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The Prime Minister’s Office is apparently unhappy with the slow pace of movement on the proposed amalgamation of the state-run refiner Hindustan Petroleum Corp Ltd with the giant oil explorer Oil and Natural Gas Corp, a move towards the government’s ambition to create a giant energy PSU of the global scale.

The PMO, however, is firm on merging the two oil companies, ET Now reported on Thursday citing an unnamed oil ministry official.

ONGC gets shale go-ahead
Posted on 28th June 2017
New Delhi, June 27: State-owned explorer ONGC Ltd has got an environmental clearance to drill five wells for shale gas and oil in the Krishna-Godavari (KG) basin at an estimated cost of Rs 217 crore.

ONGC had proposed further exploration of shale gas and oil in the KG basin and was examined by the environment ministry.

State-owned Oil and Natural Gas Corporation (ONGC) has received environmental clearance for drilling five wells to explore shale gas and oil in the KG basin of Andhra Pradesh at an estimated cost of Rs 217 crore. ONGC has been operating in the Krishna-Godavari (KG) basin for the past more than 35 years. The exploratory efforts so far have led to the discovery of 65 small-to-medium sized hydrocarbon fields with about 356 million tonnes (oil and oil equivalent gas) of initial in-place on-land reserves.

Shashi Shanker will be the next Chairman and Managing Director of India's biggest oil and gas producer, ONGC.

Government headhunter Public Enterprise Selection Board (PESB) selected Shanker to head Oil and Natural Gas Corp (ONGC) from October 1.

State-owned Oil and Natural Gas Corp (ONGC) is keen to acquire India's third-biggest fuel retailer HPCL in a Rs 42,254 crore deal after finding Bharat Petroleum Corp Ltd (BPCL) too expensive to buy.

Following up on Finance Minister Arun Jaitley's Budget announcement of creating an integrated oil company, ONGC evaluated options of acquiring either Hindustan Petroleum Corp Ltd (HPCL) or BPCL - the two downstream oil refining and fuel marketing companies.

New Delhi: Maruti Suzuki zipped past Infosys and ONGC in market capitalisation (m-cap) as its stock rose by 3% on Friday, adding Rs6,563 crore to the value.

The stock gained 3% to end at Rs7,451 on the BSE. During the day, it went up by 3.25% to Rs7,469—its 52-week high. It was the top gainer on the BSE benchmark Sensex. On NSE, the stock moved up by 2.97% to close at Rs7,464.85.

Oil and Natural Gas Corp. Ltd’s (ONGC’s) profitability in the March quarter was adversely impacted by certain one-off elements.

The oil producer had to shell out Rs2,444 crore towards royalty payments to the states of Gujarat and Assam. There was also a provision of Rs1,944 crore relating to employee pay revision.

The government is said to be planning to combine the state-run refiner Hindustan Petroleum Corp Ltd with the giant oil explorer Oil and Natural Gas Corp by December this year by selling its 51.1% stake in the former to the latter for $4.5 billion (about Rs 29,000 crore), ET Now reported citing wire reports, which in turn cited unidentified sources.

The Ministry of Petroleum and Natural Gas is learnt to be in favour of adopting a subsidiary model for combining the two oil PSUs instead of merging the companies, making ONGC the parent company of HPCL, the report said. However, the government will decide final model of combining in few months, it added.

Oil and Natural Gas Corporation's (ONGC's) onshore crude oil domestic production witnessed an increase of 2.4% during last fiscal, after falling for three consecutive years.

Onshore production rose to 5.97 million metric tonne (mmt) during FY17 from 5.82 mmt a year ago. The reversal has happened on account of early monetization of discoveries at Ankleshwar, Cauvery (Madnam) and Rajahmundry (Keshnapalli West), among others, shows the latest data available with the oil and gas major.

With a steady rise in domestic fossil fuel consumption making the country’s target of cutting import dependence on oil more challenging, state-run Oil and Natural Gas Corp. (ONGC) has decided to aggressively expand its acreage under exploration and production from July once the government starts accepting bids for 26 unexplored sedimentary basins.

The country’s largest oil and gas producer intends to increase its exploration and production acreage at least by 30% over the next few years from 90,000 square kilometers at present, a senior official said, asking not to be named.

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