Page 13 - Ongc

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

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