Page 9 - Ongc

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

ONGC rallies 8% on upbeat volume guidance; Oil India surges 9%

ONGC management expects total crude oil/gas production volume (incl. JV) to rise by 12 per cent/27 per cent to 23.1mmt/25.9mmt by FY27, mainly driven by KG-98/2 and Daman upside development.

ONGC Q1 FY25 results: Net profit declines 32.1% to Rs 9,936 crore

While production was marginally down, higher cost of materials, cost write offs swelled expenses

ONGC Q1 FY25 results: Net profit declines 15% to Rs 8,938.10 crore

India's largest crude oil and natural gas producer wrote off Rs 1,669.73 crore cost incurred in unsuccessful survey and drilling of wells to find oil and gas

ONGC to intensify gas production in Tripura to feed power plants: Official

Oil and Natural Gas Corporation (ONGC) has intensified operations to increase gas production in Tripura to feed power generation plants in the northeastern state, an official said on Monday. The decision comes amid reports of a reduction in gas supply to various gas-based power generation plants in the state. ONGC produced 1,527 million standard cubic metres (MMSCM) of gas in Tripura in the 2023-24 fiscal, while it has set a target of extracting 1,675 MMSCM gas in the current fiscal. "ONGC has been working to increase gas production so that sufficient gas is supplied to the gas-based power plants in Tripura. We have already set a target of extracting 1,675 MMSCM of gas during the current fiscal year (2024-25) while the production was 1,527 MMSCM in 2023-24," ONGC's Tripura Asset Manager Krishna Kumar told PTI. He said that ONGC will dig as many as 20 new wells for gas exploration in the financial year 2024-25 and one more rig will be added shortly to boost the exploration drive. At

ONGC surges 5%, hits new high; Oil India soars 8% in weak market; know why

ONGC inform that the company has plans to open another well and flow gas to onshore terminal next month through the newly laid subsea gas pipeline

Digital mirror gives ONGC view of safety, business

ONGC, short for Oil and Natural Gas Corporation, recently launched a project called Darpan that technology wise puts the company alongside the best in the world

ONGC acquires Equior stake in Azerbaijan oilfields for $60 million

ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), has acquired Norwegian firm Equinor's stake in an Azerbaijan oilfield and an associated pipeline for USD 60 million, the firm said in a statement. OVL "has signed a definitive sale purchase agreement (SPA) for directly acquiring 0.615 per cent participating interest (PI) in offshore Azeri Chirag Gunashli (ACG) oil field in Azerbaijan from Equinor. The agreement also includes acquiring 0.737 per cent shares of the Baku Tbilisi Ceyhan (BTC) pipeline company through its wholly-owned subsidiary ONGC BTC Limited," it added. The acquisitions, expected to be completed in the upcoming months, involve a total investment of up to USD 60 million. OVL currently has a 2.31 per cent stake in the ACG field and 2.36 per cent in the BTC pipeline. The buyout of Equinor will help raise its stake. Equinor, in December last year, announced an agreement to sell all its remaining assets in Azerbaijan to SO

ONGC Videsh to pay Equinor $60 million for stake in Caspian Sea oil assets

OVL, overseas investment arm of India's top explorer, will buy 0.615% stake in the oilfield and a 0.737% share in Baku Tbilisi Ceyhan (BTC) pipeline from Equinor, it said in stock exchange filing

ONGC hits 52-week high on commencing production of Coal Bed Methane block

The uptick in stock price came after the company announced that it has commenced production from Coal Bed Methane Block (CBM) in Bokaro, Jharkhand.

ONGC stock hits new high after a gap of over 10 years; up 39% from June low

In the past one year, ONGC share price has outperformed the market by surging nearly 90 per cent as against 21 per cent rally in the benchmark index

ONGC unveils Rs 2 trillion decarbonisation road map for net-zero 2038

Rs 2 trn allocated for 7 Gw of renewables, carbon capture, and green H2 plans

ONGC to invest Rs 2 trillion to meet net zero carbon emission target

State-owned Oil and Natural Gas Corporation (ONGC) will invest about Rs 2 lakh crore in setting up renewable energy sites and green hydrogen plants and cutting gas flaring to zero to achieve its 2038 net-zero carbon emission goal. The company, which produces about two-thirds of India's crude oil and about 58 per cent of natural gas, on Tuesday released a 200-page document, detailing its path to achieving net zero emissions. It listed clean energy projects even as it looks to boost its hydrocarbon output to meet the country's energy needs. ONGC will invest Rs 97,000 crore by 2030 in setting up 5 gigawatts of renewable energy capacity, green hydrogen, biogas, pump storage plant and offshore wind project, according to the document. Another Rs 65,500 crore will be invested by 2035, mostly in a green hydrogen or green ammonia plant, and the remaining Rs 38,000 crore by 2038, primarily in setting up 1 GW of offshore wind projects. These projects will help the firm offset 9 million tonnes

ONGC nears record high, up 5% on strong growth prospects; OIL at new peak

ONGC stock hit an over nine-year high at Rs 303, and was trading close to its record high of Rs 314.67 touched on June 9, 2014.