ONGC Oil

When a stock reaches a new definitive peak, the trend is observed to rally in the same direction in the following sessions. This could become the case for Oil & Natural Gas Corporation and Oil India.

Altogether 10 out of 20 stocks in Nifty PSE index are flashing breakout structures that reflect medium-term bullishness.

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 .

The central Board of indirect taxes and Customs has raised windfall tax on petroleum, crude, and aviation turbine fuel effective from January 3

Profit fell 15.6 per cent over the preceding June quarter when it had reported a net of Rs 15,205.85 crore

India's Oil and Natural Gas Corp plans to take a stake in the new Russian entity that will manage the Sakhalin 1 project in the far east

The consortium is led by ONGC Videsh Ltd (OVL) and includes companies like Indian Oil Corporation Ltd (IOCL), Bharat PetroResources Ltd (BPRL) and Oil India Ltd (OIL)

Stocks to Watch Today: Shares of oil producers and marketing companies are likely to be in focus following the steep production cut by OPEC+.

Shares of Oil & Natural Gas Corporation (ONGC), Reliance Industries, and Oil India were in spotlight on Monday amid a steep 40 per cent hike in natural gas price

Stocks to Watch Today: Domestic oil & gas related stocks are likely to be in focus as the government reduced tax on the former, while raised prices of natural gas to record levels.

ONGC accepted bids at that level through auction of light sweet oil from its western offshore field, including supplies from the country's flagship Mumbai High fields

Gas exchange's proposal also dovetails with plans by New Delhi to appoint a panel under Kirit Parikh to review India's gas pricing formulae

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

ONGC and its partners will invest $ 6.2 billion in green energy projects to produce carbon-free hydrogen and green ammonia as part of an ambitious decarbonization drive, officials said.

Shares of firms related to oil exploration and refineries were in heavy demand on Wednesday, with Reliance Industries and ONGC rallying after the government slashed windfall tax

According to a government statement, this move shall ensure marketing freedom for all exploration and production (E&P) operators

ONGC invited bids for the sale of 0.20 million standard cubic metres per day of gas it plans to produce from the Bokaro CBM block by the year-end

Reversing the declining trend of the past few years, ONGC said its crude oil production will rise 11 per cent and natural gas output will jump 25%

Reversal in price trends, policy measures such as windfall tax by the government and fall in refining margins are among key downside risks

Several Indian companies including ONGC have stakes in Russian oil and gas assets, and India has been buying more Russian crude since Moscow invaded Ukraine