ONGC

Days after new gas pricing norms adopted by Centre, city gas distribution companies across the country announce price cuts for PNG & CNG

The Government of India has accepted several key recommendations made by the Kirit Parikh Committee with respect to the pricing of natural gas produced from the APM fields.

The government on Thursday amended the domestic pricing model of natural gas in line with the recommendations of the Kirit Parikh committee on gas pricing

The capped rates which are about a quarter less than the current prices, will lead to CNG and piped cooking gas prices being cut by up to 10 per cent

This is an unnecessary overhang, since the company has not been on an investment spree

Officials said existing APM gas prices have been left broadly unchanged till Sept 31 as a temporary arrangement

Stocks to Watch: ONGC, Oil India, Reliance will be in focus as the Centre has slashed windfall tax on domestically produced crude oil to nil from Rs 3,500 a tonne, effective from April 4

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 ...

Sustained higher crude oil prices and gas realisations can result in better profitability for upstream oil and gas companies, analysts said

Stocks to Watch: Oil related stocks like ONGC/Oil India/RIL/ refiners will be in focus as crude jumped 8 per cent following a surprise output cut by the OPEC+

On March 30, GeM completed five million transactions in a single financial year for the first time ever

The MoU seeks to provide technical help for ONGC's push to explore and reduce green house emissions in development of deep-water blocks especially in Mahanadi and Andamans, off India's east coast

In past one month, Oil India has rallied 23%, while, ONGC surged 11%, as compared to 0.33 per cent decline in the S&P BSE Sensex.

The government slashed windfall profit tax on export of diesel to its lowest of Rs 0.50 per litre and nil on jet fuel (ATF) while the levy on domestically produced crude oil was marginally increased, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has hiked to Rs 4,400 per tonne from Rs 4,350 per tonne, the order dated March 3 said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF). The government has also cut the tax on export of diesel to Rs 0.5 per litre from Rs 2.5, and the same on overseas shipments of ATF was cut to nil from Rs 1.50 a litre. The new tax rates come into effect from March 4, the order said. This is the second reduction in rates in a fortnight. Rates were cut on February 16. The export levy on diesel and ATF is the lowest since the tax was introduced in July last year. The tax rates are .

Sustained higher crude oil prices and gas realisations can result in better profitability for upstream companies, say analysts.

CLOSING BELL: Sectorally, the Nifty Metal index plunged 3 per cent, dragged by Adani Enterprises, which tumbled nearly 5 per cent

India's top oil and gas producer ONGC will invest over USD 2 billion in drilling a record 103 wells on its main gas-bearing asset in the Arabia Sea as it pivots a turnaround plan that will add 100 million tonnes to production, a company official said. Oil and Natural Gas Corporation (ONGC) has three main assets off the west coast - Mumbai High, Heera and Neelam, and Bassein and Satellite, which contributed the bulk of 21.7 million tonnes of oil and 21.68 billion cubic metres of gas it produced in 2021-22. "We have released a record 103 locations for drilling of wells on the Bassein and Satellite (B&S) assets over the next 2-3 years," ONGC Director (Offshore) Pankaj Kumar said. The wells will tap smaller and hereto untapped reservoirs and help raise output. "We estimate that this development drilling will enhance production by over 100 million tonnes of oil and oil equivalent gas over the life of the field," he said. "The investment involved in drilling and facilities will be over .

And their price and fair valuation targets range between Rs 275 and Rs 290

The reduction of windfall tax will reduce cess of domestic oil production companies like ONGC and Oil India.

Stocks to watch today: While Eicher Motors posted 62.4 per cent year-on-year (YoY) jump in the December quarter (Q3FY23) profit, Vodafone Idea's net loss widened 10.5 per cent YoY to Rs 7,990 crore