Oil And Natural Gas Corporation

State-owned Oil and Natural Gas Corporation (ONGC) is stepping up a USD 7 billion investment over the next three-four years to reverse years of decline in oil and gas production, company's director for production Pankaj Kumar said. Up to 24 field development, enhanced oil recovery (EOR) and improved oil recovery (IOR) projects are currently in progress that will further help reverse the declining trend in oil and gas production. "Most of our fields are old where natural decline has set in. But we are heavily investing in technology to raise recovery as well as tap isolated reservoirs," he told PTI. ONGC is investing USD 5 billion-plus in development of the Cluster-II region of its flagship KG-DWN-98/2 asset in the Krishna Godavari basin offshore India's eastern coast. It also has multiple field developments in the west coast region, including a planned fifth phase of redevelopment of Mumbai High along with the development of neighbouring fields like Daman, he said, adding these ...

Latin America, Africa, and Russia are expected to play key roles in helping OVL achieve its long-term production targets

The sale of 3.5 per cent of its stake in the LIC through an IPO brought the govt Rs 20,516.12 crore as receipts

Oil and Natural Gas Corporation Limited (ONGC) is in talks with global oil majors to infuse state-of-the-art technologies in its aggressive exploration push in deepwaters of India.The 'Maharatna' held a parley of discussions with major operators in the India Energy Week in Bengaluru during 6-8 February 2023.ONGC held discussions with the American oil and gas giant ExxonMobil, the Norwegian energy multinational Equinor, the American oil services conglomerate Baker Hughes, and the French research organization Institut Francais du Petrole on various issues like Technology, and deepwaters.On 6 February 2023, speaking at the Leadership Panel on "The importance of continued investment in Exploration and Production", ONGC Chairman and Chief Executive Officer (CEO) Arun Kumar Singh said "Energy security is geography dependent. India has kept E and P investment the same, and ONGC invests USD 3.5 billion to keep up production."Eyeing deep-water exploration, Singh highlighted that "The world is .

Oil and Natural Gas Corporation's (ONGC's) delayed Krishna Godavari basin KG-D5 project is likely to start crude oil production in May this year and gas output a year later, a senior company official said. ONGC was originally to start gas production from the Cluster-II fields in block KG-DWN-98/2 (KG-D5) in June 2019 and the first oil was to flow in March 2020. But these targets were shifted. The company blamed contracting and supply chains issues due to the pandemic for shifting the start of oil production first to November 2021, then to third quarter of 2022 and now to May 2023. Gas output start target was first revised to May 2021, then to May 2023 and now to May 2024. Company's director (offshore) Pankaj Kumar said a floating production unit, called FPSO, which will be used to produce oil, is already in Indian waters. "We estimate oil production should start in May," he said. The block is currently producing 1.7 million standard cubic metres per day (mmscmd) of natural gas. "We

Oil and Natural Gas Corporation Ltd proposes to drill 53 exploratory wells in Andhra Pradesh- 50 in Godavari on-Land PML (Petroleum Mining Lease) Block of KG Basin and three in CD-ONHP-2020/1 (OALP-Vi) Block Of Cuddapah basin with an investment outlay of Rs 2,150 crore. Andhra Pradesh State-Level Environment Impact Assessment Authority (SEIAA) in a meeting held last month cleared two separate proposals put up by the ONGC for environmental clearance. According to ONGC, it proposes to carry out the onshore exploration of 50 wells during 2021-'28 in Godavari on-land PML block of KG basin in East and West Godavari Districts of AP based on the geological and geophysical studies. These wells will be converted to development wells and connected to the nearest Early Production System (EPS)/ Gas Collecting Station (GCS) if proved commercially viable, it further said. "Total of Rs 2,000 crore (approximately Rs 40 crore for each well), ONGC said in case of KG basin exploratory wells. ONGC ..

The committee has also recommended a ceiling price of $6.5 per mmBtu, which may be increased yearly by about $0.5 per mmBtu till 2027, Parikh said

While several bankers and analysts have projected the difficulty of reaching this number, it is important to figure out where the target of 15 per cent came from

The Central government on Monday received a huge dividend tranche of Rs 5,001 crore from the Maharatna company ONGC.

ONGC reported standalone earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Rs 18,810 crore

India's top oil and gas producer ONGC reported a 30 per cent fall in September quarter net profit after the government brought a new tax on windfall profits arising from a spurt in international energy prices. Net profit of Rs 12,825.99 crore, or Rs 10.20 a share, in July-September 2022-23 is compared with Rs 18,347.73 crore, or Rs 14.58 per share net profit in the same period a year ago, Oil and Natural Gas Corporation (ONGC) said in a statement. Profit fell 15.6 per cent over the preceding June quarter when it had reported Rs 15,205.85 crore net profit. Net profit fell despite the company's gross billing for crude oil it produced soaring 37.7 per cent to USD 95.49 per barrel in July-September from USD 69.36 a barrel a year back. State-owned ONGC sells crude oil, which is refined at refineries to produce petrol, diesel and other petroleum products, at international benchmark rates which soared following the Russian invasion of Ukraine. However, the government beginning July 1 bro

State-owned Oil and Natural Gas Corporation (ONGC) is preparing for a record third interim chairman as no full-time head of India's most profitable company has yet been selected in 17 months since the post fell vacant, sources said. ONGC is without a regular chairman and managing director since April 2021. Subhash Kumar, the senior-most director on the company board and the director for finance, was named officiating head after Shashi Shanker superannuated on March 31, 2021. And when Kumar retired on December 31, 2021, Alka Mittal, Director for Human Resources, was given an additional charge. Mittal will superannuate at month-end and unless she is given an extension, the next senior-most director, Rajesh Kumar Srivastava, Director (Exploration), is likely to be named as interim head, two officials with knowledge of the matter said. The third interim chairman - a record for ONGC - is being talked about as the government is yet to even identify a full-time head. A search-cum-selectio

Revenue from operations increased to Rs 42,320.72 crore in the first quarter of the current financial year from Rs 23,021.64 crore in the year-ago period.

It is likely to continue with the levy till the Indian basket of crude is above $80 a barrel

At July 1 rates, revenue gains would be less than Rs 48,000 crore if impact on corporation tax is taken into account

Effective from July 20, Rs 6 a litre tax on petrol export has been completely scrapped

Business Standard analysis is based on the numbers of 47 Nifty companies, excluding Bajaj Finserv, HDFC Life, and SBI Life

Three of the four dead were ONGC employees

The quarterly recapping of Nifty indices takes into account the changes in free-float market capitalisation (m-cap) of companies and realigns their weighting

This is the second instance where a disinvestment exercise has been put on hold after completion of the process due to allegations against the reputation of the winning bidder