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More than 30,000 ONGC workers vow to boost national energy security
Posted on 14th August 2019
More than 30,000 employees of state-run Oil and Natural Gas Corporation (ONGC) took pledge to enhance national energy security on 64th Foundation Day on August 14, 2019. ONGC, the country’s largest oil and gas producer, celebrates this day every year to renew its pledge for national energy security. The employees were administered the pledge by ONGC directors at registered office. “The ONGC officers vowed to dedicate themselves to the nation’s energy security, through the diligence. The ONGC pledge was administered to a large gathering of employees,” ONGC said in a statement.

HPCL re-files shareholding pattern for 6 quarters; lists ONGC as promoter
Posted on 14th August 2019
After a rap from market regulator Sebi, Hindustan Petroleum Corp Ltd (HPCL) has re-filed shareholding pattern of the company for last six quarters, listing its majority owner Oil and Natural Gas Corp (ONGC) as a 'promoter'.

The Securities and Exchange Board of India (Sebi) had asked HPCL to re-file shareholding pattern to stock exchanges by August 13, 2019 for all quarters since Oil and Natural Gas Corp (ONGC) acquired government's entire stake in the refiner in January 2018.

Competition Commission of India disposes of abuse of dominance charge against ONGC
Posted on 5th August 2019
Competition Commission of India (CCI) has dismissed a complaint against Oil & Natural Gas Commission (ONGC) which alleged the state-owned oil explorer of abusing its dominant position in relation to certain contractual provisions while hiring of offshore support vessels.

ONGC, IOC, GAIL, NTPC may lose PSU tag after equity dilution
Posted on 12th July 2019
New Delhi: Several of 'maharatna' and 'navratna' companies, including ONGC, IOC, GAIL and NTPC, could soon become independent board-run entities outside the scrutiny of CAG and CVC if the government implements a proposal to take out the PSU tag from some of the entities after its shareholding falls below the threshold 51% mark.

SBI, ONGC to lead Nifty earnings growth in June quarter: Morgan Stanley
Posted on 11th July 2019
As India Inc prepares to report its April-June 2019 quarter numbers for financial year 2019-20 (Q1FY20), analysts at Morgan Stanley expect the financial sector to lead earnings growth. For the recently concluded quarter, they peg the earnings growth for the companies they cover (ex-financials) to fall 4 per cent year-on-year (YoY), but rise 29 per cent YoY if the oil PSUs are excluded from the aggregate.

ONGC discovers 230 mn tonnes of oil reserves: Pradhan
Posted on 2nd July 2019
State-owned Oil and Natural Gas Corp (ONGC) has discovered over 230 million tonnes of in-place oil reserves in the last three years, Petroleum Minister Dharmendra Pradhan said Monday. In a written reply to a question in the Lok Sabha, he said India’s top oil and gas producer ONGC as on April 1, 2019, has in place oil reserves of 459.84 million tonnes.

These reserves are spread over 16 assets it currently extracts oil from, he said.

OVL, partners agree to invest $20 billion in Mozambique LNG project
Posted on 19th June 2019
ONGC Videsh Ltd and its Indian as well as foreign partners have agreed to invest USD 20 billion in constructing a gas liquefaction and export terminal in Mozambique to monetise vast offshore natural gas reserves they had found. In separate but almost identical regulatory filings, Oil and Natural Gas Corp (ONGC), Bharat Petroleum Corp Ltd (BPCL) and Oil India Ltd (OIL) said their subsidiaries along with Anadarko Petroleum of the US has taken a final investment decision (FID) for Area-1 Mozambique LNG project.

Pressure on ONGC to steer clear of Farzad
Posted on 11th June 2019
ONGC Videsh, the overseas arm of state-owned explorer ONGC, is unlikely to go ahead with its investments in Iran’s Farzad-B gas block because of the US sanctions on the Islamic nation.

Tehran has indicated that it could come out with a licensing round for the development of the field by an Iranian contractor if the Indian firm does not enter into an agreement soon.

OVL FY19 net profit jumps 71 pc on rise in oil production
Posted on 24th May 2019
New Delhi: ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), on Friday reported a 71 per cent jump in its 2018-19 fiscal year net profit on the back of a spike in crude oil production.

Consolidated net profit in April 2018 to March 2019 period at Rs 1,682 crore was 71.4 per cent higher than Rs 981 crore net profit in the previous financial year, the company said in a statement here.

ONGC plans surge
Posted on 23rd May 2019
State owned ONGC is likely to spend about Rs 65,000 crore over the next three years to ramp up production and development of its fields, including those in the KG Basin.

Production will be ramped up in 13 field development projects and three enhanced oil recovery/improved oil recovery (EOR/IOR) projects, a research report of Motilal Oswal said.

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