Page 12 - Ongc

No damage to farmers, fishermen from oil spill near Uran in Mumbai: ONGC

State-owned Oil and Natural Gas Corporation (ONGC) on Sunday said there was no damage to either farmers or fishermen due to last week's minor oil spill near Uran in Mumbai. "In the morning hours of September 8, 2023, a minor quantity of oil leaked from one of the crude oil storage tanks at ONGC Uran Plant. Due to heavy rains, the leaked oil entered the stormwater drain channel. "As the quantity of oil leakage from the plant area was minimal, the leaked oil got trapped between rocks on the beach with only traces reaching the shoreline," the company said in a statement. Immediately, the Oil Spill Response (OSR) team from ONGC was deployed to avoid the ingress of oil into the sea and cleaning of the shoreline commenced on war footing. "Due to heavy rains on the day of the incident and the beach being a rocky area, the cleaning took a lot of effort. Due to the ONGC team's timely and tireless efforts, the oil did not enter the sea and no damage to marine life is anticipated," it said.

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Stocks to Watch on September 8, 2023: As per a Business Standard report, L&T has secured a multi-billion-dollar contract from Saudi Aramco

ONGC to infuse Rs 15,000 cr in OPaL, edge out GAIL to control petchem firm

The ONGC board last week approved a financial restructuring of the petchem firm which had been making losses due to its high debt

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Stocks to watch on September 4, 2023: The government has invited bids to appoint an asset valuer for its stake sale in IDBI Bank

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)

Fitch Ratings affirms 'BBB-' rating on ONGC with a outlook stable

Fitch Ratings has affirmed Oil and Natural Gas Corporation's (ONGC) rating at 'BBB-' with stable outlook. "ONGC's ratings are constrained by the ratings of the state of India (BBB-/Stable), its majority owner," Fitch said. "We maintain ONGC's Standalone Credit Profile (SCP) at 'bbb+', which reflects ONGC's scale as the largest oil and gas (O&G) producer in India, its significant reserves and production, and its vertically integrated and geographically diversified business model." The SCP also considers Fitch's expectations that ONGC's credit metrics will improve over the financial years ending March 2024 (FY24) to FY27. ONGC's credit strength, however, is counterbalanced by its long track record of declining domestic oil and gas production, which we expect to reverse over the next few years, though there is less certainty on its ability to sustain organic production growth through the cycle in the longer term. "We believe ONGC's status, ownership and control by the sovereign is ..

ONGC to invest Rs 2 trn in energy transition projects, says chairman

State-owned Oil and Natural Gas Corporation (ONGC) will invest about Rs 2 lakh crore to achieve zero carbon emissions by 2038, its chairman Arun Kumar Singh said on Tuesday. The firm will invest Rs 1 lakh crore by 2030 in setting up 10 gigawatts of renewable energy capacity, green ammonia plant, and offshore wind energy projects, he told reporters here. The remaining would flow thereafter to achieve Scope-1 and 2 net zero carbon emissions. All this while it continues to hunt and produce more oil and gas. "It is not an 'or' strategy. It is an 'and' story. ONGC will continue to invest in oil and gas exploration and production and also in energy transition projects," he said. The company will pursue both simultaneously. "ONGC has enough heft, financial muscle to do both," he said. The company currently has 189 MW of capacity to generate electricity from renewable sources. It is targeting 10 GW by 2030. The firm already has signed MoU for 5 GW in Rajasthan and is scouting for projec

ONGC to invest up to Rs 2 trillion by 2038 to meet net-zero goals

Production timeline from ONGC Videsh Limited assets in Colombia and Mozambique remain on track

