Page 4 - Ongc

Centre gets huge dividend tranche of Rs 5,001 crore as dividend from ONGC

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

Kirit Parikh panel may recommend price caps to help moderate CNG rates

A government-appointed gas price review panel, led by Kirit Parikh, is likely to recommend price caps for natural gas produced from legacy fields of state-owned firms to help moderate CNG and piped cooking gas rates, while keeping the pricing formula for difficult fields unchanged. The panel, which was tasked with suggesting a "fair price to the end-consumer" while ensuring "market-oriented, transparent and reliable pricing regime for India's long-term vision for ensuring a gas-based economy", may opt to suggest two different pricing regimes, officials said. For the legacy or old fields of Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) -- where the cost has long been recovered and which are currently governed by a formula that uses rates in gas-surplus nations such as the US, Canada and Russia -- the committee is likely to recommend a floor or minimum base price and cap or ceiling rates. This would ensure that prices do not fall below cost of production, as they did

The big short in oil & gas PSUs: Lack of leadership in sector hurting India

The government deplores the lack of good leadership in these companies but it adds to the problem with sub-optimal appointment practices for chief executives in this sector

ONGC to reverse oil, gas output dip; eyes 18% jump in production in FY25

India's largest oil and gas producer ONGC will this year reverse years of decline in production and gradually raise output thereafter as it invests billions of dollars to produce from newer discoveries, company's management told investors in a call. Oil and Natural Gas Corporation (ONGC) in fiscal year 2021-22 produced 21.707 million tonne of crude oil, which is refined to produce petroleum products like petrol and diesel, and 21.68 billion cubic meter (bcm) of natural gas, which is used to produce electricity, manufacture fertilizer and as CNG in automobiles. In current fiscal year (2022-23), crude oil production is slated to rise to 22.823 million tonne and gas to 22.099 bcm. In the following fiscal year, oil production will climb to 24.636 million tonne and to 25.689 million tonne in 2024-25, the management told investors in a call post announcement of second quarter earnings last week. Natural gas production is slated to rise to 25.685 bcm in 2023-24 and to 27.529 bcm in the ...

Higher crude realisations have analysts upbeat on ONGC, Oil India

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

BPCL's former Chairman Arun Kumar Singh to be the next head of ONGC

Oil refining and marketing company BPCL's former chairman Arun Kumar Singh is likely to be the new chairman of India's top oil and gas producer ONGC -- the first instance of a top PSU board-level position going to a person aged over 60. A search-cum-selection committee, constituted by the oil ministry, zeroed in on Singh after interviewing six candidates on August 27, two sources aware of the matter said. Singh retired after attaining the superannuation age last month and was already selected to head the Petroleum and Natural Gas Regulatory Board (PNGRB) before the August 27 interviews. If his selection is approved, Singh will get three years as head of the cash-rich PSU (Public Sector Unit). Oil and Natural Gas Corporation (ONGC) is without a regular chairman and managing director since April 2021 and the senior most director on the board has been entrusted with the additional charge. Since then, the firm has seen a record three interim heads. Sources said Singh became eligible f

ONGC Q2 profit tumbles 30% to Rs 12,826 crore on windfall tax woes

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

ONGC Q2 profit tumbles 30% to Rs 12,826 crore on windfall tax woes

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

ONGC up 3%, hits 4-month high post Q2 nos; board okays 35% interim dividend

Current trend in global oil & gas prices augurs well for ONGC, according to analysts.

Sensex falls 171 pts, Nifty holds 18,300; Dr.Reddy's down 4%, LIC jumps 6%

CLOSING BELL: The key benchmark indices gyrated in a narrow trading band on Monday, before settling with losses as FMCG stocks slipped.

