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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.

In the pipeline: ONGC to start gas production from KG basin by December
Posted on 27th April 2019
State-run ONGC will start production of gas from its lone field with proven reserves of this variety of hydrocarbon in the Krishna Godavari basin off the east coast in December this year and expects to reach the peak production level in 2022. “We are getting encouraging results with new oil and gas discoveries (in KG basin),” an ONGC executive said. The executive added that the initial production from the field KG-DWN-98/2 will be 4-5 mscmd with peak rate being 17 mscmd.

Prized ONGC asset sale nixed
Posted on 15th March 2019
Top executives of Oil and Natural Gas Corporation (ONGC) and bureaucrats within the government have successfully thwarted an attempt by the Niti Aayog to privatise the country’s largest oil and gas producing fields, including those in the famed Bombay High and Vasai East.

ONGC yet to submit development plan for GSPC field
Posted on 28th February 2019
Though ONGC is digging appraisal wells at the Deen Dayal West (DDW) field it acquired from Gujarat State Petroleum Corporation (GSPC), it is still to submit the field development plan (FDP) and has sought time till December 2019 from the empowered committee of secretaries (ECS). ONGC was initially supposed to submit the FDP by February 2018.

According to a source, while the ECS will allow the time to ONGC, given huge investments are involved, it will have to pay a penalty. ECS comprises secretaries of finance, petroleum and law.

ONGC gains for fifth straight trading session on strong Q3 earnings
Posted on 21st February 2019
Shares of Oil and Natural Gas Corporation (ONGC) were trading higher for the fifth straight session, rising 2 per cent to Rs 146 apiece on the BSE in intra-day trade after the company reported a strong December 2018 (Q3FY19) result.

In past one week, the stock of state-owned oil exploration firm outperformed the market by gaining 11 per cent against 0.30 per cent decline in the S&P BSE Sensex. It recovered 13 per cent from its 52-week low of Rs 129 touched on February 14, 2019, on the BSE in intra-day trade.

RIL, ONGC natural gas prices to be raised by 10%; here’s how much it will cost from April
Posted on 13th February 2019
In a boost to firms like ONGC and Reliance Industries, the government is likely to raise the price of domestically produced natural gas by over 10 per cent to over USD 3.72 per million British thermal unit with effect from April 1, sources in know of the development said. The price of gas produced from difficult fields will rise to about USD 9 per million British thermal unit (mmBtu) from current USD 7.67, they said. This will be the fourth straight increase in gas prices.

ONGC share buyback opens today. Should you tender your shares?
Posted on 29th January 2019
Recently, two major oil PSUs (public sector undertakings) - Indian Oil Corporation (IOC) and Oil and Natural Gas Corporation (ONGC) - announced their respective share buyback programmes as part of the government's divestment drive.

IOC plans to buyback 297.7 million shares at a price of Rs 149 apiece, amounting to Rs 44.35 billion. This apart, the company has also declared an interim dividend of 67.5 per cent i.e. Rs 6.75 per equity share of face value of Rs 10 each for the financial year 2018-19.

ONGC share buyback to open Jan 29, closes Feb 11
Posted on 22nd January 2019
State-owned Oil and Natural Gas Corp’s (ONGC) Rs 4,022 crore share buyback programme will open on January 29 and close on February 11, the company said in its offer letter to shareholders.

ONGC’s board had on December 20 approved buyback of 25.29 crore shares for Rs 159 apiece as part of the Government plan to get cash-rich PSUs to part with their surplus.

Govt allows ONGC, OIL to induct foreign partner; special incentives for difficult finds
Posted on 7th January 2019
Oil minister Dharmendra Pradhan Monday said the government will allow state-owned ONGC and Oil India to induct private and foreign partners in oilfields to raise output and also give special incentive to make their discoveries in difficult areas viable.

Speaking at the launch of second bid round for 14 exploration blocks under open acreage licensing policy, Pradhan said Oil and Natural Gas Corp (ONGC) and OIL will have the freedom to decide which of their currently producing fields they want to retain and in the ones where they would like to induct a partner.

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