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ONGC ship blast kills 5 in Kerala
Posted on 14th February 2018
Bangalore: An explosion on a dry-docked drillship owned by the ONGC killed five workers and injured eight others at the Cochin Shipyard Ltd in Kerala on Tuesday.

Officials said the ship, Sagar Bhushan, was under repair at the shipyard when an explosion rocked a section of the vessel around 9.15am following an apparent gas leak near an air-conditioned compartment.

ONGC up 3% post December quarter results
Posted on 12th February 2018
Oil and Natural Gas Corporation (ONGC) was trading 3% higher at Rs 195 on BSE in early morning trade after reporting a strong operating performance led by higher gas volume and oil realization for the quarter ended December 2017 (Q3FY18).

The company’s natural gas production saw an increase of 4.2% during the quarter under review to 6.277 billion cubic meter (BCM) as against 6.025 bcm during the same quarter in 2016.

ONGC’s biggest oil, gas project in Krishna-Godavari basin expected to be delayed
Posted on 5th February 2018
Mumbai/New Delhi:Oil and Natural Gas Corp. (ONGC) is facing a delay of at least a year in starting production from its biggest project, according to people with knowledge of the matter.

The nation’s top explorer, which planned to produce gas from a deep water block in the Krishna-Godavari basin off the country’s east coast from June 2019, won’t produce first gas until at least the second half of 2020, the people said, asking not to be identified because the information isn’t public.

ONGC buys govt's entire 51.11% stake in HPCL for Rs 369 billion
Posted on 1st February 2018
State-owned Oil and Natural Gas Corp (ONGC) on Wednesday said it has bought government's entire 51.11 per cent stake in oil refiner HPCL for Rs 369 billion.

In a regulatory filing, ONGC said it bought 778.8 million shares in Hindustan Petroleum Corp Ltd (HPCL) for Rs 473.97 per share.

ONGC’s gas production up 8% in 9 mths of fiscal
Posted on 27th January 2018
NEW DELHI: Flagship explorer ONGC's gas production rose 7.9% and crude output went up 1.5% in the first nine months of the current fiscal against the previous corresponding period, acompany statement on Friday quoted director (HR) D D Misra as saying.

"We are geared up to contributing towards achieving the PM's vision of reducing oil imports by 10% by 2022," the statement quoted Misra as saying. Misra is officiating as chairman in the absence of Shashi Shanker, who is in Davos as part of the Indian delegation to the World Economic Forum meet.

ONGC borrows Rs. 4,000 crore from ICICI Bank
Posted on 25th January 2018
New Delhi: The Oil and Natural Gas Corporation (ONGC) borrowed around Rs. 4,000 crores from ICICI Bank on Wednesday.

The borrowing is part of a tie-up with the three banks- Punjab National Bank (PNB), Bank of India (BOI) and Axis Bank, which took Rs. 18,060 crores for part funding its acquisition cost of Rs. 36,915 crore equity shares of the Hindustan Petroleum Corporation Limited (HPCL).

ONGC ties up with banks to part-fund HPCL acquisition
Posted on 24th January 2018
Oil and gas explorer ONGC has entered into short-term loan agreements with three banks to part-fund its acquisition of HPCL. Accordingly, the company has entered into agreements with PNB, Axis Bank and Bank of India on January 22 for loans totalling to Rs 18,060 crore. As per a BSE filing made on late Tuesday evening, the agreements are for short-term loans to part-finance the acquisition of HPCL.

ONGC stock jumps 3.3% on 51% stake buy in HPCL
Posted on 23rd January 2018
With ONGC paying only a modest premium for a 51.1% stake in HPCL, limiting the dilution in the fair value to just 6%, the counter gained 3.3% on Monday to close at Rs 199.95. ONGC will pay close to Rs 37,000 crore to buy the stake. Meanwhile, the HPCL stock lost 3.6% on Monday to close at Rs 401.75 apiece. The price — Rs 474 per share — at which the deal has been transacted is a 9% premium to HPCL’s 26-week average price of Rs 435 and a near 14% premium over the Friday’s close of Rs 416.55.

ONGC surges 6% on acquisition of 51.11% stake in HPCL
Posted on 22nd January 2018
Oil and Natural Gas Corporation (ONGC) has surged 6% to Rs 206 on BSE in early morning trade after the state-owned oil exploration company announced that it will acquire the 51.1% government stake in Hindustan Petroleum Corporation (HPCL) at a cost of Rs 369.15 billion.

ONGC will acquire the government stake in HPCL by paying Rs 473.97 per share which works out to a 14% premium to HPCL’s closing market price of Rs 417 on Friday, 19 January.

ONGC to acquire government's 51.1% stake in HPCL for Rs 369.15 billion
Posted on 20th January 2018
State-owned ONGC today said it will acquire the government's entire 51.11 per cent stake in HPCL for Rs 369.15 billion (Rs 36,915 crore).

ONGC will pay the government Rs 473.97 per share, a premium of over 10 per cent of the 60-days weighted average of HPCL's scrip.

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