Oil and Natural Gas Corporation will restart its flood-hit Hazira gas plant in Gujarat on August 19, two-days ahead of schedule to avert a fuel supply crisis particularly for CNG operations in New Delhi.
Putting aside the plan for setting up a greenfield refinery in the state, Cairn Energy India, in a joint venture with ONGC, is planning to build a 500-km pipeline to evacuate crude oil from the Mangala, Bhagyam, and Aishwarya fields.
The foundation laying ceremony of Oil and Natural Gas Corporation's petrochemical complex in Mangalore was postponed due to heavy rains.
Oil and Natural Gas Corporation has discovered natural gas reserves in Krishna Godavari basin off the Andhra coast, Minister of State for Petroleum and Natural Gas Dinsha Patel said on Tuesday.
India's import of discounted crude oil from the Russian Federation hit an all-time high in May, with state-run refiner IOC becoming the biggest importer of Russian oil, relegating Reliance Industries to the second place, trade and shipping data show. Indian imports of Russian oil, accounting for over 46 per cent of its total crude oil imports in May, have grown after strong backing by New Delhi, with state-run refiners powering imports of discounted crude. Discounts on Russian oil average around $10 a barrel, said an official from a state-run refiner. IOC's May purchases rose by 64 per cent on the month, and accounted for half of its total crude imports last month, ship tracking data show.
Oil and Natural Gas Corporation has lost out on a bid for an oil block in Angola to a Chinese-led consortium.
Government-owned Oil and Natural Gas Corporation, the country's largest petro exploration company, wants to hire an ultra deep-sea drill rig, the daily cost of which is about Rs 5 crore.
Natural gas produced from C-Series fields is sold to GAIL which further markets it to end users.
Oil and Natural Gas Corporation is in talks to acquire oil properties abroad worth $15 billion, company chairman Subir Raha said on Friday
The windfall taxes on domestic crude oil production and fuel exports will generate close to $12 billion (Rs 94,800 crore) for the government in the remainder of the current fiscal while trimming profits of firms such as Reliance Industries Ltd and ONGC, Moody's Investors Service said Tuesday. On July 1, the government imposed windfall gain taxes on the export of petrol, diesel and aviation turbine fuel (ATF), and on the domestic production of crude oil. It has also mandated exporters to meet the requirements of the domestic market first.
The revamping will start with its assets in Assam. The company will soon float tenders worth Rs 2,500 crore, a senior company executive said. ONGC has three fields in Assam - Rudrasagar, Lakwa and Geleki. The Rudrasagar field is almost 40 years old.
If Raha's resistance to the petroleum ministry's interference turns into a plebiscite at the firm's AGM on Sept 21, the ministry may vote for his ouster.
Brokerages expect Nifty50 companies to have cumulatively witnessed strong double-digit growth in their earnings in the first quarter of FY24 (Q1FY24). This growth in the combined earnings is expected to have been driven by banks, automakers, and oil & gas companies. Other sectors may report muted profit growth.
This is the second major threat ONGC has faced in Assam in less than a year.
ONGC Q1 net profit for the quarter ended June 2006 rose 24 per cent to Rs 4,119 crore (Rs 41.19 billion) when compared to Rs 3,319 crore (Rs 33.19 billion) in the corresponding quarter last year.
Notwithstanding the windfall tax placing a cap on profits, oil and gas producers like Oil India (OIL) and Oil and Natural Gas Corporation (ONGC) have done well in the October-December quarter (third quarter, or Q3) of 2022-23 (FY23). ONGC faces the drag of poor results from its subsidiary Hindustan Petroleum Corporation, and in comparative terms, OIL is better off. Standalone net sales in Q3FY23 stood at Rs 5,900 crore - up 57 per cent year-on-year (YoY), up 2 per cent quarter-on-quarter (QoQ).
Oil & Natural Gas Corporation (ONGC), Delhi, rode on a fine hat-trick from Akashdeep Singh to trounce Indian Oil Corporation (IOC), Bangalore, 5-2, while Bharat Petroleum Corporation Limited (BPCL), Bangalore, struggled to overcome South Central Railway (SCR), Secunderabad 1-0 in the semi-finals on Friday.
In wake of the recent subversive activities in the country, ONGC -- under the leadership of Chairman R S Sharma -- reviewed the security aspects of the company, including those in its offshore operations at a high level meeting held at New Delhi on Tuesday.
Oil and Natural Gas Corp, the Cabinet Committee on Economic Affairs has shot down its proposal to acquire a 45 per cent stake in a Nigerian oil and gas field for close to $2-billion saying the deal was 'too risky.'
Oil and Natural Gas Corporation will hire international lawyers to deal with the matter of acquiring 15 per cent stake in the main production unit of embattled Russian oil firm Yukos.
Analysts cut upstream firms' FY15 earnings estimates, while raising those for GAIL and Gujarat Gas.
The reserves in Farzad-B are almost thrice the largest gas field in India.
Britains' Cairn Energy has offered to sell its stake in two oil and gas blocks in Krishna Godavari basin to Oil and Natural Gas Corporation for $100 million and 15 per cent equity in state-run firm's two blocks.\n\n\n\n
ONGC's foreign arm had agreed to buy firm's stake in Kashagan field for $5 billion.
Capital expenditure by 54 large central public sector enterprises and five departmental arms, having a capex minimum target of Rs 100 crore, rose 93 per cent year-on-year (YoY) in the April-May period to Rs 1.39 trillion. The National Highways Authority of India (NHAI) and the Railways have started this financial year's capex cycle on a stronger note. In the first two months of FY24, the 54 CPSEs, along with the departmental arms, achieved 19 per cent of their combined budget target of Rs 7.33 trillion, Business Standard has learnt.
Cairn India produces 125,000 barrels of crude oil per day (6.25 million tonnes a year) from Mangala oilfield, the largest among the 15 discoveries in the Rajasthan block RJ-ON-90/1.
UBS Investment Research in its latest report estimated that ONGC and GSPC may get at least $5.5 per million British thermal unit for natural gas they will pump out from their respective Krishna-Godavari basin blocks. RIL is to get a fixed price of $4.2 per mmBtu for gas it would produce from Dhirubhai-1 and 3 fields in KG-D6 block from December-January, for the next five years.
State-owned drilling firm ONGC has reported a more than 50 per cent decline in oil production at its fields off the Mumbai Coast due to the officers' strike, which entered the third day.
ONGC, which has cash surplus of about Rs 25,000 crore (Rs 250 billion), at present asks banks on its panel to quote interest rates they would offer for short-term deposits. However, the finance ministry wants this practice to be stopped and business given to state-run banks on nomination basis. The card rates of banks published on their websites are not applicable for bulk deposits for which banks quote the rates on demand, a senior company official said.
Government plans to sell 5 per cent of its shareholding in ONGC in the follow-on public offer next month.
An Empowered Group of Ministers headed by Finance Minister P Chidambaram had on February 28 decided to sell the stake in IOC, the nation's largest oil firm, at a discount of 10 per cent through an off-market deal.
Oil and Natural Gas Corporation would go ahead with its proposed investment of Rs 2,000 crore (Rs 20 billion) in Assam, its chairman and managing director Subir Raha said in Kolkata on Friday.
The Rs 31,000-crore refinery and petrochemical plant being planned by Oil and Natural Gas Corporation in Kakinada in Andhra Pradesh is likely to have a new partner -- the Bangalore-based GMR group. GMR is the latest to join the long line of suitors, including the Hinduja group, Reliance Industries and Essar Oil, for the refinery.
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