State-owned Oil & Natural Gas Corp's (ONGC) Krishna Godavari basin well that had been leaking natural gas for over two months now, has stoped flowing gas, the government said.
State-own oil explorer Oil and Natural Gas Corporation and the Hinduja group have been offered 40 per cent stake in the development of phase-XII of the giant South Pars gas field of Iran.
The PSU major plans to generate 1000-2000 mw from wind energy after the successful completion of these projects.
About two dozen discoveries of the state-owned ONGC, Reliance Industries and the Gujarat State Petroleum Corp (GSPC) in KG Basin alone are languishing for want of right price.
The government has cut the windfall profit tax on crude oil produced in the country while the levy on exports of diesel and ATF has been hiked, an official notification said. The tax, levied in the form of special additional excise duty or SAED, on domestically produced crude oil was reduced to Rs 6,700 per tonne from Rs 7,100 a tonne. SAED on the export of diesel was increased to Rs 6 per litre from Rs 5.50 a litre and on jet fuel or ATF to Rs 4 per litre from Rs 2, the notification said.
Oil and Natural Gas Corp (ONGC) has said its net profit will drop by over 47 per cent to below Rs 10,000 crore (Rs 100 billion) this fiscal if the government forces it to shell out a higher fuel subsidy.
The Union Cabinet on Thursday approved a revision in the formula for pricing of natural gas and imposed cap or ceiling price to help cut CNG and piped cooking gas prices by up to 10 per cent. Natural gas produced from legacy or old fields, known as APM gas, will now be indexed to the price of imported crude oil instead of benchmarking it to gas prices in four surplus nations such as the US, Canada and Russia, Union I&B Miniser Anurag Thakur told reporters after a meeting of the Cabinet. APM gas will be priced at 10 per cent of the price of basket of crude oil that India imports (Indian basket of crude oil).
The Oil and Natural Gas Corporation is planning to invest about Rs 12,000 crore (Rs 120 billion) in the coming years to upgrade and redevelop 15 oil and gas fields in the country, which had now become "old", a top executive said on Tuesday.
The RBI interest rate decision, industrial production data for June and the ongoing quarterly earnings from corporates would largely drive the stock markets this week, analysts said. Other major factors such as global market trends, the movement of oil prices and the trading activity of foreign investors would also influence trading, they added. "The market will have an eye on the RBI Monetary Policy Committee (MPC) meeting, which will be announced on August 10, 2023. We are heading towards the last batch of Q2 earnings of key companies such as Adani Ports, Coal India, Hero MotoCorp, Hindalco and ONGC, among others, which will lead to stock-specific movement," said Pravesh Gour, senior technical analyst, Swastika Investmart Ltd.
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Three PSUs, three private firms join bid to acquire 40% stake in Haldia Petrochem.
State-run Oil and Natural Gas Corporation approached the petroleum ministry on Thursday with an initial proposal for permission to bid for Hindustan Petroleum Corporation as and when the government decides to offer its stake in the PSU.
Oil & Natural Gas Corporation Ltd said its ONGC Videsh Ltd authorized plans to hold talks with British Gas for acquisition of their stake in Kashagan oil filed. However, no action has been taken in this regard, it said.
Reliance Industries and Oil and Natural Gas Corporation will present their views as producers on pricing of natural gas on Tuesday to a panel of top government officials formed to resolve the vexed issue.
Petroleum Minister Ram Naik said on Thursday that Mangalore Refinery and Petrochemicals Ltd will not merge with Oil and Natural Gas Corporation.
The government on Wednesday more than doubled the price of natural gas produced by state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd to $4.20 per mmBtu, at par with the rate at which Reliance sells its gas.
State-owned Oil and Natural Gas Corporation plans to invest over $10 billion in bringing to production gas discoveries off the east coast, its director (exploration) D K Pande said on Tuesday.
State-owned Oil and Natural Gas Corporation said on Thursday that it has discovered gigantic oil reserves, west of the Vasai gas field, off the Mumbai coast.
Petroleum Secretary M S Srinivasan observed that smaller and more nimble companies are proving formidable and ONGC would have to register exploration successes and strengthen its systems to retain its position in the industry.
Low-to-negative margins on sale of petroleum products have forced some companies to scrap their retail expansion plan, while others have chosen to go slow.
Oil and Natural Gas Corporation, Gas Authority of India and Oil India Ltd will pay Rs 1,200 crore (Rs 12 billion) to the state-run oil marketing firms for the losses they suffered during the first quarter for selling LPG and kerosene below the cost.
In line with the broader market, shares of ONGC on Tuesday surged nearly one per cent to touch an intra-day high of Rs 1,415 thus, fuelling the market capitalisation of the firm to a whopping Rs 3,00,511 crore (Rs 3,005.11 billion) in the morning trade.
Oil and Natural Gas Corporation said on Thursday that it would like to acquire public sector oil companies -- Hindustan Petroleum Corporation and Bharat Petroleum Corporation.
Government on Tuesday approved the proposals of Oil and Natural Gas Corporation and Indian Oil Corporation to offer voluntary retirement to their surplus staff.
With a view to attract small investors, the government will offer in lots of 10, the shares of state-owned exploration firm Oil and Natural Gas Corporation for public issue to divest 10 per cent of its equity.
Reliance Industries has regained the top slot among Indian energy companies on the Platts global list
Will set up a 1,000MW gas-based power plant at its Gujarat SEZ.
Eight persons, including the ship's captain, were reported missing after the vessel sank in turbulent seas on Monday.
ONGC has awarded the service contract for development of its B-192, B-45 and WO-24 fields, known as Cluster 7, south-west of the Mumbai High field to a consortium of HPCL, Prize Petroleum Comnpany Ltd and Malaysia's M3nergy Berhad (Trenergy). \n\n
ONGC will file the red herring prospectus for the FPO by February 25, by which time it hopes to have five more independent directors on the company's board to meet the Securities and Exchange Board of India's listing requirement.
During the afternoon trade, ONGC commanded a market value of over Rs 2.48 lakh crore -- the highest for any listed company in India.
After the euphoria over the recent oil and gas discoveries made by upstream behemoth Oil and Natural Gas Corporation
Government said on Tuesday it was commited to Oil and Natural Gas Corporation's mega investment plans in petrochemical projects and special economic zone at Mangalore and there was no going back on it.
ONGC is set to invest Rs 440 Crore (Rs 4.4 billion) in drilling of 40 oil and gas wells in the Krishna-Godavari basin next fiscal, a senior official of the company said on Wednesday.
ONGC has been making an annual loss of about Rs 700 crore (Rs 7 billion) on sale of gas at administered prices and hoped the government will soon decide on hiking the fuel price. the present price of Rs 3.2 per cubic meters that ONGC gets for gas produced from fields given to it on nomination basis, was not sustainable. Price of about 80% of gas produced by ONGC is regulated by the Govt. PetroMin had recommended 16% increase in price of gas produced by ONGC and Oil India.
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