fetching latest news

News tagged in:  

ONGC NEWS

Indian energy companies expand efforts to revive water sources
July 11, 2019

Indian energy companies expand efforts to revive water sources

The continuously depleting natural resources have brought oil companies around the world in a difficult situation. With the Indian government focusing on 'Jal Shakti' in its second term, the energy giants of the nation are seeking corporate social salvation. ONGC has started its second clean-up drive in select areas of Uttarakhand and Himachal Pradesh. Indian oil, on the other hand, is rejuvenating 37 water bodies across 14 states.

Modi govt mulling to let go the reigns of ONGC, IOC, GAIL, NTPC
July 10, 2019
Source: The Print

Modi govt mulling to let go the reigns of ONGC, IOC, GAIL, NTPC

With Prime Minster Modi looking to keep the budget deficit in check, India will most probably let go of the reigns to major oil and gas firms. Atanu Chakraborty, Secretary, DIPAM in an interview on Monday said that the Government has recognized major energy firms ONGC, IOCL, GAIL as probable candidates for cutting its direct holding to below 51%. The move aims at reviving investments to ramp up economic growth.

L&T secures twin contracts from ONGC
June 28, 2019

L&T secures twin contracts from ONGC

L&T Hydrocarbon Engineering, yesterday, informed in a regulatory filing about landing twin orders from oil major, ONGC. The contract requires L&T to carry out EPCIC services for the development of Heera Panna block and Mumbai High South field of the western offshore basin near Mumbai. L&T secured the contracts through international competitive bidding.

Government gives due recognition to ONGC as HPCL’s promoter
June 24, 2019

Government gives due recognition to ONGC as HPCL’s promoter

While India’s refinery major, HPCL continues to acknowledge its majority shareholder ONGC as a promoter, the Government of India has now stepped up and started giving ONGC its due credit. Sources have revealed that state headhunter PSEB called on ONGC Director to assist in picking the new Director (Finance), HPCL. ONGC completely acquired Government’s 51.11% stake in HPCL last year, the refiner has consistently listed "President of India" as its promoter.

ONGC moves 35 drilling rigs as monsoon approaches India
June 18, 2019
Source: World Oil

ONGC moves 35 drilling rigs as monsoon approaches India

In response to the approaching monsoon season in India, E&P major ONGC has re-located a record 35 offshore drilling rigs to new positions. Offshore engineering consultant, Aqualis Offshore, yesterday, informed about assisting the oil major in moving majority of the rigs. The firm deployed a specialist team of mariners and structural and geotechnical engineers who worked closely with ONGC’s in-house rig move cell.

60 ONGC-owned fields to go on auction: Sources
June 17, 2019
Source: Livemint

60 ONGC-owned fields to go on auction: Sources

If sources were to be believed, India’s E&P major, ONGC will soon auction off over 60 discovered small and marginal fields to private companies. ONGC will follow the production enhancement contracts (PEC) mechanism to auction the fields to global energy firms. People aware of the development said that leading services firm KPMG has been made aware of ONGC’s decision to carry out the PEC process.

ONGC reports 32% drop in profit
May 31, 2019

ONGC reports 32% drop in profit

India's largest oil and gas producer, ONGC has reported a drop in profit. In the fourth quarter, the firm's standalone net profit went down by 32% and was at Rs 4,045 crore. The company's revenue from operations rose by 12% to Rs 26,759 crore. ONGC informed, “ONGC Board has recommended final dividend of 15%. The Company had earlier declared interim dividends of 125% during the year."

ONGC awards $4.1 bn FPSO contract to Bumi Armada JV
May 7, 2019
Source: The Star

ONGC awards $4.1 bn FPSO contract to Bumi Armada JV

Indian oil major, ONGC has awarded a contract to the Bumi Armada-Shapoorji Pallonji JV for the provision of a floating production, storage and offloading (FPSO) vessel. The contract pertains to the ONGC NELP Block KG – DWN 98/2 development project cluster-II field, situated on the east coast of Kakinada, offshore India. The nine-year contract award will earn the JV approximately $2.1 billion (RM8.8bil).

ONGC restores its operations in Bay of Bengal
May 4, 2019

ONGC restores its operations in Bay of Bengal

India's state-owned Oil and Natural Gas Corp (ONGC) has resumed its operations in its Bay of Bengal field after a category-4 cyclone. According to the sources, as a measure of precaution, ONGC had stopped its operations and evacuated almost 500 employees. With cyclone Fani making landfall around Puri in Odisha, the energy major was alarmed as most of its installations are off the Andhra coast.