PM inaugurates onshore facilities of ONGC's U-field in KG block in Andhra

Prime Minister Narendra Modi on Saturday dedicated to the nation Oil and Natural Gas Corporation Limited's U-field onshore facilities at Odalarevu in B R Ambedkar Konaseema district of Andhra Pradesh. The project was dedicated to the nation along with the inauguration/foundation-stone laying of various other development projects worth over Rs 10,700 crore in Visakhapatnam, Andhra Pradesh, a company statement said. U-field is situated in Krishna Godavari basin block KG-DWN-98/2 in Bay of Bengal. Natural gas from the field will be brought to the onshore facility through undersea pipelines before being dispatched to users. ONGC, however, did not say when production from this field will start. The U-field is part of ONGC's flagship deep-water KG-DWN-98/2 Cluster-II development project in the prolific Krishna Godavari Basin. U-field is the deepest gas discovery of the project, with gas production potential of about 3 million standard cubic metres of gas per day. "The first well of the

ONGC applies to retain 20% stake in Russia's Sakhalin-1 oil and gas project

"Yes," said the person when asked if ONGC has applied to retain its stake in the project

Tirupati richer than Wipro, Nestle, ONGC; net worth over Rs 2.5 trn

Tirupati's world famous Lord Venkateswara temple's net worth of over Rs 2.5 lakh crore (about USD 30 billion) is more than the market capitalisation of IT services firm Wipro, food and beverage company Nestle and state-owned oil giants ONGC and IOC. Tirumala Tirupati Devasthanams, keeper of the temple dedicated to Tirupati's presiding deity, for the first time since its founding in 1933 declared its net worth. Its assets include 10.25 tonnes of gold deposits in banks, 2.5 tonnes of gold jewellery, about Rs 16,000 crore of deposits in banks, and 960 properties across India. All these total to over Rs 2.5 lakh crore. At current trading price, the networth of Tirupati temple is more than several blue-chip Indian firms, according to stock exchange data. Bengaluru-based Wipro had a market cap of Rs 2.14 lakh crore at close of trading on Friday, while UltraTech Cement had a market value of Rs 1.99 lakh crore. Swiss multinational food and drink major Nestle's India unit, with a market ca

Stocks to Watch: Tech M, Adani Ports, Hero Moto, Voltas, Eicher Motors, RIL

Stocks to watch today: Tech Mahindra's net profit for Q2 FY23 was down 4 per cent at Rs 1,285 crore due to supply-side pressure; NCC received two new orders worth Rs 1,056 crore in October

After ONGC, BPCL gets interim head in absence of regular appointment

Vetsa Ramakrishna Gupta on Tuesday assumed additional charge as chairman and managing director of Bharat Petroleum Corporation Ltd (BPCL) -- the second 'Maharatna' oil PSU to get an interim head in the absence of a regular appointment. Gupta, Director (Finance) at BPCL, succeeds Arun Kumar Singh, who superannuated on October 31, a company statement said. Government headhunter Public Enterprises Selection Board (PESB) had in March this year advertised for the post of chairman and managing director of BPCL to look for a successor for Singh. The applications for the job closed on June 1 but PESB is yet to recommend a candidate, necessitating the appointment of an interim head. Singh retired after serving as chairman and managing director of BPCL for 13 months. His successor, Gupta, 51, is the senior most director on the company board and has thus been given the additional charge. He will superannuate in June 2031. BPCL is the second oil PSU to get an interim head. Oil and Natural Ga

ONGC eyes stake in Russian entity managing Sakhalin 1, says report

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

ONGC, Oil India to gain most from gas price hike; IGL worst hit: Analysts

Analysts at Antique stock Broking said every $1/mmbtu rise in gas prices is expected to lift ONGC, and Oil India's standalone Ebitda by 4 per cent, and 7 per cent, respectively

Sensex down 638 pts; Nifty nears 16900; Adani Group stocks slide, pharma up

CLOSING BELL: Adani Enterprises was the biggest Nifty dragger as it dropped 9 per cent

ONGC, Oil India gain up to 6% as govt increases gas prices; MGL falls 4%

The government has hiked prices of domestically produced natural gas for the October 2022-March 2023 period

Stocks to Watch: Torrent Pharma, ONGC, Dr Reddy's, BHEL, BPCL, Birla Corp

Stocks to Watch: Dr Reddy's has received US FDA nod for marketing Timolol Maleate, which is used to treat Glaucoma