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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.

ONGC ramps up gas output
Posted on 5th January 2019
When ONGC acquired Gujarat government-owned GSPC’s then-languishing Deen Dayal-West (DDW) block in the Krishna Godawari basin in late 2016, apparently under a government directive, many thought it could add to the explorer’s portfolio of under-performing assets. However, encouraged by higher prices for difficult fields which these assets are entitled to, ONGC has ramped up production from the block

ONGC board approves Rs 40 billion buyback at Rs 159 apiece; shares end flat
Posted on 20th December 2018
The board of India's biggest gas explorer Oil and Natural Gas (ONGC) on Thursday approved the share buyback of 253 million shares worth Rs 40.22 billion at Rs 159/share, which is around 7 per cent premium to the current market price of Rs 149.

The company has fixed January 4, 2019 as the record date for determining the entitlement and the names of the shareholders/ beneficial owners to whom the letter of offer will be sent and will be eligible to participate in the buyback.

ONGC to consider listing of ONGC Videsh on domestic exchanges: Report
Posted on 19th December 2018
The board of India's top explorer, Oil and Natural Gas Corp Ltd, will consider a proposal this week to list its overseas investment arm, ONGC Videsh Ltd, on domestic bourses, two sources privy to the matter said on Wednesday.

The move to float the unit, which has investments in 11 producing assets in countries including Russia, Brazil, United Arab Emirates, Sudan and Venezuela, is part of a government push to sell state assets to raise funds.

ONGC, OIL spent over Rs 13,000 crore on 115 discoveries sold to private companies: Pradhan
Posted on 17th December 2018
ONGC, OIL spent Rs 13,000 cr on 115 discoveries govt took away from them: Pradhan

New Delhi: State-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) spent over Rs 13,000 crore on 115 oil and gas discoveries which were taken away from them by the government for auctioning to private companies, Oil Minister Dharmendra Pradhan said Monday.

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