Ongc Oil India

Oil India rallies 7%, hits record high post Q1 results; ONGC surges 4%

Analysts at JM Financial Institutional Securities have maintained their 'Buy' rating on Oil India with a revised target price of Rs 700 per share as risk-reward is still reasonable

ONGC surges 5%, hits new high; Oil India soars 8% in weak market; know why

ONGC inform that the company has plans to open another well and flow gas to onshore terminal next month through the newly laid subsea gas pipeline

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 technical help to raise oil, gas output at Mumbai High field

State-owned Oil and Natural Gas Corporation (ONGC) is seeking help from an internationally-proven technical service provider to raise oil and gas production from its flagship but old and maturing Mumbai field in the Arabian Sea. The firm has floated an international tender to identify the service provider who will help raise production from the field, ONGC said in a post on X. "The giant multi-layered Mumbai High field, which commenced production 48 years ago in 1976, is currently in its mature stage of production and ONGC has implemented a number of schemes in this field to improve production," it said. "As a custodian and operator of Mumbai High field, ONGC is keen to collaborate with a global technical service provider. The service provider would be contracted for 10 years, extendable by another five years." Mumbai High field lies 160 kilometres off the coast of Mumbai and produces about 38 per cent of India's oil production. While it hit a peak output of 40,000 barrels per day

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

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

Energy boost: ONGC, IOC, other oil PSUs to invest Rs 1.2 trn in FY25

ONGC, IOC and other oil PSUs will invest about Rs 1.2 lakh crore in the coming fiscal starting April 1 in oil and gas exploration, refineries, petrochemicals and laying pipelines to meet the needs of the world's fastest-growing energy consuming nation. The investment proposed in 2024-25 is 5 per cent higher than Rs 1.12 lakh crore spent by the state-owned oil firms in the current fiscal year that ends on March 31, according to Budget 2024-25 documents. Oil and Natural Gas Corp (ONGC) has a planned capital spending of Rs 30,800 crore in the next financial year. This expenditure in finding new reserves of oil and gas and bringing to production discoveries it has already made, is slightly higher than Rs 30,500 crore capex in 2023-24 fiscal (April 2023 to March 2024). It is developing discoveries on both east and west coasts of the country. The top oil producer's overseas arm, ONGC Videsh Ltd (OVL) will invest 68 per cent more at Rs 5,580 crore in 2024-25 in oil and gas operations abro

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 .

Reject ONGC's hydrocarbon exploration wells project in TN: Parties to govt

Political parties in Tamil Nadu demanded the state government to reject the ONGC's proposal for setting up hydrocarbon exploration wells at 20 places in the coastal Ramanathapuram district. The ruling DMK should refuse the permission sought by the ONGC from the Tamil Nadu Environment Impact Assessment Authority, as the move would affect the groundwater and large agricultural land, said AIADMK general secretary Edappadi K Palaniswami. During his rule in the state, he declared the Cauvery Delta districts as protected agricultural zones so that Tamil Nadu is never affected by such toxic projects. "Considering the welfare of the people, I insist that the permission should be refused. @AIADMKOfficial," Palaniswami said in a post on the social media platform "X". Opposing the project, PMK founder Dr S Ramadoss said the move would convert the district into a desert. Hydrocarbons would be extracted from a depth of 3,000 feet and the extraction technology will result in earthquakes, he ...

ONGC inks pact with NTPC Green for renewable energy projects

State-owned Oil and Natural Gas Corporation (ONGC) has signed an initial agreement with NTPC Green Energy Ltd to explore setting up green hydrogen and offshore wind projects. The Memorandum of Understanding (MoU) "will primarily explore the feasibility and setting up of renewable energy projects in various domains," ONGC said in a statement. The MoU was signed by ONGC executive director Debdulal Adhikari and NTPC Green Energy Ltd (NGEL) CEO Mohit Bhargava in the presence of ONGC chairman and CEO Arun Kumar Singh and NTPC chairman and managing director Gurdeep Singh. "The MoU envisages collaboration of the two mega entities in renewable power projects in India and overseas through offshore wind projects and exploring opportunities in the storage, e-mobility, carbon credits and green credits, nuclear, green hydrogen business and its derivatives (green ammonia and green methanol)," it said. ONGC is India's largest crude oil and natural gas producer while NGEL is a subsidiary of the ..

Oil India share jumps 6%, rebounds to 1-year high after 3 weeks: Read why

With crude crossing $94 per barrel, upstream companies like OIL will benefit from higher net crude realisations; company also exploring ways to repatriate its dividends worth $150 million from Russia

Stocks to watch: ONGC, IGL, MGL, RIL, L&T, Titan, Adani Group, Delta Corp

Stocks to Watch: Shares of city gas distributors are likely to be in focus today as they react to government's nod for new pricing regime.

Stocks to Watch: PB Fintech, NMDC, Axis Bank, Yes Bank, ONGC, Auto, Airline

Stocks to Watch Today: SoftBank Group is likley to sell a 5 per cent stake in PB Fintech via block deal at a base price of Rs 440 per share on Friday.

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

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 gets better price for crude oil under new rules, says report

ONGC accepted bids at that level through auction of light sweet oil from its western offshore field, including supplies from the country's flagship Mumbai High fields

Despite windfall tax, ONGC, Oil India's earnings look positive for FY23

With diverse revenue streams RIL is less impacted, while oil marketing companies have seen earnings downgrades amidst volatility in oil prices

Helicopter crash: Oil ministry, ONGC to pay Rs 30 lakh to kin of deceased

State-owned Oil and Natural Gas Corporation (ONGC) and the petroleum ministry will pay a total compensation of Rs 30 lakh to each of the families of the four people who died in a helicopter crash in the Arabian Sea earlier this week. "ONGC & @PetroleumMin have announced ex-gratia payment of Rs 15 lakh each (total Rs 30 lakh) to the families of the officials who lost their lives in an unfortunate #Helicopter incident in the #Arabian Sea on 28 June 2022," Minister of State for Petroleum and Natural Gas Rameswar Teli tweeted. In addition, ONGC has decided to pay Rs 1 lakh to each individual who suffered injuries in the chopper accident, he said after visiting the injured at a Mumbai hospital. "Additionally, all dues and compensation to the ONGC employees in various heads including EPF and post-retirement benefit scheme will be cleared within one week," he said. A brand new Pawan Hans chopper with nine people on board crashed into the Arabian Sea, about 50 nautical miles from the ...

ONGC regains Rs 2-trn market cap as stock jumps 8% on higher oil prices

In past one month, the stock has surged 31 per cent as against a 2 per cent rise in the S&P BSE Sensex; Crude oil prices have soared 47 per cent on YTD basis

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