Page 36 - Ongc

ONGC faces Rs 392 crore additional royalty burden, Oil India stares at Rs 1,100 cr

State-owned Oil and Natural Gas Corp (ONGC) will have to shell out Rs 392 crore and Oil India Ltd over Rs 1,100 crore after the government ordered them to pay royalty at gross crude oil price and not the net rate they actually realise. "We have to pay a total of Rs 392.50 crore to implement the order to pay royalty to state governments on revised terms from back date of February 2014," a senior ONGC official said. Of the Rs 392.50 crore, about Rs 300 crore would go to Assam and another Rs 91.86 crore to Andhra Pradesh. ONGC is already paying royalty at revised terms to Gujarat - the third major oil producing state. For Oil India Ltd, which produces most of its crude oil in Assam, the liability would be Rs 1,100 crore to Rs 1,150 crore. As per government mandate, ONGC and OIL offers discounts on crude oil to make up for a part of the losses refiners suffer on selling cooking gas (LPG) and kerosene at government controlled rates. These discounts also covered diesel till October ...

ONGC, Oil India to pay higher royalty to states

From April 2003, ONGC started paying royalty to the central government for its offshore fields at the post-discount price

ONGC, Oil India rally over 2% in trade

On 1 July 2016, the government raised the price of kerosene by 25 paise a litre, the first time in five years

ONGC, Oil India in demand

Going forward, if there is a progressive hike of kerosene then that will wipe out the entire kerosene subsidy for these companies

ONGC Videsh signs pact with SOCAR Trading

OVL's share of oil from Azeri, Chirag and Guneshli (ACG) group of fields in Azerbaijan will be traded through new venture

ONGC plans to buy majority stake in GSPC's KG gas block

Gas produced at KG Basin cannot be mixed with gas of GSPC

ONGC profit up 12% on nil underrecovery

Gross revenue during the quarter, however, dipped 24% to Rs 16,424 cr; it partly reversed a previously-taken charge, leading to a one-off gain of Rs 852 cr

ONGC Q4 net rises 12% to Rs 4,416 cr

ONGC said it partly reversed a previously-taken charge, leading to a one-off gain of Rs 852 cr in the quarter

ONGC faces a KG moment in Iran

As no deal with Iran yet, ONGC may lose Farzad-B field to Saudi Arabia

ONGC crude oil output up in FY16

Company produced 22.37 million tonne of crude oil in the financial year ended March 31, 2016

ONGC to drill 17 exploratory wells for shale gas

This is the first time that drilling exercise is happening on this big scale; investment to be around Rs 700 crore

ONGC gets 25% discount on premium from United India, GIC Re

Last fiscal, it had renewed its policies at almost 35% discount at $20 million

ONGC gets green nod for Rs 350 crore drilling project in Gujarat

Each well will be drilled up to a depth of 3,000 metres

ONGC's $5 bn investment plan not to impact its ratings: S&P

The proposed investment can be accommodated within overall capex expectation for state run oil firm.

ONGC has found hydrocarbon deposit in Mizoram

Company predicted that there could be 5,52,674 standard cubic feet (SCF) of gas per day from the Meidum exploration site

ONGC to invest Rs 34,000 cr in K-G basin field

The government has extended pricing and marketing freedom to companies for difficult fields, chairman D K Sarraf said

ONGC approves $5 billion investment to boost production

The investment in its east coast oil and gas asset can boost crude output by 15% and natural gas output by about a quarter in the next 4-5 years

ONGC's Rs 8,700 Vankor stake purchase gets Russian nod

OVL, overseas arm of ONGC has acquired 15% stake in Vankor, that'll give 3.3 mt per annum of oil production

Deep Industries surges on bagging order from ONGC

Deep Industries rallied 14% to Rs 146, while ONGC up 3% at Rs 214 on the BSE.

ONGC eyes tie-up with foreign service providers to boost output

Foreign firms to invest capital and share technical expertise in ONGC's hydrocarbon fields