Page 27 - Ongc

ONGC seeks minimum $4 for CBM gas, $3.5 for gas in North East

India's top oil and gas producer ONGC is seeking a minimum price of USD 3.5-4 for the natural gas it plans to produce from coal seams in Jharkhand and a field in Tripura. Oil and Natural Gas Corporation (ONGC) has issued separate tenders seeking buyers of 0.02 million standard cubic meters per day of coal-bed methane (CBM) it plans to produce from the North Karanpura CBM block in Jharkhand and 0.1 mmscmd from Khubal field in Tripura. For the CBM gas, it asked buyers to quote a percentage equal to or higher than 8 per cent of Dated Brent Price, according to the tender document. "Floor price shall be the higher of the USD 4 per million British thermal unit or Domestic Gas Price notified by (government's) PPAC for the period," it said. The PPAC notified price for the six months beginning October 1 for gas from fields given to ONGC and Oil India Ltd on a nomination basis is USD 2.9 per mmBtu. ONGC has been complaining that the government-notified gas price is way below cost and the ..

Govt advised ONGC to get partners in Mumbai High, Bassein fields: Minister

The government has from time to time advised ONGC to have partnerships in its major fields including Mumbai High and Bassein & Satellite assets off the west coast with a view to raising output and technology infusion, Parliament was informed on Thursday. In a written reply to a question in the Lok Sabha, Minister of State for Petroleum and Natural Gas Rameswar Teli said national oil companies are free to choose field-specific models including farm out (giving stake) and joint venture/technical service model for enhancing production from their matured and aging fields. The government, he said, is keen that the domestic production of oil and gas should increase exponentially. "ONGC being the leading organisation has to play an important role," he said. "The government from time to time advises ONGC to increase exploration and production by having partnerships for its major fields including Mumbai High and Bassein & Satellite asset with the scope of enhancing recovery and ...

Stocks to Watch: Indigo, ONGC, PNB, Tata Power, RInfra, FMCG, Cement shares

Analysts expect under-performance by FMCG shares to continue

Sudan owes ONGC Videsh $560 mn in unpaid dues: Govt to Parliament

Sudan owes ONGC Videsh Ltd (OVL) a total of USD 560 million in unpaid oil dues and cost of pipeline built by the Indian firm built for the African nation, the government told Parliament on Monday. OVL, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), had a 25 per cent stake in Block 2A&4 in Sudan. Sudan had since 2011 not paid OVL and partners for oil it bought from the block. "The amount due to OVL on account of over lifting of crude oil under the Exploration and Production Sharing Agreement (EPSA) is USD 339.75 million and under sale and purchase agreement (SPA) is USD 90.94 million, which amounts to USD 430.69 million in total," Minister of State for Petroleum and Natural Gas Rameswar Teli said in a written reply to a question in Rajya Sabha. OVL had also not been paid for the 741-km-long pipeline it built from Khartoum to Port Sudan. The company initiated arbitration proceedings against the Government of Sudan to recover the dues and has terminated the ..

ONGC signs pact with SECI to develop renewable, ESG projects

The Memorandum of Understanding (MoU) was signed by ONGC Chairman and Managing Director Subhash Kumar and SECI Managing Director Suman Sharma

'You are insulting judges': SC warns ONGC of contempt over arbitrator fees

The top court sought Attorney General K.K. Venugopal's intervention in the matter, and asked him to speak to the ONGC and ensure that the issue is resolved

Taking away oilfield will be ONGC's 'systematic weakening': Ex-bureaucrat

Oil Ministry's proposal to strip ONGC of Mumbai High and Bassein in the western offshore is a "systematic weakening" of the state-owned firm, former bureaucrat E A S Sarma said

Raymond, ONGC, IOB: 5 stocks which should not be ignored today

Shares of Raymond Ltd and IOB are showing extreme bullish outlook on the charts

ONGC should decide on mode for raising oil, gas output: Oil ministry

Weeks after its second-highest-ranking official asked ONGC to give away its largest producing oil and gas fields to foreign companies, the Petroleum Ministry on Monday clarified that production from existing fields has to be increased through all means including technology and involvement of private sector companies in a transparent manner. Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, had on October 28 written a three-page letter to ONGC Chairman and Managing Director Subhash Kumar, saying productivity of the Mumbai High and Bassein & Satellite (B&S) offshore assets under state-owned firm was low and international partners should be invited and given 60 per cent participating interest (PI) and operatorship. The proposal has met with strong resistance from the management of Oil and Natural Gas Corporation (ONGC) as well as its unions who feel its assets are being given away on a platter to the private sector. "The government is ...

Centre clears air on proposal to give away Mumbai High field to pvt sector

There is enough scope for several large and small companies to operate in the offshore and onshore basins in the country as substantial area is still available, says govt

ONGC union protests Centre's proposal to give away Mumbai High fields

The petroleum ministry's proposal to give away ONGC's biggest oil and gas fields to foreign companies has met with strong resistance from the officers union of the company, which has said that the government should empower and give the company a level-playing field rather than giving away its prime assets to the private sector on a platter. The Association of Scientific & Technical Offices of ONGC petitioned Oil Minister Hardeep Singh Puri against a proposal put by Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, for giving away 60 per cent stake and operatorship of Mumbai High and Bassein & Satellite (B&S) offshore assets to international partners for raising output. The union, which represents ONGC's 17,000 officers, said the company and its employees are completely aligned with the government objective of raising domestic production to cut imports, and for this to happen ONGC should be given the same fiscal and regulatory ...

ONGC, Saudi Aramco sign feedstock and marketing MoU

Public sector oil and gas explorer Oil and Natural Gas Corporation Limited has inked a Memorandum of Understanding with world's largest oil company Saudi Aramco

Sensex, Nifty end on a flat note; ITC gains 2%, Tata Steel slips 3%

Debutants exhibited mixed outing on Day 1. PB Fintech was up 4.4 per cent, Sigachi Industries zoomed 270.5 per cent, while SJS Enterprises ended at a 5 per cent discount to issue price

ONGC sells January-loading Russian Sokol crude at 22-mth high premium

Indian explorer ONGC Videsh has sold a cargo of Russian Sokol crude for loading in January at the highest premium in 22 months on robust demand in Asia, trade sources said on Monday

Stocks to Watch: Nykaa, Naukri, ONGC, Hindalco, Nalco, SpiceJet, Coal India

The earnings season has almost come to an end, going forward individual stocks will react to corporate developments and broader market trend

Top headlines: Ather Energy plans IPO, ED and CBI chiefs' jobs extended

EV startup Ather Energy is planning to go for an IPO within two years. More on that story in our top headlines this morning.

At Rs 18,348 cr, ONGC's Q2 profit highest in a quarter for any Indian firm

ONGC's total crude oil output dipped 3.8 per cent to 5.47 million tonnes while gas production stood 7 per cent lower at 5.467 billion cubic metres

ONGC Q2 net jumps 565% to Rs 18,348 cr; firm to pay Rs 5.5 interim dividend

Revenue rose 44% to Rs 24,353 cr

ONGC must engage pvt sector to boost domestic output: Oil secy Tarun Kapoor

Wants the energy giant to increase area under exploration; options on the table include selling stake to private players, exploring partnerships

Govt asks ONGC to consider selling 60% stake in key oil, gas fields: Report

India, the world's third biggest oil consumer and importer, wants to quickly monetise its oil and gas reserves and has been asking ONGC for years to raise production