Page 17 - Ongc

ONGC to invest $2 bn in Mumbai offshore to raise oil, gas output

India's top oil and gas producer ONGC will invest over USD 2 billion in drilling a record 103 wells on its main gas-bearing asset in the Arabia Sea as it pivots a turnaround plan that will add 100 million tonnes to production, a company official said. Oil and Natural Gas Corporation (ONGC) has three main assets off the west coast - Mumbai High, Heera and Neelam, and Bassein and Satellite, which contributed the bulk of 21.7 million tonnes of oil and 21.68 billion cubic metres of gas it produced in 2021-22. "We have released a record 103 locations for drilling of wells on the Bassein and Satellite (B&S) assets over the next 2-3 years," ONGC Director (Offshore) Pankaj Kumar said. The wells will tap smaller and hereto untapped reservoirs and help raise output. "We estimate that this development drilling will enhance production by over 100 million tonnes of oil and oil equivalent gas over the life of the field," he said. "The investment involved in drilling and facilities will be over .

Good upside seen in Oil India stock; most analysts are positive

And their price and fair valuation targets range between Rs 275 and Rs 290

Shares of ONGC, Oil India fire up as govt slashes windfall tax sharply

The reduction of windfall tax will reduce cess of domestic oil production companies like ONGC and Oil India.

Stocks to watch: Eicher Motors, Voda Idea, Siemens, Bharat Forge, ONGC

Stocks to watch today: While Eicher Motors posted 62.4 per cent year-on-year (YoY) jump in the December quarter (Q3FY23) profit, Vodafone Idea's net loss widened 10.5 per cent YoY to Rs 7,990 crore

ONGC's Q3 net profit rises 26% to Rs 11,045 crore on high gas prices

Board approves second interim dividend of Rs 4 per share with face value of Rs 5

ONGC Dec quarter consolidated profit jumps 26% on higher oil, gas prices

State-owned Oil and Natural Gas Corporation (ONGC) reported a 26 per cent jump in its third quarter net profit on the back of a rise in oil and natural gas prices. Net profit of Rs 11,044.73 crore, or Rs 8.78 per share, in October-December compared with Rs 8,763.72 crore, or Rs 6.97 per share, in the same period a year back, according to a company's stock exchange filing. The profit was, however, lower than the Rs 12,825.99 crore earnings in the immediately preceding quarter of July-September. The rise in profitability was helped by higher realisation on crude oil and gas the firm produces and sells. This offset the continuing decline in oil and gas production. ONGC earned USD 87.13 for every barrel of crude oil it produced and sold in the third quarter of the current fiscal, up from USD 75.73 a barrel realisation in the year-ago period. Crude oil is refined at refineries to produce fuels such as petrol and diesel. Prices of natural gas, which is used as fuel to produce electrici

ITC, RIL, ICICI Bank help lift Sensex 600 pts higher, Nifty above 17,900

CLOSING BELL: Sensex and Nifty indices snapped their 2-day losing run, ralling on Tuesday as supportive global cues, ease in WPI inflation, and healthy buying in heavyweights lifted sentiment.

Stocks to watch: Adani Enterprises, ONGC, Nykaa, IRB Infra, Castrol India

Stocks to watch today: Adani Enterprises, ONGC, Coal India, Siemens, Grasim Industries, Eicher Motors, among others will report the October-December (Q3FY23) quarter results

Reliance seeks $12.75 per mn thermal unit for CBM gas, ONGC wants $9.35

Billionaire Mukesh Ambani's Reliance Industries Ltd and state-owned Oil and Natural Gas Corporation (ONGC) are separately auctioning natural gas extracted from coal seams at prices linked to Brent crude oil price. Reliance is seeking a minimum USD 12.75 per million British thermal unit for coal bed methane (CBM) from a block in Shahdol district of Madhya Pradesh, while ONGC wants USD 9.35 for the same kind of fuel from North Karanpura in Jharkhand, according to tender documents. Reliance has sought bids for sale of 0.65 million standard cubic meters per day from CBM block SP(West)-CBM-2001/1 for one year beginning April 1, 2023, the company's tender document showed. It asked bidders to quote a variable 'v' as a percentage of dated Brent crude oil price. Starting bid price has been kept as 15 per cent of Brent ('v' = 15 per cent). At the current Brent price of USD 85 per barrel, this translates into a price of USD 12.75 per mmBtu. e-bidding will happen on February 24. ONGC has offe

Govt made Rs 31,106 cr in FY23 through disinvestment, reports DIPAM

The sale of 3.5 per cent of its stake in the LIC through an IPO brought the govt Rs 20,516.12 crore as receipts

