Page 11 - Ongc

Upstream oil cos in focus amid Iran-Israel war; ONGC, OIL surge up to 5%

Experts believe any escalation in the Iran-Israel conflict may lead to a rise in crude oil prices.

PTC India gets shareholders' nod to sell 100% stake in energy arm to ONGC

Power trading solutions provider PTC India on Thursday received shareholders approval for selling 100 per cent equity stake in its arm PTC Energy to state-owned ONGC Ltd for an enterprise value of Rs 2,021 crore. As much as 93.61 per cent of votes were in favour of the special resolution to approve the proposal for 100 per cent disinvestment (by way of sale, transfer or otherwise) in its wholly-owned subsidiary PTC Energy Ltd, at an extraordinary general meeting held on Thursday, a regulatory filing said. In October, PTC India announced that the upstream firm ONGC had emerged as the successful bidder for acquiring 100 per cent stake in PTC Energy for an enterprise value of Rs 2,021 crore. In November 2023, PTC India Chairman and Managing Director Rajib K Mishra had told PTI in an interview, "With the transfer of PTC Energy's assets, the company would become virtually debt-free." Mishra had also informed that the enterprise value of PTC Energy includes Rs 925 crore bid of ONGC as we

Foreign investment dwindles as India struggles to boost oil production

India's high demand for oil and low domestic output are increasing the dependence on imports. The 'supportive' upstream policy, if backed by lower taxes, could turn things around

Gail, ONGC explore possibility of importing ethane at Shell's Guj terminal

State gas utility GAIL (India) Ltd and oil producer ONGC will explore possibility of using Shell's import terminal at Hazira in Gujarat for importing ethane and other hydrocarbons to fuel their petrochemical ambitions. GAIL had in May last year signed a memorandum of understanding with Shell Energy India Pvt Ltd to explore opportunities in energy value chain, including sourcing of ethane. On Thursday, "GAIL, Oil and Natural Gas Corporation (ONGC) and Shell Energy India (SEI) Pvt Ltd signed a tripartite memorandum of understanding (MoU) to explore opportunities for import of ethane and other hydrocarbons and development of evacuation infrastructure at Shell Energy Terminal, Hazira," GAIL said in a statement. Both GAIL and ONGC are exploring import of ethane from countries such as the US for planned petrochemical plants that are aimed at catering needs for goods ranging from plastics to paints and adhesives in the fast expanding economy. GAIL is looking to build an ethane cracker whi

PM Narendra Modi flags off first crude oil tanker from ONGC's KG project

At its peak, the deepwater project is set to produce 7 per cent of India's oil and gas

IOC, Gail and ONGC fined for failure to appoint directors on their board

Listing norms require companies to have independent directors in the same proportion as executive or functional directors. They are also required to have at least one woman director on the board

Limited opportunities with PSUs; bet on dividend yield, momentum: Bernstein

Within in PSU space Bernstein prefers ONGC, Coal India, IOC, Bank of Baroda, GAIL, BPCL, Canara Bank, HPCL, Oil India and MRPL.

Stocks to Watch today, Feb 12:ONGC, IRCTC, JSW Grp, DRL, Easy Trip Planners

Stocks to Watch on Monday, February 12, 2024: Shares of Apeejay Surrendra Park will get listed on stock exchanges on February 12

Cairn to begin drilling across 4 blocks in Assam next month: Deputy CEO

Despite a lack of good quality rigs in the market, Cairn has enough options, he says

ONGC Q3 results: Net profit shrinks 7.9% to Rs 10,748 cr as production dips

ONGC's total crude production dropped by 3.3 per cent to 5.21 million metric tonnes (MMT), down from 5.39 MMT in Q3 FY23

ONGC Q3 results: Net profit falls 14% to Rs 9,536 cr on lower oil prices

State-owned Oil and Natural Gas Corporation (ONGC) on Sunday reported 14 per cent drop in net profit for the third quarter ended December 31 as oil and gas prices fell. Standalone net profit of Rs 9,536 crore in October-December 2023 (third quarter of 2023-24 fiscal year) was 13.7 per cent lower than Rs 11,045 crore earning in the same period of previous financial year, the company said in a statement. The earning was lower as price realised for crude oil the firm produced and sold in the quarter fell 6.4 per cent to USD 81.59 per barrel. Gas price too was 24.2 per cent lower at USD 6.5 per mmBtu. Also contributing to lower profit was a decline in production of crude oil, which is converted into fuel like petrol and diesel at refineries, and natural gas which is used to generate electricity, produce fertilizer, turned into CNG and piped to kitchens for cooking. Crude oil production dropped 3.3 per cent to 5.22 million tonne while gas output was 4.3 per cent lower at 5.12 billion cu

