Page 12 - Ongc

ONGC hits over 7-year high, up 3% on winning seven oil exploration areas

In the past six months, ONGC has outperformed the market by surging 32 per cent as compared to 10 per cent rise in the S&P BSE Sensex

Govt launches 9th round of oil, gas blocks for bidding, ONGC wins big

In the ninth bid round, 28 blocks, with an area of approximately 136,000 square kilometres, are on offer for bidding

ONGC wins seven, Reliance-BP one oil, gas blocks in latest bid round

State-owned Oil and Natural Gas Corporation (ONGC) won seven areas for exploration of oil and gas while a consortium of Reliance Industries Ltd and BP Plc walked away with one in the latest bid round. Oil Minister Hardeep Singh Puri said 10 blocks for exploration and production of oil and gas were offered in the eighth round of Open Acreage Licensing Policy (OALP-VIII). Contracts for the 10 blocks were signed on Wednesday morning, he said. Of the 10 blocks offered, ONGC won seven while Reliance-BP, Oil India Ltd and Sun Petrochemicals Pvt Ltd got one area each. Parallelly, three coal-bed methane (CBM) blocks too were awarded and the ninth round of OALP was launched for bidding. "Estimated investments in awarded blocks for a committed exploration work programme is to the tune of USD 233 million," an official note said. India had offered 10 blocks for bidding in the eighth round of the OALP in July 2022. After extending the bid deadline a few times, the round closed in July 2023.

ONGC seeks partners to cut gas flaring, zero methane emission by 2030

India's top oil and gas producer ONGC is seeking global technology partners to cut gas flaring and achieve zero methane emission by 2030 as part of its ambitious decarbonisation plan, its chairman Arun Kumar Singh said on Monday. Oil and Natural Gas Corporation (ONGC) has substantially cut gas flaring -- burning of methane gas that is produced when oil is extracted from below surface -- and would look to bring it down to nil as part of its environmental commitments. In a post on LinkedIn, Singh said India's role in the global energy landscape is progressively becoming pivotal, and is likely to account for 25 per cent of global energy demand growth over the next two decades. According to the International Energy Agency, India's share in global primary energy consumption is expected to rise to 9.8 per cent by 2050. "India's share in cumulative global green-house-gas (GHG) emissions has been only 4 per cent, and current emission is 7 per cent, despite its population share of 16-17 per

ONGC Videsh to raise upto Rs 5,000 cr via debentures to fund capex, assets

The operational linkages are driven by companies operating in the same segment, with OVL being essential to ONGC for providing ownership in international oil and gas-producing assets

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

ONGC to cut gas flaring, use green power at oil wells: Chairman Arun Singh

State-controlled Oil and Natural Gas Corporation (ONGC) plans to wheel green electricity to its installations in the Arabian Sea to replace natural gas it uses in operation of oil wells as part of its ambitious decarbonisation programme, its Chairman Arun Kumar Singh said. India's top oil and gas producer has substantially cut gas flaring -- burning of methane gas is produced when oil is extracted from below surface -- and would look to bring it down to nil as part of its environmental commitments, he said while speaking at the 28th UN Climate Change Conference in Dubai, called COP28. Singh said ONGC uses a lot of gas to generate electricity as well as meet compression and other process needs of an oil and gas field. By 2028, this gas is intended to be replaced with green power wheeled to installations as far as 160 km from the west coast. The gas thus freed will be sold to industries like fertiliser and power plants. Companies around the globe have pledged to slash down methane ...

ONGC to start commercial oil production from KG block in May 2024: Minister

State-controlled Oil and Natural Gas Corporation (ONGC) will in May next year start commercial production of crude oil from its much-delayed flagship deepsea project in Krishna Godavari basin, the Rajya Sabha was informed on Monday. In a written reply to a question, Minister of State for Petroleum and Natural Gas Rameswar Teli said ONGC's KG basin project, KG-DWN-98/2, is in "challenging geology". Delays have occurred due to multiple challenges and issues in actual project implementation such as subsurface geological issues, shifting of well locations and surface facilities/processing platform, delays and disruption in project supply chain for vendors spread across multiple countries due to Covid-19 pandemic and challenging weather conditions. The KG-DWN-98/2 or KG-D5 block, which sits next to Reliance Industries' KG-D6 block in the KG basin, has a number of discoveries that have been clubbed into clusters. Located 35 kilometres off the coast of Andhra Pradesh in water depths rangin

Warning signs: Over 100 died in mishaps at India's top firms in FY23

The 33 companies had a combined employee strength of 2.9 million. For some companies, though, the employee strength may not include contract labour

L&T, RIL, AU Small Finance Bank: Chris Wood rejigs India equity portfolio

This, he wrote in his weekly note, GREED & fear, will be paid for by reducing the existing investments in Bajaj Finance, Oil & Natural Gas Corporation (ONGC), and Reliance Industries (RIL)

Stocks to Watch: TCS, JSW Steel, NMDC, PFC, ONGC, HPCL, LTIMindtree, Apar

Stocks to Watch on November 24, 2023: TCS will turn ex-buyback today; govt plans to ask ONGC to consider launching a rights issue to help fund green projects at refining arm Hindustan Petroleum Corp

