Ongc Oil India

Upstream stocks: Oil India, ONGC surge 3% as Brent holds above $100-mark

ICICI Securities sees the momentum of Oil India's share price sustaining as the delivery of expansion plans in both upstream and downstream segments comes to fruition over FY27-29E.

ONGC explores drillship buy for deepwater capacity under Samudra Manthan

State-owned Oil and Natural Gas Corporation (ONGC) is exploring the acquisition of deepwater drillships or formation of a joint venture to secure dedicated drilling capacity as it steps up efforts to accelerate offshore exploration to find oil and gas reserves under its Mission Samudra Manthan programme. ONGC has issued an Expression of Interest (EOI) to engage a specialist global offshore rig-broking consultant to identify potential drillship owners or counterparties, assess assets and valuations, and support the state explorer in negotiating a possible ownership or joint venture arrangement. The initiative is aimed at creating dedicated, priority-access deepwater drillship capacity, according to the EOI issued by ONGC. "ONGC is undertaking a structured capacity-creation programme to secure dedicated, priority-access deepwater drillship capacity in support of Mission Samudra Manthan. In view of the same, ONGC is exploring possibilities of ownership or JV model for Drillship ...

Oil India tanks 11% on heavy volumes; stock hits 4-month low

The average trading volumes at the Oil India counter jumped over five-fold, with a combined 13.46 million equity shares changing hands on the NSE and BSE in Wednesday's intra-day trade.

ONGC, Oil India rally up to 7%; what's driving state-owned upstream stocks?

With oil at $80/bbl, analysts at CLSA project an over 50 per cent total return on ONGC as it is pricing in $65/bbl Brent; sets target price for the oil explorer at ₹405 per share.

BSE Oil & Gas index hits 52-wk high; what's driving ONGC, OIL India stocks?

In the past one month, the BSE Oil & Gas index has outperformed the market by gaining 2.2 per cent, as against 2.2 per cent decline in the BSE Sensex.

ONGC, Oil India rally up to 4%, trade higher for 4th day in row; here's why

Share price of Oil India hit an eight-month high of ₹467.30, gaining 4 per cent on the BSE in Wednesday's intra-day deals.

ONGC plans 15% cost reduction to prepare for $60 per barrel crude price

Of the Rs 9,000 crore savings forecast, ONGC expects savings of Rs 4,300 crore by March 2026 as it implements 20 initiatives to boost cost efficiency

Attractive valuations largely limit downside risks for upstream players

Despite weak crude prices and policy risks, ONGC and Oil India trade at steep discounts to global peers, with growth projects and NWG premiumisation offering upside potential

ONGC plans new 200,000-240,000 BPD refinery in Gujarat's Jamnagar

India, the world's third-biggest oil importer and consumer, wants to position itself as a global refining hub and is expanding 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

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

Oil India rallies 7%, hits record high post Q1 results; ONGC surges 4%

Analysts at JM Financial Institutional Securities have maintained their 'Buy' rating on Oil India with a revised target price of Rs 700 per share as risk-reward is still reasonable

ONGC surges 5%, hits new high; Oil India soars 8% in weak market; know why

ONGC inform that the company has plans to open another well and flow gas to onshore terminal next month through the newly laid subsea gas pipeline

After 7 yrs & $1.2 bn investment, ONGC offers stake in Deen Dayal gas field

After spending close to USD 1.2 billion and seven years of little success, state-owned Oil and Natural Gas Corporation (ONGC) is seeking partners to rescue the Deen Dayal gas field in the KG basin in Bay of Bengal. ONGC on June 12 sought expression of interest from "global oil and gas companies with requisite technical expertise and financial strength to join as partner (with participative interest) for firming up a viable strategy" for the field, according to the tender document. The field has produced negligible quantities of gas since ONGC in January 2017 acquired Gujarat State Petroleum Corporation's (GSPC) 80 per cent interest in the KG-OSN-2001/3 block off the east coast of India. The block contains the Deen Dayal West (DDW) gas/condensate field which was discovered by GSPC almost two decades back. The Gujarat government company had showcased the field as a promising prospect when it sold its stake to ONGC in order to cut its debt. The field, which was initially said to hold

