Page 47 - Ongc

HC to not interefere in Sambit Patra's appointment as ONGC director

The Delhi High Court on Monday refused to interfere in the appointments of Chairman & Managing Director Shashi Shankar and Non-Official Director Sambit Patra to the board of Oil and Natural Gas Corporation (ONGC).Earlier, the Delhi High Court reserved its order on the maintainability of the writ petition challenging the appointments of Shankar and Patra to the ONGC board.The petition was filed by Advocate Prashant Bhushan on behalf of Energy Watchdog.Shankar and Patra had allegedly been accused of indulging in corruption in the petition.It also stated Patra to be the national spokesperson of Bharatiya Janata Party and therefore cannot be an independent director of a company whose promoter is the government.

Govt to give 60% stake in ONGC fields to private firms

The fields would be auctioned and any firm committing the maximum capital investment within 10 years of the contract award

ONGC to double gas output by FY22

ONGC plans to nearly double natural gas production in four years as it invests billions of dollars to produce from newer discoveries, the state-owned firm's chairman Shashi Shanker said. India's biggest oil and gas producer is investing Rs 92,000 crore in 35 major projects which include 14 to bring new finds to production and six to improve recovery from the ageing fields. "We have almost 70 per cent of oil production coming from mature fields. My primary challenge is to step up production," said Shanker, who took over as the Chairman of Oil & Natural Gas Corp (ONGC) last month. Plans on table would help raise crude oil production from 22.25 million tonnes in 2016-17 to 27 MT by 2021-22, he said. Natural gas output is envisaged to rise from 22 billion cubic meters (60 million standard cubic meters per day) to 42 bcm (115 mmscmd) in FY'22, he said. ONGC's roadmap to raise output comes two years after Prime Minister Narendra Modi set the target for reducing oil import

Top priority is to increase domestic production to meet Modi's goal: ONGC

ONGC CMD Shanker further informed that the roadmap to meet this goal is ready

ONGC hits 5-month high as Q2 profit beats estimates

The stock was up 3% at Rs 190, trading at its highest level since May 11, 2017 on the BSE.

ONGC hits over four-month high; stock up 3% on heavy volumes

The stock up 3% to Rs 177, hit its highest level since June 5, 2017 on the BSE

ONGC plans to raise oil output by 4 mt by 2020

The state-owned firm will raise crude oil production from 22.6 mt in 2017-18 to 26.42 mt in 2021-22

ONGC to go for bridge loan to fund HPCL deal

The department of investment and public asset management is likely to finalise the timing of the HPCL-ONGC deal soon

DGH refuses to review commerciality of ONGC's deepest gas find

An ONGC official said it is beyond the mandate of the regulator to not review a discovery and look into technology

ONGC's gas production to increase this fiscal, says Pradhan

Commencement of production from Vashishta-S1 fields in East Coast and commissioning of booster compression facilities in Bassein field of Western Offshore are reasons

Shashi Shankar appointed CMD of ONGC, replaces Dinesh K Sarraf

Shankar will have a nearly four-year term till March 2021

ONGC discovers 'good' offshore oil, gas field with reserves of 20 mn tonnes

The Mumbai High field annually produces oil and natural gas of about 9 million to 10 million tonnes of oil equivalent

ONGC: Ready to break production barriers

A look at Oil and Natural Gas Corporation's (ONGC's) 2016-17 annual report gives confidence about the company's oil and gas production outlook. Production, apart from benign prices, has been a key bane for investors. Now both are on the mend.The latest annual report suggests drilling performance improved significantly in FY17, with 501 wells drilled, the highest-ever. The drilling efficiency, in terms of metres drilled per rig-month, improved 25 per cent. The results are evident now; analysts at Credit Suisse say higher well completions have driven output, with oil & gas production run-rates now up 3/13 per cent versus the first half of FY17. These improvements are led by an increase in capital allocation, wherein development capex is up from 25 per cent (of total) over FY14-16 to 35 per cent, thereby highlighting ONGC's renewed focus on development drilling, say analysts. There are clear signs of production increase. ONGC said it had reversed the declining crude oil production ...

ONGC seeks shareholders' approval to raise $4 billion

ONGC's first debt issue in more than a decade would likely buy government's 51.1-per cent stake

ONGC to raise its first ever debt of Rs 25,000 cr to fund HPCL buy

India's largest oil and gas producer has about Rs 13,000 crore in cash

ONGC to hire i-bankers for HPCL acquisition

State-owned Oil and Natural Gas Corp (ONGC) will hire investment bankers to assist it in acquiring government's 51.11 per cent stake in Hindustan Petroleum Corp Ltd (HPCL). The investment or merchant banker to be hired will be separate from the one the government is hiring to manage its disinvestment, a senior official said here. The board of ONGC yesterday gave 'in principle approval' for acquisition of the government stake in HPCL, which at today trading price is worth about Rs 34,800 crore. He said a six-member Committee of Directors has been constituted to examine various aspects of the acquisition and to provide its recommendations to the board. The panel includes Chairman and Managing Director Dinesh K Sarraf and Director (Finance) A K Srinivasan as also independent directors K M Padmanabhan, Sumit Bose and Vivek Mallya. Director (Technology & Field Services) Shashi Shanker, who has been selected to succeed Sarraf as the chairman of ONGC at the end of September, will ..

ONGC buys 80% stake in GSPC's KG basin gas block

ONGC got govt nod for the purchase last month and has now made payments to complete the acquisition

ONGC buys 80% participating interest in GSPC block

GSPC will continue to hold 10% participating interest in the block

ONGC seeks market freedom to open India's 8th sedimentary basin

Prices have halved to $2.48 per mmBtu since the formula was implemented

ONGC Q1 standalone net drops 8% at Rs 3,885 cr

Revenue from the company's offshore operations rose 4.2%to Rs 13,068 cr in the quarter