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ONGC may defer dividend payout this year; says, will buy back govt shares or pay dividend, not both
Posted on 15th November 2018
State-run energy major Oil and Natural Gas Corp (ONGC) has informed the Ministry of Finance that it may defer the interim dividend plan for the current financial year 2018-19, as it can either pay interim dividend or buy back government shares in the company, but not the both as it needs some time to build a corpus for the payout, The Indian Express reported.

Modi government likely to sell 149 fields of ONGC to private firms
Posted on 12th November 2018
The government is mulling selling as many as 149 small and marginal oil and gas fields of ONGC to private and foreign companies and allow the state-owned firm to focus only on big fields, sources with knowledge of the development said.

Venezuela’s state-run PDVSA ships $35 mln oil cargo to pay dividends to ONGC: Report
Posted on 1st November 2018
Venezuela’s state-run PDVSA has shipped a crude cargo valued at $35 million as partial payment to Indian oil company ONGC Videsh Ltd for overdue dividends from a joint venture, according to two people familiar with the matter.

The payment is based on an agreement signed in 2016 by PDVSA and ONGC Videsh, the overseas investment arm of India’s Oil and Natural Gas Corp, to repatriate about $530 million in dividends due from their San Cristobal oil project in Venezuela.


Energy: ‘Add’ on ONGC; negative stance on OMCs
Posted on 6th October 2018
The government’s decision to curtail marketing margins on auto fuels by Rs 1/liter brings to fore the earnings uncertainty for oil PSUs, associated with an environment of higher crude prices amid the government’s socio-economic compulsions.

We reiterate our negative stance on OMCs, while seeing a possibility of further curtailment of profitability given the rising ask-rate of fuel prices hikes amid higher crude and a weaker rupee.


ONGC not in a hurry to offload stake in IOC, GAIL
Posted on 3rd October 2018
State-owned Oil and Natural Gas Corp (ONGC) is not in a hurry to sell its stake in Indian Oil Corp and GAIL (India) and will wait for the right price before offloading the shares, a senior company official said.

ONGC holds 13.77 per cent stake in oil refiner IOC and 4.86 per cent in gas utility GAIL India.


Fake agents dupe 20 with promise of jobs at ONGC, Delhi Police arrests 7
Posted on 24th September 2018
Seven men arrested in connection with a job racket promising employment to youths with the ONGC confessed to having duped at least 20 people of Rs 20 million in last two years, the police said Sunday.

Last week, police arrested the seven, two Ministry of Rural Development employees among them, for allegedly cheating unemployed youths on the pretext of getting them jobs in Oil and Natural Gas Corporation as Assistant Managers.


IIT Madras, ONGC sign agreement to boost operational lifecycle of platforms
Posted on 20th September 2018
Indian Institute of Technology Madras (IIT-M) has announced a collaboration with Oil and Natural Gas Corporation Limited (ONGC) to enhance the operational life cycle of the latter's existing platforms and reduce running and operating cost by optimum use of offshore survey requirements.

IIT-M is going to develop a database management system for all the more than 280 platforms of ONGC and develop software for structural integrity management system (SIMS) as well.


ONGC sniffs Bengal gas
Posted on 7th September 2018
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.


ONGC’s $1.6 billion disinvestment may hit roadblock on oil policy concerns
Posted on 6th September 2018
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,

Sale of 5% stake: Government readies ONGC OFS
Posted on 28th August 2018
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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