ONGC sniffs Bengal gas
Posted on 7th September 2018 |
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New Delhi: ONGC Ltd has struck gas in a well at Ashoknagar in Bengal's North 24 Parganas district. The PSU has also found gas in the Vindhyan basin in Madhya Pradesh. Both the discoveries will now be assessed for their commercial viability, ONGC director (exploration) Ajay Kumar Dwivedi said on Thursday. |
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ONGC’s $1.6 billion disinvestment may hit roadblock on oil policy concerns
Posted on 6th September 2018 |
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India’s efforts to sell a $1.6 billion stake in Oil & Natural Gas Corp. has run into concerns that government policies on fuel pricing would weigh on the state-run explorer’s share price, according to people with knowledge of the situation. Investors and fund managers that met with Indian government officials during a U.S. roadshow last month voiced concern that the government may reimpose fuel subsidies and that the nation’s state-set natural gas prices are too low, |
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Sale of 5% stake: Government readies ONGC OFS
Posted on 28th August 2018 |
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The Centre will likely sell a 5% stake in the country’s largest oil explorer ONGC in what could be one of its largest disinvestment exercises in the current fiscal. At current prices (the ONGC stock closed Rs 176.20 on Monday), the stake sale may fetch the exchequer Rs 11,300 crore. The department of investment and public asset management (DIPAM) held roadshows in the US last week to reach out to potential investors for the proposed offer for sale (OFS) of the government’s stake in ONGC. |
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ONGC REPAYS A THIRD OF LOAN TAKEN TO BUY HPCL
Posted on 20th August 2018 |
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State-owned Oil and Natural Gas Corp (ONGC) will not sell its stake in IOC and GAIL in the near future as it has used internal resources to repay close to a third of the Rs 24,881 crore loan it had taken to buy Hindustan Petroleum Corp Ltd (HPCL), people with direct knowledge of the matter said. ONGC had in January received government approval to sell its 13.77 per cent stake in Indian Oil Corp (IOC) and 4.86 per cent state in gas utility GAIL India Ltd to help fund the Rs 36,915 crore acquisition of HPCL. |
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Capex plan: ONGC is spared new impost
Posted on 18th August 2018 |
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The government has dropped a plan to ask ONGC to resume sharing its fuel subsidy burden if the Indian basket of crude breaches $70 a barrel. An imminent reintroduction of the practice that was discontinued in FY16 was threatening to hit the state-run hydrocarbon producer’s all-important capex plans, especially since its surplus cash had got depleted by Rs 12,000 crore due to its Rs 37,000 crore acquisition of Hindustan Petroleum Corporation (HPCL) last last fiscal under a government directive. |
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ONGC in talks to buy five GSPC blocks
Posted on 16th August 2018 |
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Mumbai: The country’s largest oil exploration and production company, Oil and Natural Gas Corp. Ltd (ONGC), is in talks to buy five blocks from the Gujarat State Petroleum Corp. Ltd (GSPC), according to two people aware of the development. The move comes against the backdrop of ONGC acquiring an 80% stake in GSPC’s Deen Dayal block in the Krishna Godavari Basin in December 2016 for 7,738 crore. The Gujarat government owns an 87% in GSPC. |
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Eyeing global reach: Government mulls listing of ONGC on overseas stock exchange
Posted on 14th August 2018 |
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With a view to “having better access to foreign capital and have a global reach,” the government is considering listing state-run oil explorer ONGC on an overseas stock exchange. The idea was discussed last week during a meeting called by Prime Minister Narendra Modi to review developments in the energy and mining sectors, sources said. The meeting was attended by secretaries from various ministries apart from representatives from the NITI Aayog and the Prime Minister’s Office. |
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ONGC is HPCL promoter, no confusion about it, says Dharmendra Pradhan
Posted on 10th August 2018 |
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Petroleum minister Dharmendra Pradhan on Thursday said national oil explorer ONGC is the promoter of oil marketing company HPCL and “there should be no confusion about it”. FE had earlier reported that though HPCL was taken over by ONGC in January this year, the former is yet to recognise the upstream major as its promoter in the mandatory quarterly filings with the stock exchanges. |
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High operating profit to help ONGC cut borrowings, says Moody's
Posted on 6th August 2018 |
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New Delhi: Oil and Natural Gas Corp's (ONGC) highest ever pre-tax quarterly profit (EBITDA) provides cash flow to the state-owned firm to reduce borrowings, Moody's Investors Service said on Monday. For the April-June quarter of the current fiscal, ONGC reported 47.2 per cent increase in EBITDA or operating profit to Rs 14,240 crore. |
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ONGC Q1 net jumps 58% despite fall in crude oil production
Posted on 3rd August 2018 |
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State-owned Oil and Natural Gas Corp (ONGC) on Thursday reported a 58% jump in net profit to Rs 6,144 crore for the first quarter of FY19, compared with Rs 3,885 crore a year ago, driven by higher realisation for its produce. The revenue from operations of the explorer increased 42% to Rs 27,213 crore in the quarter gone by from Rs 19,073 crore in the comparable period last fiscal. |
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