HPCL-MRPCL merger affected by ONGC's decision
April 29, 2019

HPCL-MRPCL merger affected by ONGC's decision

India's HPCL is planning the acquisition of MRPL which has hit a cash hurdle at the moment. The parent company of HPCL, ONGC, wants to go for cash instead of a share-swap, informed the sources. ONGC acquired HPCL for Rs 36,915 crore last year. However, all this time HPCL has been talking about the acquisition through the Oil Ministry and media and is not yet ready with a concrete proposal.

Despite Govt order, ONGC not recognised as promoter by HPCL
April 22, 2019

Despite Govt order, ONGC not recognised as promoter by HPCL

HPCL’s stance on the promoter classification has remained resolute one year after its Rs. 37000 crore-acquisition by ONGC. In a recent regulatory filing, HPCL continued recognizing the Government as its promoter and ONGC as a public shareholder. HPCL’s shareholding pattern hasn’t changed despite a government directive asking it to acknowledge ONGC as the promoter. In response to an inquiry, HPCL has said that it is awaiting certain clarifications from authorities.

RIL and Shell might exit from Panna-Mukta
April 15, 2019

RIL and Shell might exit from Panna-Mukta

According to the sources, India's Reliance Industries Limited and Royal Dutch Shell are planning to exit the Panna-Mukta oilfields. Their contract with the government will expire this year. Currently, both the companies hold 30% participating interest in the field and another 40% is owned by the state-run ONGC. After the two companies will leave the field, the task of managing these depleting fields will go to ONGC.

ONGC registers 6.5% hike in gas output
April 2, 2019

ONGC registers 6.5% hike in gas output

ONGC Chairman and Managing Director informed that the oil major registered a record 6.5% hike in natural gas production in the fiscal year ended March 31. ONGC’s natural gas production peaked to 25.9 billion cubic meters in 2018. Total production from ONGC-operated nomination fields, NELP blocks and joint venture assets increased to 25.819 BCM in 2018-19 in comparison to 24.61 BCM output in the previous fiscal.

DGH abandons ONGC's bid to privatise its fields
April 1, 2019

DGH abandons ONGC's bid to privatise its fields

India's regulatory body DGH has ruled out ONGC's plan to privatise its biggest oil and gas fields. The regulator instead asked for the detailed data of the top 47 fields of ONGC in order to monitor production and projects to raise output. On March 20th, DGH wrote to ONGC and OIL to submit all "data pertaining to 59 nomination fields of NOCs by second week of July 2019".

Schlumberger looking to deviate from bidding norms in Geleki Field
March 18, 2019

Schlumberger looking to deviate from bidding norms in Geleki Field

World’s largest oilfield services provider, Schlumberger has been reportedly seeking a number of deviations from the original bidding norms of the ONGC tender for the Geleki field. Sources familiar with the matter revealed that the US-based firm is projecting a decline of 26-27% in base production in upcoming years. Schlumberger is seeking several deviations in tender norms for instilling technology to hike output over the reduced base production.

GPFG’s green shift to affect Indian oil firms
March 13, 2019
Source: Livemint

GPFG’s green shift to affect Indian oil firms

Norway’s Government Pension Fund Global (GPFG) recent decision to pull off investment in global oil and gas exploration firms is expected to affect India’s oil and gas sector as well. The world’s largest sovereign wealth fund has so far made $7.39 billion-investment in Indian firms, out of which RIL ($485.19 million), ONGC ($108.74 million), Indian Oil ($61.6 million) and Oil India ($2.03 million) are some of the big names.

ONGC wins back Chinnewala Tibba gas field
March 8, 2019

ONGC wins back Chinnewala Tibba gas field

India's ONGC has won back Chinnewala Tibba gas field in Rajasthan in the second round of DSF. The field was discovered by the company 15 years back. ONGC has won five out of the 23 discovered oil and gas fields the contracts for which have been signed on Thursday. According to the officials, the 72-square kilometer field has 1,900 million standard cubic metres of reserves.

ONGC to drill 406 wells at a cost of Rs 2,403 crore
March 1, 2019

ONGC to drill 406 wells at a cost of Rs 2,403 crore

India's ONGC will drill 406 wells in its Mehsana asset in Gujarat whose cost will be Rs 2,403 crore. The firm has applied for Environmental Clearance (EC) for the same. In its EC application, the company has mentioned that “The proposed project will be covering an ML area of 1114 square km wherein 406 wells are proposed to be drilled for development".

Please Login to Save News for Later