Oil producer ONGC has said it may miss the June 2019 target for starting production from its Krishna Godavari basin block due to new policies like GST and local purchase preference rules, including the one that mandates state-owned firms to source domestic iron and steel for an infrastructure project.

Clarifying on its last week's filing to stock exchanges, Oil and Natural Gas Corp (ONGC) said the new policies it had cited for a possible delay pertained to local purchase preference policy, steel policy and GST policy.

Mumbai: Oil and Natural Gas Corporation Ltd (ONGC) is set to hire international oil service giants for the first time to boost output from domestic oilfields in response to a government push to increase local supplies and cut expensive imports.

ONGC, India's biggest explorer, has shortlisted US oil service companies Halliburton, Schlumberger and GE subsidiary Baker Hughes to submit proposals on boosting production from two onshore fields, according to a document seen by Reuters.

Bangalore: An explosion on a dry-docked drillship owned by the ONGC killed five workers and injured eight others at the Cochin Shipyard Ltd in Kerala on Tuesday.

Officials said the ship, Sagar Bhushan, was under repair at the shipyard when an explosion rocked a section of the vessel around 9.15am following an apparent gas leak near an air-conditioned compartment.

Oil and Natural Gas Corporation (ONGC) was trading 3% higher at Rs 195 on BSE in early morning trade after reporting a strong operating performance led by higher gas volume and oil realization for the quarter ended December 2017 (Q3FY18).

The company’s natural gas production saw an increase of 4.2% during the quarter under review to 6.277 billion cubic meter (BCM) as against 6.025 bcm during the same quarter in 2016.

Mumbai/New Delhi:Oil and Natural Gas Corp. (ONGC) is facing a delay of at least a year in starting production from its biggest project, according to people with knowledge of the matter.

The nation’s top explorer, which planned to produce gas from a deep water block in the Krishna-Godavari basin off the country’s east coast from June 2019, won’t produce first gas until at least the second half of 2020, the people said, asking not to be identified because the information isn’t public.

State-owned Oil and Natural Gas Corp (ONGC) on Wednesday said it has bought government's entire 51.11 per cent stake in oil refiner HPCL for Rs 369 billion.

In a regulatory filing, ONGC said it bought 778.8 million shares in Hindustan Petroleum Corp Ltd (HPCL) for Rs 473.97 per share.

NEW DELHI: Flagship explorer ONGC's gas production rose 7.9% and crude output went up 1.5% in the first nine months of the current fiscal against the previous corresponding period, acompany statement on Friday quoted director (HR) D D Misra as saying.

"We are geared up to contributing towards achieving the PM's vision of reducing oil imports by 10% by 2022," the statement quoted Misra as saying. Misra is officiating as chairman in the absence of Shashi Shanker, who is in Davos as part of the Indian delegation to the World Economic Forum meet.

New Delhi: The Oil and Natural Gas Corporation (ONGC) borrowed around Rs. 4,000 crores from ICICI Bank on Wednesday.

The borrowing is part of a tie-up with the three banks- Punjab National Bank (PNB), Bank of India (BOI) and Axis Bank, which took Rs. 18,060 crores for part funding its acquisition cost of Rs. 36,915 crore equity shares of the Hindustan Petroleum Corporation Limited (HPCL).

Oil and gas explorer ONGC has entered into short-term loan agreements with three banks to part-fund its acquisition of HPCL. Accordingly, the company has entered into agreements with PNB, Axis Bank and Bank of India on January 22 for loans totalling to Rs 18,060 crore. As per a BSE filing made on late Tuesday evening, the agreements are for short-term loans to part-finance the acquisition of HPCL.

With ONGC paying only a modest premium for a 51.1% stake in HPCL, limiting the dilution in the fair value to just 6%, the counter gained 3.3% on Monday to close at Rs 199.95. ONGC will pay close to Rs 37,000 crore to buy the stake. Meanwhile, the HPCL stock lost 3.6% on Monday to close at Rs 401.75 apiece. The price — Rs 474 per share — at which the deal has been transacted is a 9% premium to HPCL’s 26-week average price of Rs 435 and a near 14% premium over the Friday’s close of Rs 416.55.

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