Page 13 - Ongc

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

ONGC hopes to recover over $500 mn dividend as Venezuela sanctions eased

The Biden administration on Wednesday eased sanctions on Venezuela's oil sector after the government and opposition parties reached a deal for the 2024 election

Stocks to Watch today: Axis Bank, Tech M, Vedanta, Delta Corp, ONGC, NDTV

Stocks to watch on Wednesday, October 25, 2023: The Bombay High Court has directed the Directorate General of GST Intelligence, Hyderabad, to not pass a final orders against Delta Corp

ONGC wins bid to acquire PTC India's wind power unit for Rs 925 crore

Oil and Natural Gas Corporation (ONGC) has won a bid to acquire PTC India Ltd's wind power unit for Rs 925 crore as the state-owned firm continues to build a renewable energy portfolio to balance its fossil fuel business. In a stock exchange filing, India's top oil and gas producer said it has over the years diversified into the petrochemicals and power business besides growing its core business of finding hydrocarbons. ONGC said it has taken various initiatives for renewable energy power generation and already has 189 megawatt (MW) capacity, including wind and solar PV plants spread across various locations. "With a vision to expand its business in renewable energy, the company had participated in the bidding process for acquisition of 100 per cent equity stake of PTC Energy Limited (PEL), a wholly-owned subsidiary of PTC India Limited (PTC)," it said. The PTC board last week approved ONGC's bid for the acquisition of a 100 per cent equity stake in PEL at an equity value of Rs 925

RIL, ONGC: Keep stocks of these oil explorers on radar as crude prices soar

Charts suggest that shares of oil exploration companies can rally over 16 per cent from present levels.

After BPCL, ONGC signs up HPCL for sale of oil from Mumbai offshore fields

State-owned Oil and Natural Gas Corporation (ONGC) has signed an agreement to sell crude oil it produces from Mumbai offshore fields to HPCL - the second such agreement in as many months, as India's top oil and gas producer prefers term contracts over auctions where refiners hammer deep discounts. In a post on X, formerly known as Twitter, ONGC said it has inked "term agreement with HPCL for sale of crude oil from Mumbai offshore." While it did not give details, sources aware of the matter said the pact for sale of about 4.5 million tonnes per annum of crude oil to Hindustan Petroleum Corporation Ltd's (HPCL) Mumbai refinery. "This is the second term agreement sealed for sale of Mumbai Offshore crude oil post marketing freedom," ONGC said. Last month, ONGC had signed a similar pact to sell 4 million tonnes per annum plus an optional 0.5 million tonnes of crude oil to Bharat Petroleum Corporation Ltd (BPCL), which too has a refinery to convert the crude oil into fuels like petrol an

Oil marketing companies likely to feel the heat of high crude oil prices

RIL a likely beneficiary of higher refining margins; ONGC and Oil unlikely to see major change in estimates

Willing to wait to regain oil from Russian project, says ONGC Videsh

Putin last year removed an Exxon Mobil subsidiary as operator of the Sakhalin-1 oil and gas project in Russia's Far East and transferred it to a new operator

Options Trading: HDFC Securities recommends Bull Spread on ONGC

Buy ONGC 190 Call option and simultaneously Sell 195 Call of the September series, recommends Nandish Shah, Sr. derivatives & technical research analyst of HDFC Securities.

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.

Stocks to Watch: L&T, ONGC, Shemaroo, Mazagon Dock, Landmark Cars, Tejas

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

Stocks to Watch: IDBI Bank, Paytm, Hero Moto, Eicher, BEL, ICICI Bank, RVNL

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