Fine slapped on IOC, ONGC, GAIL for failure to meet listing regulations

Stock exchanges have slapped fines on state-owned oil and gas firms including IOC, ONGC and GAIL for their failure to meet listing requirements of having a requisite number of independent directors and women directors. In separate filings, the companies detailed the fines imposed by the BSE and NSE but were quick to point out that appointment of directors was done by the government and they had no role in it. Oil and Natural Gas Corporation (ONGC) was slapped a Rs 3.36 lakh fine, while Indian Oil Corporation (IOC) was asked to pay Rs 5.36 lakh fine. Gas utility GAIL was slapped Rs 2.71 lakh fine, Hindustan Petroleum Corporation Ltd (HPCL) Rs 3.59 lakh, Bharat Petroleum Corporation Ltd (BPCL) Rs 3.6 lakh, Oil India Ltd Rs 5.37 lakh and a fine of Rs 5.37 lakh was imposed on Mangalore Refinery and Petrochemicals Ltd (MRPL). Except for IOC which was slapped with the fine for not having the required one woman director on the board, all the companies were fined for violating the norm of

ONGC Videsh secures 3-yr extension for Vietnam oil block in South China Sea

India's flagship overseas firm ONGC Videsh Ltd (OVL) has secured another three-year extension to explore oil and gas in a Vietnamese block in the contested waters of the South China Sea, the firm's parent ONGC said. This is the eighth extension for OVL, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC). The seventh extension to explore oil and gas was till June 15, 2023 and PTI on August 13 reported that the company was in talks with Vietnamese authorities for another three-year extension. OVL "secures extension of 3 more years to explore in South China Sea's Block 128! India's strategic commitment stays strong as ONGC Videsh continues its exploration journey with its 8th extension till 15 June 2026," ONGC said in a post on social messaging platform X, formerly known as Twitter. The firm had in a proposal to regulator PVN sought a three-year extension of the exploration phase-1. "We are embracing challenges, safeguarding interests & fostering partnerships," ..

ONGC Videsh secures three-year extension to explore South China Sea

India has sparred diplomatically with China in the past over its gas and oil exploration block off the coast of Vietnam.

ONGC to invest Rs 1 trn by 2030 to transform into low-carbon energy player

State-owned Oil and Natural Gas Corporation (ONGC) is investing Rs 1 lakh crore by the end of this decade in low-carbon energy opportunities, including renewables and green hydrogen as it looks to transform into a low-carbon energy player, the company said. In a statement, India's largest crude oil and natural gas producer said it has detailed a "roadmap to scale up its low-carbon energy portfolio significantly". "ONGC has aligned itself with India's ambitious goals and is wholeheartedly contributing to the nation's aim to curtail carbon emissions by 1 billion tonne and simultaneously reduce carbon intensity by 45 per cent by 2030," it said. It said the firm has adopted various de-carbonization levers resulting in significant emission reductions over years. "Integrating sustainable practices into core operations has enabled a reduction in Scope-1 and Scope-2 emissions by 17 per cent in the last five years. ONGC has reduced its emissions by 2.66 per cent in FY23 (April 2022 to March

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Stocks to watch on August 16, 2023: Shares of IndiGo are likely to be in focus amid reports of a likely stake sale by the co-founders Gangwal family on Wednesday.

Q1 results beat, valuations factor in bright prospects for ONGC stock

The company guidance is to add over 100,000 square kilometres of exploratory area annually, and spend Rs 10,000 crore each year on exploration

ONGC's Q1 net profit drops 34% on back of lower oil prices, output

The net profit of Oil and Natural Gas Corporation (ONGC) fell over 34 per cent in June quarter on decline in oil prices and lower output, the firm said. Net profit of Rs 10,015 crore in April-June (first quarter of current 2023-24 fiscal year) compared to Rs 15,206 crore earning in the same period last year, the company said in a statement. ONGC, India's top crude oil and natural gas producer, earned USD 76.49 for every barrel of crude oil it produced and sold from nomination fields against a net realisation of USD 108.55 per barrel last year. Oil prices globally had risen sharply in April-June 2022 after Russia's invasion of Ukraine led to uncertainties over supply and demand. Crude oil pumped out of below ground and seabed is refined in refineries to produce petrol, diesel and other fuels. Natural gas is used to generate electricity as well as burn kitchen stoves and run automobiles (CNG). Gross revenue fell 20 per cent to Rs 33,814 crore. ONGC said crude oil production was 3.2

