Thursday. "The MoU is for exploring collaboration in the areas of renewable energy, green hydrogen and its derivatives, geothermal and other decarbonisation initiatives. Further, it shall also facilitate knowledge and experience sharing on the upcoming decarbonisation technologies like carbon sequestration," it said. NTPC is aiming to achieve 60 GW of renewable energy installed capacity by 2032 and become a major player in the green hydrogen technology and energy storage domain.

ONGC, Oil India rally up to 6% after government hikes natural gas price

The government on Thursday hiked the price of domestic natural gas to $8.6 per metric million British thermal units (MMBtu)

Oil India Q1 results: Profit rises 3.7% as petroleum product revenue slides

Lower expenses helped oil explorer register profit in Q1 FY24

Oil India's Q1 profit rises marginally as lower costs outweigh rev drop

Oil India's profit fell nearly 10% from last quarter after the government slashed gas prices in April

FinMin approves Maharatna status for Oil India, ONGC Videsh gets Navratna

The Finance Ministry has approved the upgradation of Oil India Ltd to the category of 'Maharatna', a move which will impart enhanced powers to the OIL board while taking financial decisions. Post the upgrade, the state-run oil major has become India's 13th Maharatna Central Public Sector Enterprises (CPSE). "Finance Minister approved upgradation of Oil India Ltd (OIL) to Maharatna CPSE. OIL will be the 13th Maharatna amongst the CPSEs. OIL is a M/o Petroleum & Natural Gas CPSE with annual turnover of Rs 41,039 crore and net profit of Rs 9,854 crore for the Year 2022-23," the Department of Public Enterprises said in a post on Twitter, now branded as X. In another post, the Department of Public Enterprises shared: "Finance Minister has approved the upgradation of ONGC Videsh Ltd (OVL) to Navratna CPSE. OVL will be 14th Navratna amongst the CPSEs. It is a M/o Petroleum & Natural Gas CPSE with annual turnover of Rs 11,676 crore and net profit of Rs 1,700 crore for the Year ...

'Some talks going on', says Oil India CMD on Kenya oilfield acquisition

The state-owned oil company also witnessed double-digit growth in revenue driven by the natural gas business

Indian oil firms in talks to buy stake in Tullow's Kenya block: Oil India

Oil India, along with ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corp, are talking to Tullow, Rath said, without elaborating on the size of a possible stake

Stocks to Watch today, May 25: Nykaa, LIC, Adani Group, Hindalco, Nalco

Stocks to watch on May 25, 2023: AIA Engineering, eClerx, GSFC, Voda Idea, IEX, IFCI, Page Inds, SAIL, Strides Pharma, and Zee among prominent companies scheduled to announce Q4 results on Thursday.

Oil India Q4 net up 9.7% to Rs 1,789 cr; sees double-digit revenue growth

Sequentially, the company's quarterly net profit rose 2.4%. In the previous quarter, profit after tax had stood at Rs 1,746.10 crore

ONGC, Oil India in talks for 50% stake in $3.4 billion Kenya oilfield

India's flagship overseas oil firm ONGC Videsh has got a new partner in Oil India Ltd to replace a reluctant IndianOil (IOC) for the potential acquisition of a 50 per cent stake in Tullow Oil Plc's USD 3.4 billion oilfield project in Kenya, according to people with knowledge of the matter. But the OVL-OIL duo now faces competition from super-aggressive Chinese energy giant Sinopec which has entered the fray taking advantage of the delay on the Indian part in finalising the deal. Originally, ONGC Videsh, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), was interested in buying out half of the stakes that Tullow, Africa Oil Corp and TotalEnergies SE held in the Lokichar oilfield in Kenya. The board of OVL had approved the deal, sources said adding the firm however wanted to bring on board IOC, which too had shown interest in the project. For months, OVL-IOC negotiated the stake in the project. But the transaction couldn't be completed as IOC started having seco