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India’s state-owned oil companies aim to sustain spending near a three-year high, encouraged by falling oil-services costs and expanding demand. The country’s largest oil refiner Indian Oil Corp. will boost domestic spending by a quarter in the year to March 31 and smaller processor Hindustan Petroleum Corp. plans to invest about 17 percent more this year. Oil and Natural Gas Corp., the biggest explorer and top spender, plans to invest as much as last year. The 11 state-owned companies spent more than one trillion rupees ($16 billion) in the year ended March 31, the highest since 2014.

 
Sudan has denied India’s ONGC Videsh Ltd an extension of licence to operate an oilfield as it sought higher royalties and taxes to make up for revenue lost due to drop in oil prices. The licence for Block 2B expired last November and an automatic 5-year extension is available but Sudan, whose revenues have been hit with a drop in oil prices, wanted higher taxes and royalties before it agreed to the same, officials said.

ONGC up 3% on heavy volumes
Posted on 28th April 2017
 
Oil and Natural Gas Corporation (ONGC) moved higher by 3% at Rs 185 on BSE on the back of two-fold jump in trading volumes.

Till 02:31 pm; about 901,000 shares changed hands on the counter against an average 389,000 shares were traded daily in past two weeks, the BSE data shows. A combined around seven million shares changed hands on the NSE and BSE so far.


 
State Bank of India (SBI) surpassed oil exploration major Oil & Natural Gas Corporation (ONGC) to become most valued public sector undertaking (PSU) stock in terms of market capitalization (m-cap) in intra-day trade on Tuesday.

SBI with m-cap of Rs 239,808 crore was ahead of ONGC having m-cap of Rs 236,003 crore at 10:56 am; the BSE data showed. On Monday, the m-cap of ONGC and SBI was Rs 234,977 crore and Rs 234,902 crore, respectively.


 
India’s Oil and Natural Gas Corp expects its natural gas production to reach a 5-year high in the current fiscal year following the start-up in coming weeks of a long-delayed project in the Arabian Sea, two senior company executives said. State-owned ONGC, which accounts for about two-thirds of India’s total natural gas production, is likely to produce close to 25 billion cubic metres (bcm) of gas in fiscal 2018, the executives told Reuters.

 
Triggering a debate on the need for revising the current domestic natural gas price regime, Oil and Natural Gas Corporation Ltd (ONGC) Chairman Dinesh Kumar Sarraf on Thursday stated that deregulation of gas pricing and marketing rights is necessary in India for the exploration industry to prosper.

He said major challenge that the exploration sector is facing in a low pricing environment would be cost optimisation. With effect from April 1, the government has cut the natural gas price to $2.48 per million British thermal unit (mbtu), which will be effective for six months. Hence, companies had been batting for a cap on pricing of natural gas in India. As per the new gas pricing formula approved in October 2014, gas prices are to be revised every six months.


 
The overseas arm of India’s Oil and Natural Gas Corp has submitted a revised plan to develop the giant Farzad B gas block in Iran, including a commitment to spend more than $3 billion, a senior executive said on Tuesday. ONGC Videsh expects to produce between 1 billion and 1.6 billion cubic feet per day of gas in five years from the start of development of the block, N. K. Verma, the company’s managing director told Reuters in Mumbai on Tuesday.

 
Thanks to aggressive acquisition of oil assets abroad, government-owned BPCL and ONGC are set to overtake Reliance Industries in overseas fundraising in 2016-17. Reliance was the topper among corporate India in raising funds during the past five years.

The change in the league tables comes against a backdrop of a slowdown in fundraising by Indian corporates during the year. Overseas fundraising by Indian companies slowed to $19.02 billion in 2016-17 from $21.06 billion in 2015-16.


 
Coal India, ONGC and Indian Oil Corporation emerged as star financial performers among India’s central public sector enterprises in 2015-16, whereas SAIL, BSNL and Air India incurred most losses, a government survey has showed. The Public Enterprises Survey, tracking the performance of CPSEs in 2015-16, revealed that the top three loss-making CPSEs — SAIL, BSNL and Air India — incurred a loss equal to 51.65 per cent of the total loss made by the top 10 loss-making CPSEs in 2015-16.

 
The Union Cabinet’s decision on Wednesday to grant extension to production sharing contracts for 10 blocks will benefit Cairn India Ltd (CIL), Oil and Natural Gas Corporation (ONGC), Essar Oil, Focus Energy, Hindustan Oil Exploration Company (HOEC), and Gujarat State Petroleum Corporation Ltd (GSPC).

The contracts for these pre-NELP (New Exploration Licensing Policy) exploratory blocks will be extended for 10 years from the expiry of their contracts. The move, the government said, will help accelerate indigenous production of hydrocarbons from existing blocks and act as a progressive step towards achieving the target of 10 per cent reduction in import of crude oil by 2022.


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