Govt plans to ask ONGC to consider $1.9 billion rights issue to fund HPCL

The comments come after India's finance minister announced a plan this year to provide equity of 300 billion rupees ($3.6 billion) to help the big state oil refiners move towards cleaner energy

Multivitamins, dry fruits supplied to workers trapped in Uttarkashi tunnel

The government is sending multivitamins, antidepressants and dry fruits to 41 workers trapped for the past seven days in an under-construction tunnel that collapsed in the Uttarkashi district of Uttarakhand, Road, Transport and Highways Secretary Anurag Jain said on Sunday. "Fortunately, there is light inside because the electricity is on. There is a pipeline, and thus water is available. There is a 4-inch pipe, which was used for compression. Through that, we are sending food from day 1," he said. Jain, in a video brief update on the Uttarkashi tunnel collapse rescue operation, further said there is water and electricity in two km portion inside the tunnel, which is the finished part of the 4.531-kilometre two lane bi-directional tunnel at Silkyara in Uttarkashi. "We are sending multivitamins, antidepressants and dry fruits to workers who have been trapped inside the under-construction tunnel at Silkyara in Uttarkashi," he said. The Silkyara tunnel, about 30 km from the district .

PTC India to be debt free post divestment of PTC Energy to ONGC, says CMD

Power trading solution provider PTC India would soon achieve a debt-free status following the divestment of its arm, PTC Energy, to ONGC for an enterprise value of Rs 2,021 crore, according to a top official. PTC India in October announced that the upstream firm ONGC had emerged as the successful bidder for acquiring its 100 per cent stake in PTC Energy for an enterprise value of Rs 2,021 crore. In an interview with PTI, PTC India Chairman and Managing Director Rajib K Mishra said, "With the transfer of PTC Energy's assets, the company would become virtually debt-free." Mishra said the enterprise value of PTC Energy includes Rs 925 crore bid of the ONGC as well as over Rs 1,100 crore debt component which will be transferred to the oil company after the transaction is complete. PTC India's outstandings have reduced drastically due to the Late Payment Surcharge scheme and it is now emerging as a company that does not take loans to meet its working capital needs, he pointed out. He .

ONGC plans to invest Rs 1 trillion to set up two petrochemical plants

India's top oil and gas producer ONGC plans to invest about Rs 1 lakh crore in setting up two petrochemical plants to convert crude oil directly into high-value chemical products as it prepares for energy transition, top company officials said on Wednesday. Crude oil, which companies like ONGC pump out from below seabed and 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 fuels, companies around the globe are looking at new avenues to use crude oil. Petrochemicals are chemical products derived from crude oil and used in the manufacturing of detergents, fibres (polyester, nylon, acrylic etc.), polythene and other man-made plastics. At an investor call on the company's second-quarter earnings, Oil and Natural Gas Corporation (ONGC) Director (Finance) Pomila Jaspal said the firm is looking to build separate oil-to-chemical (O2C) projects. She, however,

ONGC hits life-time high; up 2% after posting 142% surge in Q2 net profit

The stock had surged 47 per cent in Samvat 2079. So far in the calendar year 2080, the stock has rallied 41 per cent as against a near 7 per cent gain on the BSE Sensex.

ONGC Q2 results: Consolidated net profit surges 142% to Rs 16,553 crore

It's wholly-owned subsidiary ONGC Videsh Ltd. (OVL) is the biggest Indian multinational, with 35 Oil & Gas assets in 15 countries

ONGC posts 20% drop in quarterly profit on lower crude oil prices

ONGC's total crude oil production fell 2.1% to 5.25 million metric tons (MMT), while total gas production dropped 2.8%

Oil & gas shares in demand; ONGC hits 5-year high; HPCL soars 6%, IOCL 4%

In Q2, HPCL logged a consolidated net of Rs 5,827 crore, compared to a loss of Rs 2,476 crore in year ago quarter. Revenue, however, dipped 9.7 per cent YoY to Rs 1.02 lakh crore.

Puri inaugurates ONGC-funded hospital in Assam built for Rs 483 crore

Petroleum Minister Hardeep Singh Puri on Saturday inaugurated a multi-speciality hospital built at a cost of Rs 483 crore in Assam's Sivasagar district. The Siu-Ka-Pha Hospital has been funded by the Oil and Natural Gas Corporation (ONGC) under its CSR commitments, and will be managed and operated by Aurangabad-based Dr Babasaheb Ambedkar Vaidyakiya Pratisthan (BAVP), a statement said. Speaking at the inauguration function, Puri said the hospital is expected to improve the healthcare services for the people of upper Assam as well as other parts of the Northeast. Reiterating the BJP-led NDA government's thrust on the development of the region, he said, "Driven by Prime Minister Narendra Modi's commitment to the Northeast, government and public enterprises like ONGC are committed to improving lives here. "Prioritising healthcare, ONGC's Siu-Ka-Pha Hospital, with its state of the art medical infrastructure, will bring in substantive enhancement in healthcare capacity of not only upper