ONGC seeks technical help to raise oil, gas output at Mumbai High field

State-owned Oil and Natural Gas Corporation (ONGC) is seeking help from an internationally-proven technical service provider to raise oil and gas production from its flagship but old and maturing Mumbai field in the Arabian Sea. The firm has floated an international tender to identify the service provider who will help raise production from the field, ONGC said in a post on X. "The giant multi-layered Mumbai High field, which commenced production 48 years ago in 1976, is currently in its mature stage of production and ONGC has implemented a number of schemes in this field to improve production," it said. "As a custodian and operator of Mumbai High field, ONGC is keen to collaborate with a global technical service provider. The service provider would be contracted for 10 years, extendable by another five years." Mumbai High field lies 160 kilometres off the coast of Mumbai and produces about 38 per cent of India's oil production. While it hit a peak output of 40,000 barrels per day

ONGC slashes offshore helicopter sorties during monsoon to avoid accidents

India's top oil and gas producer ONGC has slashed helicopter sorties to its installations in the middle of sea on both east and west coast for three months to avoid any repeat of deadly accidents during monsoon that have plagued the firm's otherwise impeccable record, sources said. Oil and Natural Gas Corporation (ONGC) has raised the duration of work-related stay of its employees at offshore platforms that help produce oil and gas from below seabed, from 14 days to 21 days but still short of the international norm of 28 days. This temporary measure is only for three months from June to August and has been effected with a view to cut the number of sorties helicopters would need to undertake to ferry men and material to the installations, two sources with knowledge of the matter said. ONGC did not reply to an email seeking to know why it is following a 21-day cycle when internationally 28-day cycle is followed. Internationally, personnel manning offshore oil and gas installations ar

ONGC in talks to restart Libya operations, expand in Venezuela: Report

ONGC is also in talks to increase production in Venezuela, Rawat told reporters on the sidelines of India Energy Week event in Goa

Energy boost: ONGC, IOC, other oil PSUs to invest Rs 1.2 trn in FY25

ONGC, IOC and other oil PSUs will invest about Rs 1.2 lakh crore in the coming fiscal starting April 1 in oil and gas exploration, refineries, petrochemicals and laying pipelines to meet the needs of the world's fastest-growing energy consuming nation. The investment proposed in 2024-25 is 5 per cent higher than Rs 1.12 lakh crore spent by the state-owned oil firms in the current fiscal year that ends on March 31, according to Budget 2024-25 documents. Oil and Natural Gas Corp (ONGC) has a planned capital spending of Rs 30,800 crore in the next financial year. This expenditure in finding new reserves of oil and gas and bringing to production discoveries it has already made, is slightly higher than Rs 30,500 crore capex in 2023-24 fiscal (April 2023 to March 2024). It is developing discoveries on both east and west coasts of the country. The top oil producer's overseas arm, ONGC Videsh Ltd (OVL) will invest 68 per cent more at Rs 5,580 crore in 2024-25 in oil and gas operations abro

ONGC starts oil production from delayed $5 billion deep-water project

State-controlled Oil and Natural Gas Corporation (ONGC) has started oil production from its much-delayed flagship deep-sea project in Krishna Godavari basin in Bay of Bengal, helping reverse years of decline in output, the company said. ONGC has started producing from the Cluster-2 project in KG-DWN-98/2 block and will slowly ramp up output. Oil Minister Hardeep Singh Puri said "first oil production commences from complex and difficult" block. He did not indicate the current output but said "production is expected to be 45,000 barrels per day and over 10 million standard cubic metres per day of gas". Cluster-2 oil production should have begun by November 2021 but was delayed because of the Covid pandemic. ONGC has hired floating vessel Armada Sterling-V, owned 70 per cent by SPOG (Shapoorji Pallonji Oil & Gas) and 30 per cent by Malaysia's Bumi Armada, for producing oil from below seabed. The FPSO (floating production, storage and offloading vessel), Armada Sterling-V, has been .

Reject ONGC's hydrocarbon exploration wells project in TN: Parties to govt

Political parties in Tamil Nadu demanded the state government to reject the ONGC's proposal for setting up hydrocarbon exploration wells at 20 places in the coastal Ramanathapuram district. The ruling DMK should refuse the permission sought by the ONGC from the Tamil Nadu Environment Impact Assessment Authority, as the move would affect the groundwater and large agricultural land, said AIADMK general secretary Edappadi K Palaniswami. During his rule in the state, he declared the Cauvery Delta districts as protected agricultural zones so that Tamil Nadu is never affected by such toxic projects. "Considering the welfare of the people, I insist that the permission should be refused. @AIADMKOfficial," Palaniswami said in a post on the social media platform "X". Opposing the project, PMK founder Dr S Ramadoss said the move would convert the district into a desert. Hydrocarbons would be extracted from a depth of 3,000 feet and the extraction technology will result in earthquakes, he ...