Page 13 - Ongc

ONGC revamp: New director to spearhead new energy, petrochem business

Oil and Natural Gas Corporation (ONGC) will have a new director to spearhead its new energy, petrochemicals and corporate strategy, as part of a board revamp aimed at breathing fresh life into the state-controlled behemoth. A new director for strategy and corporate affairs has been created, according to an office order from the company. This will be besides a newly consolidated production division following a board-level reorganisation. ONGC aims to draw synergies from the merger of its onshore and offshore divisions in creating a director for production, which is headed by Pankaj Kumar. The post of Director (Production) has been created after merging Director (Onshore), who is in charge of all oil and gas fields located on land, and Director (Offshore) who looks after all offshore assets such as the prime Mumbai High fields. Kumar previously served as ONGC's offshore director. In addition to the post of director production and director strategy and corporate affairs, the other k

Pact inked to connect ONGC's natural gas fields with North East Gas Grid

Indradhanush Gas Limited (IGGL) and Oil and Natural Gas Corporation Limited (ONGC) have signed three hook-up agreements to connect the latter's natural gas fields with the North East Gas Grid (NEGG) for transportation of natural gas. The natural gas will be transported from Jorhat, Silchar and Tripura Assets of ONGC to the consumers, an official release said on Thursday. IGGL is laying a 1,656 km long natural gas pipeline connecting the capital cities and the demand centres of all the eight north eastern states. These hook up agreements will facilitate connection of the natural gas fields of ONGC with the IGGL's pipeline for evacuation of natural gas, IGGL Director Sanjay Kumar said. "The hook-up agreements signed with IGGL is a strategic move to enhance the connectivity of ONGC fields with the North East Gas Grid which will benefit both the companies', he said. It will make domestic gas available to the customers and will contribute to the country's economy as a whole, he said.

Sensex sheds 505 pts from summit, ends 165 pts up; PSU banks crack; IT gain

CLOSING BELL ON JULY 13, 2023: The NSE Nifty50 hit a new high of 19,567, before finishing with a modest gain of 29 points on Thursday. Broader indices ended in red.

ONGC, Reliance-BP bid for oil, gas blocks, foreign giants stay away

State-owned ONGC, mining baron Anil Agarwal's Vedanta and a consortium of Reliance Industries Ltd and BP Plc put in 13 bids for 10 areas offered for finding and producing crude oil and natural gas in India's latest bid round, according to regulator DGH. India offered 10 blocks for bidding in the eighth round of the Open Acreage Licensing Policy (OALP) in July last year. After extending the bid deadline a few times, the round closed last week. Five companies - Oil and Natural Gas Corporation (ONGC), Vedanta Ltd, Oil India Ltd (OIL), Sun Petrochemicals Pvt Ltd and Reliance-BP Exploration (Alpha) Ltd - put in 13 bids for the 10 blocks on offer in OALP-VIII, the Directorate General of Hydrocarbons (DGH) said putting out a summary of bids received. Seven of the 10 blocks on offer received single bids and the other three blocks had two bidders each. Global energy giants like ExxonMobil, Chevron and TotalEnergies, which India has been courting to give a fillip to exploration and production

ONGC sells KG basin field's gas to Torrent, GAIL at $11 per mmBtu

State-owned Oil and Natural Gas Corporation (ONGC) has sold initial gas it is producing from its KG basin fields in the Bay of Bengal to three firms, including Torrent Gas, sources said. In an e-auction, the firm sold 1.4 million standard cubic meters per day - a fraction of the planned output from the block that sits next to Reliance Industries' prolific KG-D6 area in the Bay of Bengal, to Torrent Gas Pune Ltd, GAIL (India) Ltd and Hindustan Petroleum Corporation Ltd (HPCL). GAIL picked up 0.8 mmscmd while HPCL took 0.42 mmscmd and Torrent 0.12 mmscmd, sources aware of the matter said. The company had sought bids from users like city gas operators that sell CNG to automobiles and pipe cooking gas to households, companies using gas to produce fertiliser or make electricity, LPG producers and traders, for the gas from its KG-DWN-98/2 or KG-D5 block. ONGC asked companies to quote a premium 'P' that they are willing to pay over and above the rate arrived at by calculating 14 per cent

