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ONGC board to consider share buyback on Dec 20
Posted on 15th December 2018
State-owned Oil and Natural Gas Corp (ONGC) Friday said its board will consider buyback of company shares at a meeting on December 20.

This follows Government pushing cash-rich PSUs to use their funds to buy back shares or pay a higher dividend. The Government is looking to bridge budgetary deficit through higher receipts of dividend as well as selling its shares in PSUs in the buyback programmes.


ONGC gets USD 32 million payment from Venezuela's PDVSA
Posted on 5th December 2018
New Delhi: India’s Oil and Natural Gas Corp has received a payment of $32 million from Petroleos de Venezuela (PDVSA) as part of a settlement of outstanding dividend payments and said it now hopes that Venezuela’s state oil firm will be regular in making further payments, a senior ONGC official said.

“It is a good development,” said N. K. Verma, managing director of ONGC Videsh, the overseas investment arm of ONGC.


ONGC gas production hit all-time high
Posted on 21st November 2018
New Delhi: State-owned Oil and Natural Gas Corp’s (ONGC) natural gas production has hit an all-time high of about 70 million standard cubic meters per day as it doubles up efforts to raise domestic output to curb imports, sources privy to the development said.ONGC produced about 64 million standard cubic meters per day (mmscmd) of gas in November last year and this year the output is close to touching 70 mmscmd, sources said.

Natural gas production to rise by a third if output locked in ONGC, OIL fields opens up
Posted on 20th November 2018
India’s natural gas production will rise by a third provided the output locked in a dozen fields of state-owned ONGC and OIL is opened up by giving remunerative market prices, people with knowledge of the matter said. India currently produces about 90 million standard cubic meters per day (mmscmd) of natural gas and has ambitious plans to double output by 2022 to reduce its reliance on imports and replace some of the polluting liquid fuels to cut emissions.

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.


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