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

India Energy Week 2024: OVL likely to lift more crude from Venezuela

Discussions underway to inject more investments into both of OVL's projects in Venezuela

TotalEnergies, ONGC join forces to detect, measure methane emissions

TotalEnergies and state-owned Oil and Natural Gas Corporation (ONGC) have signed a cooperation agreement to carry out detection and measurement of methane from the Indian firm's operations using the French company's pioneering technology. ONGC is aiming to curb emission of methane, a greenhouse gas, from its oil and gas operations as part of its decarbonisation drive. It will now use TotalEnergies' pioneer AUSEA (Airborne Ultralight Spectrometer for Environmental Applications) technology to detect and measure methane emissions, the two firms said in a statement. The Cooperation Agreement was signed by Sangkaran Ratnam, Country Chair of TotalEnergies in India and Sushma Rawat, Director (Exploration), ONGC on the sidelines of India Energy Week. "ONGC has been inviting international technology partners to help reduce its methane emissions in India by 2030, while TotalEnergies has decided to share its AUSEA technology in an effort to pivot the whole industry towards zero methane emissi

ONGC inks JV pact with NTPC to set up offshore wind energy projects

India's top oil producer ONGC and the nation's biggest power firm NTPC on Wednesday signed a joint venture agreement to set up offshore wind energy projects as the two firms look to boost collaboration in renewable energy. The pact was signed during India Energy Week here. "The JVA marks a pivotal collaboration aimed at spearheading renewable energy projects both within India and on the international stage," Oil and Natural Gas Corporation (ONGC) said in a statement. "Specifically, the agreement encompasses ventures in offshore wind projects while also delving into potential opportunities in storage, e-mobility, carbon credits, green credits, green hydrogen business, and its derivatives such as green ammonia and green methanol." The joint venture agreement was signed by NTPC Green Energy Limited (NGEL) CEO Mohit Bhargava, and ONGC executive director Satish Kumar Dwivedi. The signing took place in the presence of ONGC chairman and CEO Arun Kumar Singh and NTPC Limited chairman and .

Stocks to Watch today, Feb 7: Nykaa, ONGC, UPL, Britannia, Biocon, Paytm

Stocks to Watch on Wednesday, February 7, 2024: The parent company of Nykaa nearly doubled its consolidated net profit to Rs 16.2 crore during Q3FY24

Amazon to ONGC, military veterans hired to lead corporate crack teams

Retired officers tasked with getting cybersecurity to operations units combat ready

Govt halves Budget support to oil firms, defers filling strategic reserves

The finance ministry in a post on X detailing the outcome of the budget announcements, informed about the halving of equity support and deferring of filling strategic reserves

ONGC gets govt clearance for clean energy projects, gas business unit

State-owned Oil and Natural Gas Corporation (ONGC) will set up a new unit to house its gas business and clean energy projects such as green hydrogen, as it looks to fast-track foray into new areas. In a stock exchange filing, the firm said it last month received approval of the Ministry of Petroleum and Natural Gas for formation of a wholly-owned subsidiary company for gas business and clean energy projects. "The proposed name of the company is 'ONGC Green Limited' subject to approval of the Ministry of Corporate Affairs, Government of India," it said, adding the company board at its meeting on Tuesday approved the formation of the wholly-owned subsidiary for green energy and gas business. The wholly-owned subsidiary company will be for value-chains of energy business such as green hydrogen, hydrogen blending, renewable energy (solar, wind and hybrid), biofuels/ biogas business and LNG, ONGC said. The nation's largest oil and gas producer plans to spend Rs 1 lakh crore on installin

As govt opens more areas for oil and gas exploration, ONGC reports new find

State-owned company may get more acreage for exploration as government aims to increase domestic fuel production