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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.
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.
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.
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’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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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 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.
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.
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.