Page 14 - Ongc

Stocks to Watch today, Aug 16: IndiGo, ITC, SBFC, Infy, Voda Idea, M&M, Zee

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

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