Ongc Oil Inda

Oil India, ONGC dip up to 6% as crude oil prices fall on demand concerns

While upstream earnings are currently impacted, with the OPEC+ delaying its planned rise in production, analysts at Prabhudas Lilladher expect oil prices to rebound to $75-80 per barrel soon.

ONGC and Oil India to price natural gas from new wells at 20% premium

Gas produced from new wells in ONGC and Oil India's nominated fields will benefit from a premium equivalent to 12% of the Indian crude basket price

ONGC rallies 8% on upbeat volume guidance; Oil India surges 9%

ONGC management expects total crude oil/gas production volume (incl. JV) to rise by 12 per cent/27 per cent to 23.1mmt/25.9mmt by FY27, mainly driven by KG-98/2 and Daman upside development.

After 7 yrs & $1.2 bn investment, ONGC offers stake in Deen Dayal gas field

After spending close to USD 1.2 billion and seven years of little success, state-owned Oil and Natural Gas Corporation (ONGC) is seeking partners to rescue the Deen Dayal gas field in the KG basin in Bay of Bengal. ONGC on June 12 sought expression of interest from "global oil and gas companies with requisite technical expertise and financial strength to join as partner (with participative interest) for firming up a viable strategy" for the field, according to the tender document. The field has produced negligible quantities of gas since ONGC in January 2017 acquired Gujarat State Petroleum Corporation's (GSPC) 80 per cent interest in the KG-OSN-2001/3 block off the east coast of India. The block contains the Deen Dayal West (DDW) gas/condensate field which was discovered by GSPC almost two decades back. The Gujarat government company had showcased the field as a promising prospect when it sold its stake to ONGC in order to cut its debt. The field, which was initially said to hold

ONGC seeks foreign partners for Mumbai High oilfield, offers revenue share

State-owned Oil and Natural Gas Corporation (ONGC) is seeking foreign partners to reverse declining output at its flagship Mumbai High fields, offering a share of revenue from incremental production plus a fixed fee but not any equity stake. ONGC on June 1 floated an international tender seeking global technical services providers (TSP) with annual revenue of at least USD 75 billion, according to the tender document. The TSP would have to do a comprehensive review of the field performance and identify improvements as well as implement suitable technological interventions and practices for improving production and recovery, it said. Bidders have been asked to quote quarterly incremental production they can enable over the 10-year contract period as well as the percentage share of the revenue they want from the sale of oil and gas produced over and above the baseline production. Bids are due by September 15, 2024. The TSP, who would be selected on the basis of one offering the highe

ONGC slashes offshore helicopter sorties during monsoon to avoid accidents

India's top oil and gas producer ONGC has slashed helicopter sorties to its installations in the middle of sea on both east and west coast for three months to avoid any repeat of deadly accidents during monsoon that have plagued the firm's otherwise impeccable record, sources said. Oil and Natural Gas Corporation (ONGC) has raised the duration of work-related stay of its employees at offshore platforms that help produce oil and gas from below seabed, from 14 days to 21 days but still short of the international norm of 28 days. This temporary measure is only for three months from June to August and has been effected with a view to cut the number of sorties helicopters would need to undertake to ferry men and material to the installations, two sources with knowledge of the matter said. ONGC did not reply to an email seeking to know why it is following a 21-day cycle when internationally 28-day cycle is followed. Internationally, personnel manning offshore oil and gas installations ar

IOC, GAIL, ONGC fined for 4th straight quarter for not appointing directors

State-owned oil and gas giants including IndianOil, ONGC and GAIL (India) Ltd have been slapped with fines for the fourth straight quarter for failing to meet listing requirements of having the requisite number of directors on their board. Stock exchanges imposed a cumulative fine of Rs 34 lakh on oil refining and fuel marketing giants Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL), explorers Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL), gas utility GAIL, and refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) for not meeting the listing requirement in the January-March quarter, stock exchange filings showed. In separate filings, the companies detailed the fines imposed by the BSE and NSE for either not having the requisite number of independent directors or the mandated women director in the quarter ended March 31, 2024 (fourth quarter of 2023-24 fiscal year), but were quick to point out tha