ONGC in talks with energy giants for deepwater exploration technologies

Oil and Natural Gas Corporation Limited (ONGC) is in talks with global oil majors to infuse state-of-the-art technologies in its aggressive exploration push in deepwaters of India.The 'Maharatna' held a parley of discussions with major operators in the India Energy Week in Bengaluru during 6-8 February 2023.ONGC held discussions with the American oil and gas giant ExxonMobil, the Norwegian energy multinational Equinor, the American oil services conglomerate Baker Hughes, and the French research organization Institut Francais du Petrole on various issues like Technology, and deepwaters.On 6 February 2023, speaking at the Leadership Panel on "The importance of continued investment in Exploration and Production", ONGC Chairman and Chief Executive Officer (CEO) Arun Kumar Singh said "Energy security is geography dependent. India has kept E and P investment the same, and ONGC invests USD 3.5 billion to keep up production."Eyeing deep-water exploration, Singh highlighted that "The world is .

Vivad se Vishwas-II: Govt aims to settle 500 cases involving about Rs 1 trn

The Budget has proposed the Vivad se Vishwas-2 scheme to settle long-pending litigation in cases where an arbitration order has been challenged in any Indian court

ONGC to invest $3.5 billion to boost output from western offshore assets

ONGC, will invest $3.5 billion over the next three-four years to boost output from its western offshore assets, Pankaj Kumar, head of offshore assets, said on Tuesday

ONGC decides to open up the Bengal Basin for targeted exploration

Discovers new well with 'substantial' volume of gas

ONGC aims to raise output over next two fiscals, says exploration director

In what may come as relief amid growing uncertainty over availability of petroleum products across the world in the aftermath of Russia-Ukraine war, India's largest explorer ONGC plans to raise its

ONGC to reverse oil output decline; sees 18% jump in production in FY25

India's largest oil and gas producer ONGC will this year reverse years of decline in production and gradually raise output thereafter, as it invests billions of dollars to produce from newer discoveries, a top company official said. Oil and Natural Gas Corporation (ONGC) in fiscal 2021-22 produced 21.707 million tonne of crude oil, which is refined to produce petroleum products like petrol and diesel, and 21.68 billion cubic metre (bcm) of natural gas, which is used to produce electricity, manufacture fertiliser and as CNG in automobiles. "We are definitely looking forward to increasing production of oil and gas in 2023-24 and even in the current year," ONGC chairman Arun Kumar Singh told PTI. In the current fiscal year (2022-23), crude oil production is slated to rise to 22.823 million tonnes and gas to 22.099 bcm. In the following fiscal year, oil production will climb to 24.636 million tonnes and 25.689 million tonnes in 2024-25. Natural gas production is slated to rise to 25.68

ONGC to explore investing in Argentina gas assets: Chairman Arun Kumar

The company also signed a memorandum of understanding with Argentina's state oil company YPF for hydrocarbon cooperation

ONGC to ramp up exploration for oil, gas; looks for collaborations

India's top oil and gas producer ONGC is pivoting a four-pronged strategy of ramping up exploration efforts, quickly bringing discovered resources to production, raising recovery from existing fields and increasing collaborations with experts to reverse years of decline in output, its new chairman Arun Kumar Singh said. Oil and Natural Gas Corporation (ONGC) is keen to induct internationally renowned exploration firms as strategic partners in difficult areas such as deepsea and bring-in experts who can help raise productivity from ageing and mature fields such as prime Mumbai High, Singh told PTI in an interview here. ONGC, which contributes around 71 per cent to India's domestic production, has reported a gradual decline in output for over a decade now primarily because its fields are old and ageing. It produced 21.707 million tonnes of crude oil, which is refined to produce petroleum products like petrol and diesel, and 21.68 billion cubic meter (bcm) of natural gas, which is used

Chairman Arun Kumar Singh to take charge as ONGC's CEO as well: Report

More than a month after Arun Kumar Singh was appointed chairman of India's largest oil and gas producer ONGC, the retired BPCL head is also the CEO of the company now, according to a stock exchange filing by ONGC. Oil and Natural Gas Corporation (ONGC) has been traditionally headed by a chairman and managing director. It, however, did not have a full-time head after Shashi Shanker superannuated on March 31, 2021. The government on December 7 named Arun Kumar Singh, who had a couple of months back retired as head of Bharat Petroleum Corporation Ltd (BPCL), as the chairman of ONGC but not as its managing director. Now, he has been appointed the CEO of the company as well. "In continuation of our communication dated December 7, 2022, regarding the appointment of Arun Kumar Singh as chairman of the company. It is informed that the Board at its meeting held on January 24, 2023, has appointed Singh as Chief Executive Officer (CEO). Accordingly, Singh is designated as Chairman & CEO of ..

ONGC gains 2%, hits over 6-month high on hopes of strong earnings growth

According to Motilal Oswal, 2023 is likely to be a defining year for ONGC with two prominent triggers-- a rise in domestic oil & gas production, and a possible floor on gas realization