Page 8 - Ongc

ONGC awaits mining lease for new oil field discoveries in WB's Ashokenagar

State-owned Oil and Natural Gas Corporation (ONGC) has made four more discoveries since it first made an oil field near Asokenagar in West Bengal six years back but is still awaiting the state government's nod for a petroleum mining lease to develop them, Oil Minister Hardeep Singh Puri said on Thursday. ONGC notified the first Asokenagar discovery in Block WB-ONN-2005/4 on September 24, 2018, Puri said in a written reply to a question in Lok Sabha. The discovery, he said was the outcome of continuous exploration efforts of ONGC in the Bengal sedimentary basin over five decades. As per initial laboratory studies, crude oil, which is refined into fuels like petrol and diesel, discovered in the Ashokenagar discovery is a light variety with American Petroleum Institute (API) gravity of 40-41 degrees and is almost similar to Bombay High and Brent Crude. "ONGC, accordingly, applied on September 10, 2020, to the Government of West Bengal for a grant of Petroleum Mining Lease (PML) for an

Dividend stocks: Cochin Shipyard, MRF, 21 others to trade ex-date tomorrow

Here is the complete list of stocks that will remain in the spotlight during trading sessions following their dividend announcements to shareholders as they go ex-date on Tuesday, November 19, 2024

Dividend Stocks: ONGC, MRF, Akzo Nobel, 42 others to turn ex-date next week

Here is the complete list of stocks that will trade ex-dividend next week, along with key details of their dividend announcements

Stocks to watch, Nov 14: PFC, Eicher Motors, Vi, Nalco, Swiggy, ONGC

Stocks to watch, Nov 14: Here are few stocks that will be in limelight for today's session

ONGC to soon open 5 wells in KG basin to boost gas, crude output in H2FY25

Of the six announced discoveries so far in FY25, one has been monetised so far

ONGC share price up after Q2 profit jumps 17% YoY; Rs 6 dividend announced

The Board of Directors of ONGC has declared the first interim dividend of Rs 6 per equity share of face value of Rs 5 each for FY25

Stocks to watch, Nov 12: SBI, Britannia, Nykaa, Hindalco, ONGC, IRFC, LIC

Stocks to watch, Nov 12: Here are few stocks will be in focus for today's session

ONGC Q2 results: Net profit up 17% at Rs 11,948 cr on lower windfall tax

State-owned Oil and Natural Gas Corporation (ONGC) on Monday reported a 17 per cent rise in its second quarter net profit primarily because of lower windfall and other taxes. Standalone net profit of Rs 11,948.02 crore in July-September -- the second quarter of the current 2024-25 fiscal year -- was higher than Rs 10,238.10 crore earning in the same period last year, according to a company's stock exchange filing. The profit was also higher than Rs 8,938.10 crore earning in the preceding quarter of April-June 2024. The rise in profit was primarily because of lower windfall tax levied by the government as oil prices dropped. ONGC paid Rs 7,829.51 crore in statutory levies in Q2, down from Rs 10,791.09 crore in July-September 2023 and Rs 9,771.95 crore in April-June 2024. The government levies a windfall profit tax on domestic producers of crude oil to take away extraordinary gains they make when international oil prices shoot up in the aftermath of Russia's invasion of Ukraine. Pr

ONGC ex-manager Sonkar convicted in graft case after 16 year trial

A special CBI court in Ahmedabad has sentenced a former ONGC manager to three years of rigorous imprisonment in a 2006 case of amassing assets disproportionate to his known sources of income, officials said here. The court also imposed a fine of Rs 25 lakh on the accused, Kishanram Hiralal Sonkar, after the protracted trial. The Central Bureau of Investigation had registered an FIR against Sonkar, then Manager, F&A, ONGC, Ankleshwar in 2006 for allegedly amassing illicit assets to the tune of Rs 14.11 lakh between 2002 and 2006 which were 84 per cent over his known sources of income. During the investigation, the CBI detected nearly eight lakh worth of disproportionate assets, taking the total illicit wealth to Rs 22.15 lakh under his possession, they said. The CBI had filed a chargesheet in 2008 after which a long legal battle ensued, culminating in Sonkar's conviction by the special court in Ahmedabad, they said.

