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ONGC awards 49 marginal onshore oil fields to seven firms
May 15, 2020

ONGC awards 49 marginal onshore oil fields to seven firms

Oil and Natural Gas Corporation Limited (ONGC) placed Notice of Award (NoA) for seven successful bidders in 13 contract areas comprising of 49 marginal on-land oil and gas fields. The bid process for seeking partners for enhancement of production from 64 marginal nomination fields was held recently. Interested companies participated in the International competitive bidding process for 17 onshore contract areas comprising of producing oil and gas fields.

ONGC seeks help in a recent SOS to the government
April 6, 2020

ONGC seeks help in a recent SOS to the government

India's oil major, ONGC, wants marketing and pricing freedom along with the tax cuts. The company wrote an SOS to the government seeking help amidst the crashing prices and slumping market. It has become a challenge to continue with sustaining operations. And if the conditions persist, ONGC might have to cut down on investments. Last month also the state-owned company wrote to the government regarding the abolition of oil cess.

ONGC records a 44% dip in 3Q19
Feb. 15, 2020

ONGC records a 44% dip in 3Q19

State-run oil major, Oil and Natural Gas Corporation (ONGC) yesterday recorded a 44% dip in consolidated net profit for 3Q19, at Rs 5,384 crore. The upstream major's profit slipped over lower production and a decline in price realization. ONGC reported a 7.7% decline in the Cumulative natural gas production to 6.17 Billion Cubic Meter (BCM) during the quarter.

Green flag for ONGC's Assam project
Dec. 27, 2019

Green flag for ONGC's Assam project

India's ONGC has been given Environment Clearance (EC) for its onshore exploration, development and production of oil and gas in 100 locations in the non-forest area of Assam. According to official documents, the firm is investing Rs 3,500 crore in the project. "The EC is however subject to obtaining prior permission from the wildlife angle, including clearance from the Standing Committee of the National Board of Wildlife", informed ONGC.

ONGC's Q2 profit declines
Nov. 15, 2019

ONGC's Q2 profit declines

India's Oil and Natural Gas Corporation has reported a 37% decline in its net profit in the second quarter. Due to lower production and price realisation, the companies profit dropped down and was at Rs 5,487 crore. The company's revenue from operations has also dropped by 0.50% to Rs 101,554 crore. The natural gas production of ONGC has also suffered in this quarter and declined 17.4% to $60.33 per barrel.

ONGC Videsh strikes oil in Colombia, Brazil
Oct. 17, 2019

ONGC Videsh strikes oil in Colombia, Brazil

ONGC’s overseas division, ONGC Videsh Ltd has made major oil discoveries in Brazil and Colombia. In a statement released on Wednesday, the E&P major informed about encountering the oil bearing sands of 8 meters at a depth of 2852m in Block CPO-5. ONGC Videsh operates the block where PDSA is the partner. In Brazil, ONGC Videsh drilled with its consortium partner, Petrobras in block BM-SEAL-4, encountering oil and gas bearing sands.

Exxon Mobil and ONGC ink expertise-sharing agreement: Sources
Oct. 16, 2019
Source: Reuters

Exxon Mobil and ONGC ink expertise-sharing agreement: Sources

Sources have said that oil supermajor, Exxon Mobil and ONGC have inked an expertise-sharing agreement to enable the Indian state-owned to develop its resources in offshore blocks. Sources also said that the two firms have already signed a memorandum of understanding (MoU) for now, and will be later inked as a definitive deal after the US oil major studies ONGC’s block.

ONGC violates environmental laws, fined Rs 2.05 crore
Sept. 18, 2019

ONGC violates environmental laws, fined Rs 2.05 crore

India's energy giant, ONGC has been fined Rs 2.05 crore by the Pollution Control Board, Assam. The board has slammed the firm for violating an order by the Supreme Court and causing pollution to the environment. ONGC disobeyed environmental laws in its six wells of Assam. The company will have to submit this amount within one month of the issuance of the order.

ONGC plans to invest Rs 4,254 crore in drilling activity
Sept. 17, 2019

ONGC plans to invest Rs 4,254 crore in drilling activity

India's largest petroleum explorer Oil and Natural Gas Corporation (ONGC) will invest Rs 4,254 crore to drill 656 wells. These wells will be drilled in 52 Petroleum Mining Lease (PML) in the company’s Ahmedabad asset in Gujarat. The drilling activity is planned from 2019-20 to 2025-26. Also, the firm has planned a complete roadmap for its growth for the next two decade.

Fire at ONGC Navi Mumbai plant kills five
Sept. 3, 2019
Source: India Today

Fire at ONGC Navi Mumbai plant kills five

A fire broke out at ONGC’s Uran gas processing plant this morning, killing at least five. Eight others injured in the incident have been admitted to a hospital, as rescue operations remain underway. ONGC said that gas being supplied to the plant has been averted to a plant in Hazira, Gujarat.

ONGC targets new 'Energy Strategy 2040'
Aug. 19, 2019

ONGC targets new 'Energy Strategy 2040'

Indian upstream major, ONGC has unveiled a new vision to increase its oil and gas output twofold from its domestic and overseas fields. The vision incorporates magnifying its refining capacity to three times alongside diversification into renewables. ONGC Chairman Shashi Shanker said that the company envisions to become "A diversified energy company with a strong contribution from non E&P business; 3x revenues and about 5-6x market capitalisation,".

HPCL accepts ONGC as its promoter after several warnings
Aug. 14, 2019

HPCL accepts ONGC as its promoter after several warnings

HPCL on Tuesday finally recognised ONGC as its promoter in public filings. This has come after several warnings from the Government and the Securities and Exchange Board of India (SEBI). After the act of ignorance, SEBI gave HPCL a deadline of August 13 and warned of “appropriate action” if it failed. Friction between the two companies cannot end overnight but the resolution of the promoter issue is a good step.

ONGC first quarter profits dip by 4%
Aug. 14, 2019

ONGC first quarter profits dip by 4%

Indian state-run oil major, ONGC registered a 4% drop in net profit at Rs 5,904 crore for 1Q2019, stressed by lower crude oil production and realization. The oil major’s total crude oil production for the quarter grossed at 5.86 Million Tonne (MT), declining 5.6% from 6.21 MT posted in the same quarter last year. ONGC made four discoveries in the April-June 2019 period.

Status quo is being maintained in the regulatory filings: HPCL
July 23, 2019

Status quo is being maintained in the regulatory filings: HPCL

Hindustan Petroleum Corp Ltd (HPCL) has refused to recognise ONGC as its promoter. The company made it clear that only after receiving clarifications from necessary agencies will it follow the government advise to list ONGC as a promoter. In January last year, ONGC bought entire 51.11% government stake in HPCL, for Rs 36,915 crore.

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.

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