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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.
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.
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.
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".
India's state-owned Oil and Natural Gas Corporation (ONGC) has released its third-quarter report. The firm reported a 65% profit in its third quarter which was primarily due to a substantial rise in prices. According to the report, the crude production of ONGC dropped 4.8% to 6.03 million tonnes. On the other hand, the gas production of the company increased by 6.6% to 6.7 billion cubic meters.
If sources were to be believed, the Government of India has asked refinery major HPCL to recognize state-run ONGC as a promoter in its filings. ONGC acquired HPCL in a ₹37,000-crore acquisition deal in 2018, but HPCL management has persistently blocked ONGC to establish its authority. The government is now looking to end the feud between the entities which has been obstructing synergy gains from the merger.
The Indian state of Assam will see major investment from E&P major, ONGC for pursuing drilling activities in the region. S K Moitra, Director (Onshore), ONGC informed that the firm has decided to drill 200 developmental wells across fields under its Assam Asset. The project will continue over the next seven years, and will cost the state-owned firm approximately Rs.6000 crores.
35-year old semi-submersible drilling platform, Olinda Star was the only rig to be hit by Cyclone Phethai among the six rigs working in the Kakinada, India. After this accident, the rig-hiring rules of India’s ONGC are being questioned which were amended in 2014. In order to gain benefit from global rig oversupply, the altered rules focused more on the commercial aspects than on safety.
State-owned E&P major, ONGC yesterday informed the provision of "intelligent artificial limbs" to 42 differently-abled individuals in Assam, India. An official release from the company read, "Under the CSR project, 42 divyangs (differently abled) of Sivasagar and Charaideo districts who have lost their limbs will be fitted with superior quality intelligent artificial limbs". ONGC stated that the artificial limbs with built-in smart robotics are agile, strong and light weight.
India’s ONGC will have to pay 242 crore to the Mumbai Port Trust (MbPT), as ordered by the Tariff Authority for Major Ports (TAMP), India. This compensation has been imposed on the firm as wharfage compensation for the transportation of crude oil through the two pipelines of ONGC. The company said that it is examining the admissibility of the claim.
According to the sources, India’s energy major, Oil and Natural Gas Corp (ONGC) went on to increase its production to about 70 million standard cubic meters per day (mmscmd). The increase in domestic output will help the firm in reducing the imports. Corresponding November last year the company produced 64 mmscmd and this year the production saw a great improvement. ONGC is making efforts to bring new fields into production.
The chairman of India’s Oil and Natural Gas Corp (ONGC) informed that the company is planning to enhance the oil and gas output from old and matured fields. For this, the firm is looking for enhanced oil recovery techniques and production enhancement contracts (PECs). The service providers will have to bid incremental production profile and maintenance profile for base oil production, informed the Chairman.
The former chairman of India's ONGC, DK Sarraf revealed that ONGC bought the stakes of Gujarat State Petroleum Corp (GSPC) in KG basin block at Rs 8,000 crore when the asking price was Rs 20,000 crore. He said that unlike the comments of opposition, ONGC’s move to meet the disinvestment target through GSPC by selling the stake in HPCL was “strategic and of immense value proposition”.
India’s state-run oil and gas company, ONGC is planning on buying 27 drilling rigs that would cost Rs 3,000-3,500 crore. The new purchase has been planned to replace nearly half of its ageing onland rigs. ONGC has floated a tender for the same in search of interested suppliers. The new rigs will replace some of the ageing fleet of 67 rigs currently operating at the company’s offshore fields.
According to sources, India’s ONGC is trying to find out the location and size of oil and gas reservoirs at Ganga basin near Kasganj-Etah-Farrukhabad border. Seismic data survey is being done in order to get the details of the rock types and their locations beneath the surface of the Earth. Seven-member team is completing the survey by digging small borewells at a farm in the Tajpur Tigra village of Patiyali.
India’s E&P major, ONGC has awarded a subsea contract to the consortium of BHGE, McDermott International, and L&T Hydrocarbon Engineering (LTHE). The contract pertains to the development of block DWN-98/2 in the Krishna Godavari basin, ONGC’s largest deepwater project till date. The consortium will supply all subsea production systems (SPS), including 34 deepwater trees, alongwith the installation of SURF.
The Indian tax department struck ONGCs international arm, ONGC Videsh Ltd (OVL) with a ₹7666.10 crore (approximately USD 1.05 billion) service tax demand. The tax demand was slapped over the payment the firm made to its overseas subsidiaries for the duration of 2006 to 2017. The tax department issued many demand-cum-show cause notices to OVL on the matter. Sources reported that OVL is challenging the demand.
E&P major, ONGC received approval from the Government of India to proceed with Additional Development Drilling of 72 wells in the Krishna-Godavari basin. The Expert Appraisal Committee (EAC) under the Ministry of Environment, Forest and Climate Change, gave a nod to ONGCs proposal for the project. An investment of ₹792 crore has been outlaid by the PSU for the project. EAC has laid down several conditions for granting the clearance.