Q2 results today: Hindalco, ONGC, Britannia among 321 to post earnings

Q2 company results, November 11: Shree Cements, Jubilant FoodWorks, Bank of India, NMDC, and Ramco Cements will release their Q2FY25 results today

ONGC, NTPC form joint venture to advance renewable, new energy interests

JVC will contribute significantly to India's renewable energy landscape, drive innovation and foster environmental stewardship

ONGC looks at mini-LNG plants to evacuate natural gas from isolated fields

State-owned Oil and Natural Gas Corporation (ONGC) is looking to set up mini-LNG plants to evacuate natural gas from wells located in areas that are not connected with pipelines. The firm has identified five sites in Andhra Pradesh, Jharkhand and Gujarat for setting up mini plants at wellhead that will convert the gas pumped out from under the ground into liquefied natural gas (LNG) by supercooling it to minus 160 degrees celsius. This LNG will be loaded on cryogenic trucks and transported to the nearest pipeline where it will be reconverted into its gaseous state and pumped into the network for supply to users like power plants, fertilizer units or city gas retailers. ONGC has floated a tender seeking manufacturers/service providers to tap stranded natural gas, according to the tender. The locations identified for setting up mini-LNG plants in the tender are two sites at Rajahmundry in Andhra Pradesh and one each at Ankleshwar in Gujarat, Bokaro in Jharkhand and Cambay in ...

Oil India, ONGC surge up to 6% in weak market on rising crude oil prices

In one month, ONGC (down 6%) and Oil India (down 17%) have underperformed the Sensex, which down less than 1% as the lower crude price momentum has led to correction in state-owned upstream companies.

Reliance-bp team up with ONGC as OALP-IX bid round attracts four bidders

India's biggest oil and gas bid round attracted four bidders that included state-owned ONGC and OIL and private sector Vedanta Ltd, with most blocks getting just two bids, according to Directorate General of Hydrocarbons (DGH). The OALP-IX bid round, where 28 blocks or areas spread over 1.36 lakh square kilometre were offered for finding and producing oil and gas, for the first time saw Reliance Industries Ltd-bp plc combine bidding together with ONGC for one block in Gujarat offshore. Reliance and its supermajor partner bp plc had bid in just two of the past eight oil and gas bid rounds since 2017. Reliance-bp combine had bid and won the two blocks they had bid for in the previous rounds and this is the first time they have teamed up with ONGC to bid for a shallow water block in the Gujarat-Saurashtra basin. In the previous eighth round of Open Acreage Licensing Policy (OALP-VIII), state-owned Oil and Natural Gas Corporation (ONGC) had not bid for the ultra deepsea Krishna Godavari

Maharatna stock in focus: ONGC shares jump 3%; what's behind the rally?

The share price surged following ONGC Videsh's signing of an addendum with SOCAR, BP, and six other partners for Azerbaijan's ACG Field in the Caspian Sea

BPCL and ONGC to jointly explore setting up a new refinery: Report

BPCL plans to increase its integrated refining and petrochemical capacities within the next five to seven years to meet growing energy demand

ONGC Videsh in talks with Russia, US to regain control of projects

Sought special licence from US for Venezuela operations, rouble payments to Russia for Sakhalin

ONGC opens well in Bay of Bengal's KG basin to increase oil production

State-owned Oil and Natural Gas Corporation (ONGC) on Sunday said it has opened another well on its flagship deep-sea project in Krishna Godavari basin in Bay of Bengal, which will help augment production of crude oil and natural gas. In January this year, ONGC had started producing oil, which is converted into fuels like petrol and diesel in refineries, from the KG-DWN-98/2 or KG-D5 block. "On August 24, 2024, ONGC marked a significant milestone by starting production from its fifth oil well in the Block KG-DWN-98/2 Cluster-2 asset," the firm said in a stock exchange filing on Sunday. "Leveraging the floating production, storage, and offloading (FPSO) vessel, ONGC has begun transporting and sale of associated gas, all the while underscoring its commitment to achieving zero gas flaring." It, however, did not state how much the new well was producing. With this, ONGC also successfully commissioned its gas export line from the offshore-to-onshore terminal. "Earlier in January, oil

ONGC, JSW, Sembcorp shortlisted for majority stake in $800 mn Ayana deal

Ayana Renewable Power, backed by NIIF manages a 5 GW portfolio of operational and under-construction projects. The company is open to sell up to 100% of its stake

Govt approves 20% premium for natural gas from new wells for ONGC

The government has approved a 20 per cent premium over the regulated or APM price for any natural gas that ONGC will produce from new wells, the company said on Monday. Currently, two pricing regimes govern the majority of the domestic production of natural gas, which is used to generate electricity, produce fertiliser, turn into CNG for running automobiles and piped to households for cooking. Gas produced from legacy or fields given to state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd, on nomination basis, is priced at 10 per cent of the prevailing price of crude oil that India imports. This price, subject to a cap price of USD 6.5 per million British thermal units, is called regulated or APM price. So, at the current Indian basket price of USD 77 per barrel, the APM price for gas produced from ONGC's Mumbai High and Bassein fields in the western offshore should come to USD 7.7 per mmBtu, but it is paid the cap price of USD 6.5. Gas produced from difficult field