Stocks to watch: L&T, GAIL, ONGC, Fortis Health, Tata Power, Paytm, Vedanta

Stocks to watch on June 23, 2023: From L&T to Fortis Health, here are top stocks to watch in Friday's trading session

ONGC links Panna oilfield field via sub-sea pipeline, saves $43,000 per day

State-owned Oil and Natural Gas Corporation (ONGC) on Thursday said it has linked Panna oilfield in the Arabian Sea to shore through a sub-sea pipeline, helping save USD 43,000 a day in cost that was previously incurred in transporting crude oil through ships. Panna field, which is part of ONGC's Bassein & Satellite (B&S) asset of western offshore, produces 9,600 barrels of oil per day. With "the successful linkage of Panna process platform with subsea pipeline", the company "has achieved a significant cost reduction of approximately USD 43,000 per day," ONGC said in a statement. Oil from the field was previously transported through ships. Now it flows to shore through the sub-sea pipeline. "The submarine pipeline connection minimizes the production downtime associated with tanker changeovers and eliminates demurrage charges during adverse weather conditions," it said. "These combined savings and improved operational agility position ONGC for long-term success in the offshore .

ONGC chief expects Russian oil to make up 30% of India's imports: Interfax

Russia has been redirecting its energy supplies from Western countries which have imposed restrictions and sanctions on trade with Moscow

ONGC signs pact with IndianOil to explore opportunity in petrochemicals biz

India's top oil and natural gas producer ONGC has signed a pact with the nation's largest oil refining and fuel marketing company Indian Oil Corporation (IOC) for exploring opportunities in the petrochemicals business. Oil and Natural Gas Corporation (ONGC) and IOC "signed a memorandum of understanding (MoU) to explore downstream opportunities, especially in petrochemicals, both greenfield projects and through acquisitions," ONGC said in a tweet. ONGC, which produces two-thirds of the nation's oil that is refined into fuels like petrol and diesel and more than half of gas that is used to make fertilisers and turned into CNG, already has two downstream petrochemical plants through subsidiaries. As nations transition away from polluting fossil fuels to low-carbon sources of energy like hydrogen and use of electricity to power automobiles, oil companies the world over are reinventing themselves. Crude oil, which is currently refined in refineries to produce petrol and diesel, is to be

ONGC to fund construction of National Disaster Centre, Yatri Niwas in J-K

State-owned Oil and Natural Gas Corporation (ONGC) on Tuesday said it is funding the construction of a National Disaster Mitigation Centre and Yatri Niwas in Sidhra in Jammu to ease logistic challenges for tourists and pilgrims. "This ONGC-funded Yatri Niwas will solve this logistical challenge to a large extent, by providing accommodation for 30,000 tourists in a year, thus staggering the movement of tourists and pilgrims," the firm said in a statement. Every year, lakhs of tourists visit Srinagar and Amarnath. The large footfalls have been causing logistical challenges for a long time, especially for needy tourists and pilgrims. "The ONGC Disaster Management Centre will play a pivotal role in providing essential amenities such as lodging, sanitation, and safe drinking water. It will serve as a central hub for distributing vital information and delivering relief measures during emergencies," it said. Additionally, it will contribute to traffic management and ensure a seamless ...

