Ongc Oil Assets

ONGC Q3 results: Net profit falls 14% to Rs 9,536 cr on lower oil prices

State-owned Oil and Natural Gas Corporation (ONGC) on Sunday reported 14 per cent drop in net profit for the third quarter ended December 31 as oil and gas prices fell. Standalone net profit of Rs 9,536 crore in October-December 2023 (third quarter of 2023-24 fiscal year) was 13.7 per cent lower than Rs 11,045 crore earning in the same period of previous financial year, the company said in a statement. The earning was lower as price realised for crude oil the firm produced and sold in the quarter fell 6.4 per cent to USD 81.59 per barrel. Gas price too was 24.2 per cent lower at USD 6.5 per mmBtu. Also contributing to lower profit was a decline in production of crude oil, which is converted into fuel like petrol and diesel at refineries, and natural gas which is used to generate electricity, produce fertilizer, turned into CNG and piped to kitchens for cooking. Crude oil production dropped 3.3 per cent to 5.22 million tonne while gas output was 4.3 per cent lower at 5.12 billion cu

ONGC in talks to restart Libya operations, expand in Venezuela: Report

ONGC is also in talks to increase production in Venezuela, Rawat told reporters on the sidelines of India Energy Week event in Goa

ONGC starts oil production from delayed $5 billion deep-water project

State-controlled Oil and Natural Gas Corporation (ONGC) has started oil production from its much-delayed flagship deep-sea project in Krishna Godavari basin in Bay of Bengal, helping reverse years of decline in output, the company said. ONGC has started producing from the Cluster-2 project in KG-DWN-98/2 block and will slowly ramp up output. Oil Minister Hardeep Singh Puri said "first oil production commences from complex and difficult" block. He did not indicate the current output but said "production is expected to be 45,000 barrels per day and over 10 million standard cubic metres per day of gas". Cluster-2 oil production should have begun by November 2021 but was delayed because of the Covid pandemic. ONGC has hired floating vessel Armada Sterling-V, owned 70 per cent by SPOG (Shapoorji Pallonji Oil & Gas) and 30 per cent by Malaysia's Bumi Armada, for producing oil from below seabed. The FPSO (floating production, storage and offloading vessel), Armada Sterling-V, has been .

ONGC Q2 results: Consolidated net profit surges 142% to Rs 16,553 crore

It's wholly-owned subsidiary ONGC Videsh Ltd. (OVL) is the biggest Indian multinational, with 35 Oil & Gas assets in 15 countries

India in talks with Russia for $2-3 bn investment in upstream oil assets

Tie-ups in Arctic projects also being evaluated

Covid hits two of ONGC's most lucrative fields, 54 test positive, one dies

Stops operations at two rigs in Mumbai High and Bassein

Govt must include opportunity cost of imports in gas pricing: ONGC chairman

In an interview with Jyoti Mukul, ONGC chairman talks about India's move towards a gas-based economy, future of ONGC and the rise of renewable energy in India

Cairn hasn't paid $400-mn royalties to ONGC on oil from Rajasthan block

Cairn Oil & Gas, a vertical of mining billionaire Anil Agarwal-owned Vedanta Ltd, has stopped paying for its share of royalty on oil produced from its Rajasthan block following differences with partner ONGC on cost recovery. As much as USD 400 million of royalty dues since July 2017 have not been paid to state-owned Oil and Natural Gas Corp (ONGC), sources in know of the development said. ONGC is the licensee of the Barmer block in Rajasthan, home to India's biggest onland oil discovery to date, and is responsible for payment of royalty at the rate of 20 per cent of the oil price on the entire output from the field irrespective of its stake. However in 2011, when ONGC gave its nod to Cairn being taken over by Vedanta, it was agreed that the two partners would pay for royalty in proportion to their share -- so Cairn was to pay for royalty on its 70 per cent share of oil and ONGC on 30 per cent. This was to be done by way of reimbursement -- ONGC would initially pay royalty on 100 ..

ONGC seeks oil assets in other regions amid Iran row

India modified its bid several times to match Tehran's expectations and terms to get the development rights

ONGC scouts for gas fields elsewhere after Iran talks tough on Farzad B

ONGC Videsh is targeting production of 60 million tonnes of oil and gas by 2030