Page 2 - Ongc Oil

ONGC signs MoU with BP for oil exploration, trading collaboration

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

Failed privatisation bids, pacts: ONGC's Mumbai High finds hope in BP deal

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,

ONGC gets GST demand and penalty notice amounting to Rs 6.72 crore

The tax demand includes a penalty amount of Rs 2.54 crore, the company said

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

NTPC-ONGC green energy joint venture bids $650m for Ayana Renewable

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

ONGC, HAL, SJVN: 5 PSU stocks that can rally up to 25% by year-end

PSU stocks such as ONGC, HAL, Oil India, SJVN and BEL have retraced up to 50% of its previous rally; tech charts indicate that as long as the recent lows are protected a bounce back seems likely.

ONGC fails again to attract bids for stake in Deen Dayal gas field

State-owned Oil and Natural Gas Corporation's (ONGC) third attempt to get a partner to rescue the Deen Dayal gas field in the KG basin in Bay of Bengal has met with the same fate as previous efforts as it got no bids, sources said. The tender offering stake to technical and financial partners in the Deen Dayal field, which ONGC had acquired from a Gujarat government firm for USD 1.2 billion, received no bids, two sources aware of the matter said. 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. Bids closed on September 12. 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 W

ONGC chairman should also lead as subsidiary HPCL's head: Synergy panel

The oil and Natural Gas Corporation Chairman and Managing Director should also be the chair of the firm's subsidiary Hindustan Petroleum Corporation in line with the universal practice of a corporate group having only one chairman, a panel appointed to work out synergies between the two firms said in its report. India's top oil and gas producer Oil and Natural Gas Corporation (ONGC) had, in January 2018, bought the government's entire 51.11 per cent stake in HPCL for Rs 36,915 crore. The nation's third-biggest oil refining and fuel marketing company thereafter became a subsidiary of ONGC. But Hindustan Petroleum Corporation Ltd (HPCL), which initially did not even recognise the new owner, continues to be headed by a chairman and managing director, who does not report to parent firm ONGC or its board. ONGC has got just one board position on HPCL following the acquisition. On a prod from the Ministry of Petroleum and Natural Gas, ONGC appointed a three-member panel to work out synergi

Stocks To Watch: Wipro, HAL, Dmart, Ola Electric, GIC Re, Oberoi Realty

Stock Market Today: Adani Enterprises has successfully raised $500 million through a share sale, marking its return to the equity markets after a previous cancellation.

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 ...

Navratri 2024: 9 stocks for your equity portfolio for sparkling returns

ONGC, Oil India, GNFC, Tata Chemicals and Sun Pharma are among the 9 stocks that could rally up to 20%, suggests technical charts. Check key support and resistance levels for these stocks here.

Maharatna stock in focus: ONGC shares jump 3%; what's behind the rally?

The share price surged following ONGC Videsh's signing of an addendum with SOCAR, BP, and six other partners for Azerbaijan's ACG Field in the Caspian Sea

5 stocks to buy and sell as crude oil prices drop to $70 a barrel

Here's a technical outlook on stocks linked to crude oil prices, which is down 23% from its peak and trades near 3-year lows. Among stocks, Asian Paints and MRF look favourable on charts; here's why.

ONGC shares climb 3%; Here's what is driving this Maharatna's stock?

BSE analytics reflect that ONGC shares have outperformed the benchmark S&P BSE Sensex with a rally of 59.76 per cent year-to-date, against the latter's 13.10 per cent

ONGC opens well in Bay of Bengal's KG basin to increase oil production

State-owned Oil and Natural Gas Corporation (ONGC) on Sunday said it has opened another well on its flagship deep-sea project in Krishna Godavari basin in Bay of Bengal, which will help augment production of crude oil and natural gas. In January this year, ONGC had started producing oil, which is converted into fuels like petrol and diesel in refineries, from the KG-DWN-98/2 or KG-D5 block. "On August 24, 2024, ONGC marked a significant milestone by starting production from its fifth oil well in the Block KG-DWN-98/2 Cluster-2 asset," the firm said in a stock exchange filing on Sunday. "Leveraging the floating production, storage, and offloading (FPSO) vessel, ONGC has begun transporting and sale of associated gas, all the while underscoring its commitment to achieving zero gas flaring." It, however, did not state how much the new well was producing. With this, ONGC also successfully commissioned its gas export line from the offshore-to-onshore terminal. "Earlier in January, oil

Windfall tax boost: ONGC, Oil India surge up to 4% in Monday's trade

Analysts at JM Financial believe the strong pricing power of OPEC+ will continue to support Brent at ~$80/bbl, which is the fiscal break-even crude price for Saudi Arabia and a sweet spot for OIL/ONGC

ONGC and Oil India to price natural gas from new wells at 20% premium

Gas produced from new wells in ONGC and Oil India's nominated fields will benefit from a premium equivalent to 12% of the Indian crude basket price

Nifty rallies from 20,000 to 25,000 in 221 sessions; Check top movers here

Nifty 20K-25K top movers: Bajaj Auto has zoomed 100% since Nifty hit 20K on September 11, 2023. BPCL, Coal India, Mahindra & Mahindra, ONGC, Tata Motors and Hero MotoCorp other major Nifty 50 gainers.

ONGC hits 52-week high on commencing production of Coal Bed Methane block

The uptick in stock price came after the company announced that it has commenced production from Coal Bed Methane Block (CBM) in Bokaro, Jharkhand.