ONGC to start oil production from $5bn deep-water project this month

State-controlled Oil and Natural Gas Corporation (ONGC) will kick off oil production from its much-delayed flagship deepsea project in Krishna Godavari basin in Bay of Bengal this month, helping reverse years of decline in output, a senior company official said. "We plan to start producing from the Cluster-2 project in KG-DWN-98/2 block this month and slowly ramp up," ONGC Director (Production) Pankaj Kumar told PTI here. A floating production unit, called FPSO, which will be used to produce oil, is already in the block. After several missed deadlines, ONGC has told Shapoorji Pallonji Oil & Gas (SPOG) that its floating production, storage and offloading vessel (FPSO) Armada Sterling-V should prepare to receive the first oil this month. Oil production from Cluster-2 should have begun by November 2021, but was delayed because of the pandemic. Kumar said ONGC plans to start producing from 3 to 4 wells initially and slowly connect others. "Initial production could be 8,000 to 9,000 ...

Fishing net incident affects ONGC's KG field commissioning operations

State-owned Oil and Natural Gas Corporation's (ONGC) first deepsea project in the KG basin was hit when a floating oil storage vessel got entangled with fishing nets, prompting the state-owned firm to seek help for the Indian Navy. Armada Sterling V floating production, storage and offloading (FPSO) vessel, which ONGC will use to produce oil from its KG-DWN-98/2 or KG-D5 block, got entangled with long nets, according to the company's social media posts. The company sought help from the Indian Navy whose divers helped remove the nets after a month-long operation. Commissioning operations resumed after that. "The operations halted as the FPSO Armada Sterling V was stranded due to large fishing nets getting entangled in its fuel-extracting mechanism. Timely action by @IndiannavyMedia / @indiannavy has completely restored operations enabling considerable savings to the exchequer," ONGC said in a Tweet. ONGC via LinkedIn expressed its "immense gratitude" to the Indian Navy "for extendin

Centre to relax rules, fast-track new measures for oil & gas exploration

More processes to be brought under the self-certification framework while clearance portal is being upgraded

ONGC, Oil India gain 3% in tandem with crude oil prices

Crude oil prices increased around 6 per cent on Tuesday amid news reports of lower supply by oil producers and easing of lockdown restrictions in parts of China

Oil India hits over 3-yr high amid soaring crude prices; up 38% in 1 month

Separately, the stock of ONGC was up 2% at Rs 144.90 today and was trading at its highest level since November 2109

Raising production, reviving existing fields can multiply gains for ONGC

Rising global oil and gas prices are already benefiting the oil major and its overseas subsidiary

ONGC, Oil India hit 52-week highs as Brent crude climbs above $71/bbl

Brent prices continue to hover above $71/bbl, driven by the prospects of a global demand recovery and OPEC+'s production discipline

ONGC, GAIL extend fall as oil price crash cast shadow on earnings prospects

In the past one week, ONGC and Oil India tanked 22 per cent each, while GAIL (India) plunged 13 per cent, as compared to a 7.5 per cent decline in the S&P BSE Sensex.

ONGC signs MoU with Assam to invest Rs 13,000 cr for exploration

Oil and Natural Gas Corporation (ONGC) on Wednesday said it will invest over Rs 13,000 crore for exploration work across Assam in the next five years. The company said it has signed an agreement with the Assam government in this regard. "ONGC has signed an MoU with the Government of Assam for investing more than Rs 13,000 during next five years in Assam for enhancing its exploration and production (E&P) activities," ONGC said in a release. This investment is being made for drilling more than 220 oil and gas wells -- a mix of development and exploration ones -- across the state, it said. "ONGC is giving impetus to its activities in alignment with the Prime Minister's call for reducing import by 10 per cent by 2022, and the North East Hydrocarbon Vision 2030," the release said. The company recently received green nod to drill six development wells in five mining lease blocks in Jorhat and Golaghat districts of Assam at an estimated cost of Rs 240 crore, it said. ONGC .

Rising fuel: Modi govt may ask ONGC, Oil India to share subsidy burden

On the issue of price deregulation, Moody's says the government is unlikely to reverse fuel pricing deregulation because it remains committed to reforms

Aban Offshore, Oil India up over 3%; HPCL, BPCL, IOC down over 5%

ONGC, Jindal Drilling, Hindustan Oil Exploration and Deep Industries were up in the range of 3% to 7% after oil prices rose more than 3% on Tuesday.

ONGC, Oil India gain up to 3% as oil prices rule at highest since 2015

Oil India hits a 52-week high of Rs 382, up 3% on the BSE. While, ONGC rallied 3.5% to Rs 205.50 extending its past one month 16% surge on the BSE.