Jaitley and Sitharaman: A look at divestment under the two NDA FMs

In his early days, PM Modi had said that the government would get out of most sectors, a vision which was given credence through the new policy of 'strategic sectors' announced by Sitharaman in 2020

ONGC to maintain financial flexibility as earnings steady, says S&P

This should help the company maintain its good credit quality, despite its investment plans and healthy shareholder distributions, the rating agency said in a statement

One-offs impacted Jan-Mar quarter, but FY24 likely to be better for ONGC

Management has guided for higher output; analysts' average target price is Rs 190, an upside of 20%

Stocks to watch: Adani Transmission, ONGC, IRCTC, IPCA Labs, Torrent Power

Stocks to watch on May 30, 2023: From ONGC to Adani Transmission, here are top stocks to watch in Tuesday's trading session

ONGC plans to invest up to Rs 1 trillion in energy transition by 2030

ONGC is also looking to quickly expand its oil production through a series of projects

ONGC to invest Rs 1 trn in energy transition by 2030; net-zero by 2038

India's top oil and gas producer ONGC will invest Rs 1 lakh crore by 2030 on energy transition projects as it targets net zero carbon emissions by 2038, its chairman Arun Kumar Singh said on Monday. The firm joins fellow state-owned oil and gas firms Indian Oil (IOC), Hindustan Petroleum (HPCL), GAIL and Bharat Petroleum (BPCL) in preparing roadmaps for net zero emissions as part of the nation's commitment to deal with the climate challenge. Net-zero for a company means achieving a balance between the quantum of greenhouse gases it places into atmosphere and the amount it takes out. "We have done our internal workings and are now confident that we can achieve net-zero for Scope-1 and Scope-2 emissions by 2038," Singh told reporters here. The company is planning to scale up electricity generation from renewable sources from 189 MW to 1 GW by 2030. It already has 5 GW of project planned in Rajasthan and is scouting for a similar capacity, he said adding ONGC would also look at offsho

RIL, ITC, HDFC twins lift Sensex 345 pts up; Bank Nifty hits new peak

Stock Market Live on May 29, 2023: Asian markets climbed higher after the US striked a tentative debt deal. Nikkei led gains, rising 2%. Hang Seng, Strait times, S&P/ASX 200 and Kospi rose 0.2-1%

Stocks to watch: Sun Pharma, ONGC, Tata Motors, Adani Wilmar, BBQ Nation

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ONGC posts Rs 248-crore loss in Q4 on tax provisions; profit down 3.7%

India's top oil and gas producer ONGC posted a surprise loss in the March quarter after it made over Rs 12,100 crore provision for a contested tax liability. Oil and Natural Gas Corporation (ONGC) reported a net loss of Rs 247.70 crore in the January-March quarter as compared to a net profit of Rs 8,859.54 crore a year back, according to a company statement. Service tax department at various work centres had raised a demand for payment of service tax on the royalty the company paid to the state and central government on crude oil and natural gas it produces from below ground. The company challenged the demands in courts. While the matter is pending in courts, "as an abundant caution, the company has deposited the disputed service tax and GST on royalty along with interest under-protest amounting to Rs 11,558 crore up to March 31, 2023," the notes to the accounts said, adding Rs 1,862 crore towards penalty and other differences in the tax demands has also been disclosed as contingent

ONGC to pay Rs 50 lakh damages for crude oil leak in Bharuch district

The Gujarat Pollution Control Board (GPCB) has ordered the Oil and Natural Gas Corporation (ONGC) to pay Rs 50 lakh in damages for the spillage of crude oil from its pipeline in Bharuch district, an official said on Friday. It has been alleged that 25 camels died after drinking water contaminated with the spillage on Sunday, though the central government-controlled oil major has denied it. An agricultural field near Kachhipura village was found covered in crude oil leaked from a pipeline belonging to ONGC on Sunday, said Bharuch-based GPCB regional officer Margi Patel. The board ordered inquiry after the death of camels was reported. "We have directed ONGC to pay Rs 50 lakh as environmental damage compensation (to the state authorities)," Patel said. The actual cause of the death of the camels will be clear only after the autopsy report is available, the official said. The GPCB has also directed the ONGC to clean up the site, she added. ONGC said in a statement that cleaning-up