Page 31 - Ongc

Privatise ONGC, selling 18% can fetch Rs 41k cr: Company execs

The proposed approach will only drive the company, which is India's most profitable PSU, the Air India way: Executives

ONGC officers urge PM Modi to stop Oil Min plan to sell oil & gas fields

ONGC officers association has sought Prime Minister Narendra Modi's intervention to stall Oil Ministry's plan to sell the company's producing oil and gas fields, saying the move has highly damaging implications for the country. The Association of Scientific & Technical Officers (ASTO) cited examples of falling production at the western offshore Panna/Mukta fields that were privatised in the 1990s, and Reliance Industries' flagging KG-D6 fields to state that ONGC has done well with its ageing fields. Most oil and gas fields of ONGC have been in production for 30 years and output has naturally shown a dip from the peak level but still accounts for the bulk of domestic output, ASTO president Sanjay Goel wrote to Modi on November 23. Oil Ministry has identified 15 producing oil and gas fields of ONGC and Oil India Ltd for handing over to private firms on the premise of raising output. The fields have in-place reserve of 791.2 million tonnes of crude oil, and 333.46 ...

ONGC wants higher gas price for produce from KG, Gulf of Kutch discoveries

ONGC wants a price of over $6 per mmBtu to help it produce the gas without suffering any losses

ONGC: Strong prospects after near-term worries

Worries over recovery of past dues from the financial crisis-struck, Venezuela has pushed down the share price of ONGC by almost 10 per cent from its recent highs of Rs 200 seen in early November. Although the risk does exist, analysts believe the concerns are overdone. An analyst with a foreign brokerage pegs the maximum loss at $1.1 billion as against the fall in ONGC's market capitalisation of about $3.5 billion this month. More importantly, the company's fundamentals remain strong with oil and gas production improving after some disappointments in the past few years. Probal Sen at IDFC Securities says that a per cent growth in oil output and an eight per cent increase in gas production for September quarter are precursors to what he believes will be stellar growth ONGC group would see over 4-5 years in its output. The company plans to double its natural gas output by 2022. Gas production grew by 4.3 per cent to 22.09 BCM (billion cubic metre) in FY17, its first increase in four ...

Right time for ONGC to opt for new rigs: Experts

To improve efficiency and make the most of rising crude oil prices by modernising its rigs

HC to not interefere in Sambit Patra's appointment as ONGC director

The Delhi High Court on Monday refused to interfere in the appointments of Chairman & Managing Director Shashi Shankar and Non-Official Director Sambit Patra to the board of Oil and Natural Gas Corporation (ONGC).Earlier, the Delhi High Court reserved its order on the maintainability of the writ petition challenging the appointments of Shankar and Patra to the ONGC board.The petition was filed by Advocate Prashant Bhushan on behalf of Energy Watchdog.Shankar and Patra had allegedly been accused of indulging in corruption in the petition.It also stated Patra to be the national spokesperson of Bharatiya Janata Party and therefore cannot be an independent director of a company whose promoter is the government.

Govt to give 60% stake in ONGC fields to private firms

The fields would be auctioned and any firm committing the maximum capital investment within 10 years of the contract award

ONGC to double gas output by FY22

ONGC plans to nearly double natural gas production in four years as it invests billions of dollars to produce from newer discoveries, the state-owned firm's chairman Shashi Shanker said. India's biggest oil and gas producer is investing Rs 92,000 crore in 35 major projects which include 14 to bring new finds to production and six to improve recovery from the ageing fields. "We have almost 70 per cent of oil production coming from mature fields. My primary challenge is to step up production," said Shanker, who took over as the Chairman of Oil & Natural Gas Corp (ONGC) last month. Plans on table would help raise crude oil production from 22.25 million tonnes in 2016-17 to 27 MT by 2021-22, he said. Natural gas output is envisaged to rise from 22 billion cubic meters (60 million standard cubic meters per day) to 42 bcm (115 mmscmd) in FY'22, he said. ONGC's roadmap to raise output comes two years after Prime Minister Narendra Modi set the target for reducing oil import

Top priority is to increase domestic production to meet Modi's goal: ONGC

ONGC CMD Shanker further informed that the roadmap to meet this goal is ready

ONGC hits 5-month high as Q2 profit beats estimates

The stock was up 3% at Rs 190, trading at its highest level since May 11, 2017 on the BSE.

ONGC hits over four-month high; stock up 3% on heavy volumes

The stock up 3% to Rs 177, hit its highest level since June 5, 2017 on the BSE

ONGC plans to raise oil output by 4 mt by 2020

The state-owned firm will raise crude oil production from 22.6 mt in 2017-18 to 26.42 mt in 2021-22

ONGC to go for bridge loan to fund HPCL deal

The department of investment and public asset management is likely to finalise the timing of the HPCL-ONGC deal soon

DGH refuses to review commerciality of ONGC's deepest gas find

An ONGC official said it is beyond the mandate of the regulator to not review a discovery and look into technology

ONGC's gas production to increase this fiscal, says Pradhan

Commencement of production from Vashishta-S1 fields in East Coast and commissioning of booster compression facilities in Bassein field of Western Offshore are reasons

Shashi Shankar appointed CMD of ONGC, replaces Dinesh K Sarraf

Shankar will have a nearly four-year term till March 2021

ONGC discovers 'good' offshore oil, gas field with reserves of 20 mn tonnes

The Mumbai High field annually produces oil and natural gas of about 9 million to 10 million tonnes of oil equivalent

ONGC: Ready to break production barriers

A look at Oil and Natural Gas Corporation's (ONGC's) 2016-17 annual report gives confidence about the company's oil and gas production outlook. Production, apart from benign prices, has been a key bane for investors. Now both are on the mend.The latest annual report suggests drilling performance improved significantly in FY17, with 501 wells drilled, the highest-ever. The drilling efficiency, in terms of metres drilled per rig-month, improved 25 per cent. The results are evident now; analysts at Credit Suisse say higher well completions have driven output, with oil & gas production run-rates now up 3/13 per cent versus the first half of FY17. These improvements are led by an increase in capital allocation, wherein development capex is up from 25 per cent (of total) over FY14-16 to 35 per cent, thereby highlighting ONGC's renewed focus on development drilling, say analysts. There are clear signs of production increase. ONGC said it had reversed the declining crude oil production ...

ONGC seeks shareholders' approval to raise $4 billion

ONGC's first debt issue in more than a decade would likely buy government's 51.1-per cent stake

ONGC to raise its first ever debt of Rs 25,000 cr to fund HPCL buy

India's largest oil and gas producer has about Rs 13,000 crore in cash