ONGC plans oil-to-chemical plants in pivot towards energy transition

India's top oil and gas producer ONGC is planning to set up two oil-to-chemical plants in India to convert crude oil directly into high-value chemical products as it prepares for energy transition that is shaking up the industry worldwide, chairman Arun Kumar Singh said. Crude oil, which companies like ONGC pump out from below seabed and from underground reservoirs, is a primary source of energy. It is processed in oil refineries to produce petrol, diesel and jet fuel. With the world looking to transition away from fossil fuel, companies around the globe are looking at new avenues to use crude oil. Petrochemicals are chemical products derived from crude oil and are used in the manufacturing of detergents, fibres (polyester, nylon, acrylic etc.), polythene and other man-made plastics. "The demand for petrochemicals is expected to remain strong and will continue to be a key driver of oil and gas demand in the future," Singh said in the firm's latest annual report. "With this objective

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 ...

NCSC reviews issues related to reservation of SC employees at ONGC

The National Commission for Scheduled Castes (NCSC) on Friday held a meeting with the ONGC management in Mumbai to review issues related to the reservation of Scheduled Caste employees at various levels, backlog vacancies, and functioning of welfare and grievances redressal mechanism. According to a statement, the NCSC delegation led by its Chairman Vijay Sampla held the meeting with senior ONGC officials, led by its chairman and Chief Executive Officer (CEO) Arun Kumar Singh. During the meeting, Sampla asked the ONGC management to look into issues raised by SC employees in the memorandum and submit the action taken report to the commission. Sampla also handed over the memorandum of the SC employees' association to the ONGC management. Aiming to protect the rights of the Scheduled Caste employees as well as to ensure their welfare within the organisation, Sampla asked the ONGC management to ensure that jobs are provided to dependents of the deceased of SC/ST employees as well as to

ONGC implements Vivad se Vishwas-2 Scheme to fast track dispute resolution

State-owned Oil and Natural Gas Corporation (ONGC) has taken the lead in implementing the government's one-time settlement scheme 'Vivad se Vishwas-2' to fast-track the resolution of contractual disputes. "ONGC has constituted an internal task force to settle such issues," the company said in a statement. Under the settlement, 85 per cent of the net amount due will be paid where a court order is passed on or before April 30 and 65 per cent of the net amount in cases where an arbitral award is passed on or before January 31, 2023, ONGC said. Vivad se Vishwas-2 is a one-time settlement scheme announced by the government to settle pending contractual disputes. Application for settlement is to be made by the contractors through the GeM portal. The scheme is valid from July 15 to October 31, 2023. ONGC said it has taken many pioneering initiatives to forge strong and transparent relations with its business partners. It was the first in India to adopt the Integrity Pact (IP) by Transpare

MRPL in coastal Karnataka becomes India's largest single location refinery

The Mangalore Refinery and Petrochemicals Limited (MRPL), a mini-Ratna CPSE PSU refinery based in coastal Karnataka and a subsidiary of ONGC, has become the single largest PSU-refinery (single location) in the country for the year 2022-23, a release from the company said here Wednesday. MRPL achieved this feat by processing 17.14 million metric tonnes of crude oil during the past financial year. This is also the highest-ever throughput processed by any single-location PSU refinery in India's petroleum refining history, the release said. MRPL processes 10 per cent of the total crude oil refined by the PSU petroleum refineries in the country. Set up as a joint venture refinery in 1988 with a 3.69 MMTPA (million metric tonnes per annum) capacity, MRPL later underwent a second and third-phase expansion to raise its capacity to 15 MMTPA. The refinery configuration has a Nelson Complexity Index of 11.3, one of the highly complex PSU refineries. The MRPL petrochemical intensity is currentl