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Oil and Natural Gas Corporation Limited (ONGC) Related news
Capex Plan: ONGC spared buyback obligation
Posted on 20th July 2018
The government has exempted state-owned explorer ONGC from the twin obligations of buying back its own shares and issuing bonus shares in the current fiscal, a move that would help the upstream hydrocarbon to not cut back on its capex plan of Rs 32,000 crore for the year.

Pawan Hans disinvestment inches ahead, ONGC board approves 49% stake sale
Posted on 18th July 2018
The board of ONGC has approved exiting helicopter service provider Pawan Hans by selling its entire 49 per cent stake as it looks to cut debt and consolidate resources in core oil and gas business, officials with direct knowledge of the development said. Oil and Natural Gas Corp (ONGC) wants its interest to be clubbed with the 51 per cent government stake that is already on offer for sale, they said.

ONGC’s natural gas segment to do well as gas prices rise
Posted on 22nd June 2018
India’s LNG imports were flat m/m in May but rose 17% y/y, boding well for PLNG where Dahej unit was also steady at ~110% in April/May. We keep our BUY as we do on Gail where earnings risks appear skewed on the upside even if trans. volumes do rise materially NT and valuations are inexpensive. Expectations are modest for ONGC too where higher oil and gas prices would lift earnings in FY19E even if subsidies cap realizations in domestic oil assets and HPCL.

Floods submerge ONGC sites in Tripura
Posted on 13th June 2018
Incessant monsoon rains weredisrupting operations of the Oil and Natural Gas Commission (ONGC) in Tripura. Rain triggered floods submerged its drilling sites especially in northern part of the State.

Tripura Asset of the ONGC on Tuesday confirmed that its operational activities were severely affected due to rains.


ONGC’s funds drop 90% in one year; this is why cash reserves shrunk
Posted on 11th June 2018
India’s Oil and Natural Gas Corp., which once had $4.3 billion of funds, is now bleeding cash. The state-run company’s cash reserves have shrunk by more than 90 percent in the past year, after it was ordered to purchase the administration’s stake in a refiner and it paid a record dividend. ONGC’s reserves dropped to about 10 billion rupees ($148 million) as on March 31 from nearly 130 billion rupees a year earlier, according to data compiled by Bloomberg.

ONGC LOGS RS 4,000 CR LOSS ON GAS PRODUCTION
Posted on 4th June 2018
State-owned Oil and Natural Gas Corp (ONGC) logged a Rs 4,000 crore loss on natural gas output in the fiscal year ended March 31, 2018 as the Government mandated price for the fuel was less than the cost of production.

“We need at least $4 per million British thermal unit to break-even as compared to current gas price of $3.06 per mmBtu,” a senior company official said.


IOC MOST PROFITABLE PSU FOR 2ND YEAR IN A ROW; DISPLACES ONGC
Posted on 1st June 2018
Fuel retailer IOC has for the second year in a row beaten ONGC to become India's most profitable State-owned company, raising questions over calls for the explorer to subsidise retailers amid soaring petrol and diesel rates.

Indian Oil Corporation, which has for decades been India's biggest company by turnover, last week posted a record net profit of Rs 21,346 crore in the fiscal year ended March 31, 2018 (FY 2017-18), up 12 per cent from Rs 19,106 crore in the last fiscal.


Govt to ask ONGC to bear fuel subsidy to help cut petrol, diesel price
Posted on 1st June 2018
The government may ask state-owned Oil and Natural Gas Corp (ONGC) to bear fuel subsidy to help cut petrol and diesel prices, sources said today. The government does not want to cut excise duty and is looking at alternative means to reduce petrol and diesel prices that had on Tuesday touched an all-time high of Rs 78.43 per litre and Rs 69.31 a litre respectively. Sources said the alternative in works is to ask ONGC give subsidy to fuel retailers so that they can sell petrol and diesel at below market rates.

ONGC Q4 NET UP 37% AT ‘5,915 CR
Posted on 31st May 2018
On back of higher oil prices, State-owned Oil and Natural Gas Corp (ONGC) on Wednesday posted its net profit of Rs 5,915.12 crore, a jump of 37 per cent in three-months to March 31, 2018. The net profit in the fourth quarter of 2017-18, the highest profit in last 17 quarters, was higher than Rs 4,340.18 crore net in the same period of the previous fiscal, according to the company.

ONGC replaces govt nominee on HPCL board with own candidate
Posted on 29th May 2018
New Delhi: State-owned Oil and Natural Gas Corp. Ltd (ONGC) has replaced a government nominee director on board of Hindustan Petroleum Corp Ltd (HPCL) with its nominee as it consolidates control over the company it recently acquired.

ONGC, which had in January completed the acquisition of the government’s 51.11% stake in HPCL for Rs36,915 crore, has appointed its director (finance) Subhash Kumar on the company board, people familiar with the matter said.


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