Page 17 - Ongc

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

Stocks to watch today: From Sun Pharma to Tata Motors, here are top stocks to watch in Monday's trading session

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

Sensex at 100,000? It's possible, believes Chris Wood of Jefferies

The target implies an upside of nearly 62 per cent from the current levels. Wood believes that India remains the best structural story across world markets.

Stocks to Watch today, May 26: Voda Idea, Hind Zinc, RIL, SAIL, Zee, Emami

Stocks to watch on May 26, 2023: BEML, BHEL, Grasim, M&M, ONGC, Shree Renuka Sugars, Sun Pharma and Wockhardt among prominent companies scheduled to announce Q4 results on Friday.

ONGC, Oil India in talks for 50% stake in $3.4 billion Kenya oilfield

India's flagship overseas oil firm ONGC Videsh has got a new partner in Oil India Ltd to replace a reluctant IndianOil (IOC) for the potential acquisition of a 50 per cent stake in Tullow Oil Plc's USD 3.4 billion oilfield project in Kenya, according to people with knowledge of the matter. But the OVL-OIL duo now faces competition from super-aggressive Chinese energy giant Sinopec which has entered the fray taking advantage of the delay on the Indian part in finalising the deal. Originally, ONGC Videsh, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), was interested in buying out half of the stakes that Tullow, Africa Oil Corp and TotalEnergies SE held in the Lokichar oilfield in Kenya. The board of OVL had approved the deal, sources said adding the firm however wanted to bring on board IOC, which too had shown interest in the project. For months, OVL-IOC negotiated the stake in the project. But the transaction couldn't be completed as IOC started having seco

ONGC to invest $7 bn to reverse dip in oil & gas production: Sushma Rawat

ONGC is keen to work with global majors as strategic partners in challenging areas, said Sushma Rawat, director (exploration) of the company

ONGC scraps bids for Daman gas field development over cost concerns

State-owned Oil and Natural Gas Corporation (ONGC) has cancelled the bids received for its Daman upside gas development project off the western coast due to high price quotes, sources said. The project is crucial to ONGC's strategy of ramping up gas production from its shallow-water fields off India's west coast. Once completed, the project would lead to nearly doubling of current gas production of 4-5 million standard cubic metres per day. Sources aware of the matter said the bids ONGC received for the project were way higher than the company's internal estimates and so the tender has been cancelled. The tender would now be divided into separate packages and rebid. Engineering and fabrication contractor Larsen & Toubro (L&T) emerged as the lowest bidder when the bids were opened in December last year. It quoted a cost of USD 663.77 million to build the infrastructure needed to ramp up production from the field that lies about 60 kilometers off the west coast. A consortium of .

Stocks to Watch on May 12: Adani Total, RIL, TaMo, ONGC, Vedanta, Mankind

Stocks to watch today: Mankind Pharma has confirmed that the Income Tax Department conducted a search at some of the premises/ plants related to the Company and some of its subsidiaries

ONGC discovers crude oil, natural gas in in two blocks in Mumbai offshore

State-owned Oil and Natural Gas Corporation (ONGC) has discovered crude oil and natural gas in two blocks in Mumbai offshore, the company said on Thursday without giving details of reserves found. The discoveries, which have been named 'Amrit' and 'Moonga', were made in the blocks that the company won in recent open acreage licensing rounds. In a statement, the firm said it "has made discoveries of oil and gas in MBS171HAA-1 (Amrit) in OALP (Open Acreage Licensing Policy) block MB-OSHP-2017/1 in Mumbai Offshore (SW) on the Arabian Sea." "There is another remarkable discovery in MBS182HDA-1(MBS182HDA-A) named 'Moonga' in OALP exploration Block in Mumbai Offshore." ONGC said a detailed assessment of the discoveries was in progress. "With these discoveries, ONGC continues its impressive streak in the OALP blocks by making new discoveries in consecutive years," it said. ONGC Director (Exploration) Sushma Rawat said that with these notable findings in the OALP-I and OALP-III rounds, O

ONGC to get dividend from Russian field; repatriation of income an issue

PSUs have found it challenging to repatriate their dividend incomes from some other Russian oil and gas fields as well, thanks to the Western sanctions

Sensex extends rally to eighth day, ends 242 pts up; Auto, IT stocks shine

Stock market live: Market action will be guided by global cues following the takeover of the fallen US lender First Republic Bank on Monday by JP Morgan Chase

Centre to infuse equity in 3 OMCs after they announce capex plans: Report

OMCs, however, are concerned that equity infusion might impact their share price, market valuation and market perception

ONGC gains 3%, nears 52-week high as govt slashes windfall tax on crude oil

Technical analysts at ICICI Securities expect the stock to maintain positive bias and head towards Rs 171 levels in the coming sessions

ONGC planning to invest Rs 1 trillion to expand production capacity: Report

The expansion plans will be implemented by ONGC's joint venture ONGC Petro additions Ltd (OPaL) and its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL)

Stocks to Watch: SBI, ICICI Lombard, ONGC, Reliance, Oil India, Zydus Life

Stocks to Watch: ICICI Lombard General Insurance reported a 39.6 per cent surge in net profit in the January-March quarter (Q4) of FY23

New pricing norms cut earnings downside for gas producers: S&P Ratings

India's new gas pricing regime will offer greater downside protection for earnings of gas companies such as Oil and Natural Gas Corp (ONGC) and Oil India Ltd, S&P Ratings said on Friday. The new norms will not affect the pricing for gas produced from difficult fields that companies like Reliance Industries Ltd operate. Under the new guidelines announced on April 6, 2023, the government will set prices for domestically produced gas on a monthly basis; the rate will be 10 per cent of the average price of the Indian crude basket in the preceding month. The price will have a floor of USD 4 per million British thermal unit (mmbtu) and a ceiling of USD 6.5 per mmBtu. "We expect the new gas pricing terms to result in more fluid market price revisions," said S&P Global Ratings credit analyst Shruti Zatakia. Under the earlier regime, prices were reset semi-annually and were linked to gas prices in key international trading hubs. The pricing mechanism for gas production from deep water,

Oil and Natural Gas Co to bet on deepwater oil as India seeks to cut import

India, with a fast-growing appetite for crude, is eager to reduce its fuel import bill and bolster energy security, and has encouraged companies like state-controlled ONGC to do more