The Oil and Natural Gas Corporation plans to invest over US$ 5 billion to produce 25 million standard cubic meters per day of gas from its eastern offshore Krishna Godavari fields by 2013. The state-run firm on Wednesday submitted to the regulator Director General of Hydrocarbons an appraisal programme of the discoveries it had made in the KG offshore basin, putting the in-place reserves at 6.37 trillion cubic feet. ONGC also plans to produce 8,000 barrels of oil per day.
While prices sustaining lower levels is crucial, Govt actions are also a key monitorable given the forthcoming elections in 2024.
The Norwegian company, which has already taken a 10 per cent stake in the KG-DWN-98/2 block, has the right to double its interests before the gas discoveries are put to production but it is now keen on operatorship and a higher stake in the block, company sources said. ONGC is in dire need of deep water production technology and is likely to agree for a joint operatorship of the block but is not willing to give 30 per cent stake in Norsk Hydro.
Oil and Natural Gas Corporation will award six small onshore oil fields this month to private companies for bringing them to production in the next two-three years
India's trade account could come under pressure and there could be an inflation push if crude oil prices remain above the $90 per barrel (Brent) for a prolonged period since India imports over 85 per cent of its oil and roughly 50 per cent of its gas. A rebound in economic activity is bound to lead to higher fuel demand. While India is the third-largest importer of crude, it is a net exporter of refined products, which helps to compensate to some degree.
The government on Wednesday said it has started the process of appointing financial advisors to offload 10 per cent stake in state-owned oil refinery Oil and Natural Gas Corporation.
State-owned exploration firm Oil and Natural Gas Corporation will begin retailing petrol and diesel from its own petrol stations by the year end, company chairman and managing director Subir Raha said on Thursday.
It will be Reliance Industries' gigantic gas find on the east coast versus the imported LNG offered by ONGC and Indian Oil Corporation in the tender for supply of gas to the 1400 MW power plant in Karnataka.
Oil and Natural Gas Corporation will set up a specialised trading desk in India to market crude oil received from investments in oil fields abroad and surplus petroleum products from subsidiary Mangalore Refinery Petrochemicals Ltd.
The government on Monday announced a selling price of Rs 750 per share for the public offer of 14.26 crore shares in Oil and Natural Gas Corporation.
The board of Oil and Natural Gas Corporation has approved an investment of Rs 5,713 crore (Rs 57.13 billion) for the second phase of redevelopment of the Bombay High in the Western Offshore.
The combined market valuation of top nine Sensex firms advanced by a whopping Rs 1.39 lakh crore with energy majors ONGC and RIL emerging as the star performers, while TCS saw a marginal dip last week when stock market recorded life-time highs.
ONGC, BG close to resolving Panna-Mukta row.
The Oil and Natural Gas Corporation plans to invest around Rs 750 crore (Rs 7.50 billion) on upgrading the product quality and debottlenecking in Mangalore Refinery and Petrochemicals Ltd.
Domestic quarterly earnings, global trends and foreign fund trading activity would dictate the movement in equity markets, which may face volatility amid the scheduled monthly derivatives expiry this week, analysts said. Equity markets took a breather last week. The BSE Sensex declined 298.22 points or 0.48 per cent and the Nifty dipped 111.4 points or 0.60 per cent.
The last year has seen public sector undertakings (PSUs) outperforming the Nifty50, albeit by a small degree. But PSU valuations are still, on average, less than half of private sector peers at price-to-equity or PE 8.7x for the Nifty PSU Index versus 20.9x for the Nifty50. There are several reasons for lower valuation.
ONGC confirmed on discovering natural gas in KG basin off the Andhra Pradesh coast and Mahanadi basin off Orissa coast, but said the find in KG basin posts 'technological challenges' and it was on looking for a strategic partner.
The first parcel of 90,000 tonnes is expected at Mangalore port around December 2.
State-owned Oil and Natural Gas Corp will invest Rs 985 crore (Rs 9.85 billion) to develop the Bassein East field, which is estimated to contain 97 million tonnes of oil and oil equivalent gas.
Cairn India, which is the operator of the block with 70 per cent stake, does not have to pay any royalty. At $50 per barrel crude oil price, the royalty outgo over the entire life of the field would be Rs 16,209 crore (Rs 162.09 billion) -- Rs 4,862.7 crore (Rs 48.62 billion) on its share and Rs 11,346.3 crore (Rs 113.46 billion) on behalf Cairn.
Oil and Natural Gas Corporation said on Tuesday it was making an annual loss of Rs 700 crore (Rs 7 billion) on sale of gas at administered prices even as Reliance Industries stated it followed a transparent process to discover the price of gas.
"We have not yet lost hope and rescue operations are on. But we fear 4 to 5 people may be dead," ONGC Chairman and Managing Director R S Sharma said.
Oil and Natural Gas Corporation will shell out Rs 5,023 crore (Rs 50.23 billion) to subsidise kerosene and LPG in the second quarter of current fiscal.
Upstream oil firms bear one-third of the revenue that retailers lose on selling diesel, domestic LPG and Kerosene at government-controlled rates.
OVL, along with global oil majors such as Royal Dutch Shell, ExxonMobil, Chevron, ConocoPhillips, British Petroleum, Total and China National Petroleum Corporation, is one of the 35 companies short-listed by the Iraqi government for the auction, which includes six oil-producing blocks with recoverable reserves of 40 billion barrels of oil, making it the largest such auction in the world.
Petroleum Minister Dharmendra Pradhan was to give away the awards but he could not attend because he was travelling.
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 state-run Oil and Natural Gas Corporation has reported a 24 per cent jump in its net profit to Rs 2,825 crore in the second quarter ended September 30 as against Rs 2,276.59 crore in the same period a year ago.
The Centre -- running out of cash, and time before the Budget to meet its fiscal deficit target -- will get as dividend Rs 3,964 crore (Rs 39.64 billion) from its flagship listed firm Oil and Natural Gas Corporation (ONGC).
India's production of crude oil, which is refined to produce petrol and diesel, continued to decline in November, with lower output from state-owned firms leading to an over 2 per cent drop, official data released on Tuesday showed. Crude oil production in November was 2.43 million tonnes, down from 2.48 million tonnes a year back and 2.5 million tonnes in October 2021. Oil and Natural Gas Corporation (ONGC) produced 3 per cent less crude oil at 1.6 million tonnes in November due to delays in mobilising equipment at western offshore fields.
The Oil and Natural Gas Corp, which is laying a 741-km long petroleum product pipeline in Sudan, will also build a $1.2 billion oil refinery in the African nation.
India's largest oil producer Oil and Natural Gas Corp, gas utility GAIL and exploration firm Oil India Ltd will pay Rs 3,246 crore (Rs 32.46 billion) to oil marketing firms to partly cover the losses they made in April-June.
Of this amount, over Rs 16,000 crore (Rs 160 billion) is being invested to improve output from seven fields, he told company's shareholders.
Oil and Natural Gas Corporation said on Wednesday it will begin production from its ultra deep sea gas discovery in the Krishna-Godavari basin off the east coast by 2012-13.
