State run Oil and Natural Gas Corporation Ltd (ONGC)'s standalone net profit rose almost three-fold in the December 2016 ended quarter, but missed street estimates. The year-on-year jump in profit came against a high exceptional cost item reported in the comparative quarter of the last financial year.

The Company has posted a net profit of Rs 4,352.33 crore against Rs 1,465.88 crore in the same period a year ago. In the October-December 2015 quarter, the company had a reported an exceptional cost item of Rs 3,616.41 crore against no exceptional cost reported in the same quarter in 2016.

India’s Oil and Natural Gas Corp has received the first installment of $19 million from Venezuela’s state oil firm Petroleos de Venezuela towards recovering pending dividend, a senior company official said. PDVSA and ONGC Videsh Ltd, the overseas investment of arm of state-run explorer ONGC, last year signed a deal allowing the Indian firm to get 17,000 barrels per day of oil to recover dues of about $540 million.

“PDVSA is marketing our share of oil. Every month we will get an installment,” N. K. Verma, managing director of ONGC Videsh told Reuters late on Monday. He said price of crude from San Cristobal project is market linked.

Many oil companies, including state-run ONGC, have received notices from the tax department to pay service tax on cash calls paid to consortium partners as well as on cost petroleum and royalty paid to the government. According to an industry source, tax notices adding up to $1 billion have been served on these companies over the last few months. An ONGC executive, requesting anonymity, confirmed to FE that the company has received a service tax demand of Rs 2,000 crore.

The country’s largest hydrocarbon producer Oil and Natural Gas Corporation (ONGC) plans to spin off its difficult fields into a separate division that includes Gujarat State Petroleum Corporation's Deen Dayal Upadhyaya discovery in the Krishna Godavari (KG) basin.

Besides, the company has chalked out a detailed plan for development of its existing KG basin assets after integration with GSPC facilities. It was this integration that added value to the $1.2 billion deal with GSPC, D K Sarraf, chairman and managing director, ONGC, told Business Standard.

New Delhi: The oil ministry has appointed G.S. Singhvi, a former Supreme Court judge and Competition Appellate Tribunal chairman (Compat), as the government’s arbitrator in a $1.55 billion dispute with Reliance Industries Ltd (RIL) over alleged extraction of gas from a reservoir connected to that of state-run Oil and Natural Gas Corp. on the east coast.

Singhvi, who retired from Compat earlier this month, will consult an arbitrator chosen by RIL for identifying a third neutral arbitrator and the place of arbitration, said a government official, who asked not to be named.

State-run Oil and Natural Gas Corporation Ltd (ONGC) on Friday approved the plan to acquire the entire 80 per cent participating interest of Gujarat State Petroleum Corporation Ltd’s (GSPC) block in the Krishna- Godavari basin at $995.26 million.

ONGC will also pay part consideration of $200 million to GSPC towards future consideration for six discoveries other than the Deen Dayal West Field, which will be adjusted upon valuation of the discoveries subsequent to approval their field development plans by the Directorate General of Hydrocarbons. The transaction would be documented by signing a farm-in agreement with GSPC.

Benchmark indices continue to trade in a narrow range with negative bias weighed down by metal and oil shares.

At 12:15 pm, the Nifty 50 index was trading 14 points lower at 8,140 levels, while the S&P BSE Sensex as trading 26 points lower at 26,493 levels. Broader markets are underperforming- BSE Midcap and Smallcap indices are down 0.1%-0.4%.

Oil and Natural Gas Corporation (ONGC) has moved higher by 2.4% to Rs 209 in late noon deal, bouncing back nearly 4% from intra-day low on the BSE, in otherwise volatile market. The stock hit a low of Rs 201 in early morning trade.

ONGC turned today ex-bonus in the ratio of 1:2. The stock price factored in the issuance of bonus shares to the existing investors.

Oil and Natural Gas Corporation (ONGC) has dipped 2.6% to Rs 304 on the BSE in intra-day trade ahead of the stock go for ex-bonus in the ratio of 1:2. The stock price will factor in the issuance of bonus shares on Thursday, December 15, 2016 to the existing investors.

The stock has outperformed the market by gaining 11% from Rs 280 after the company on October 24, announced that the board will consider a proposal for declaration of bonus issue on October 27. The S&P BSE Sensex was down 5% during the same period.

NEW DELHI: A unit of India's Oil and Natural Gas Corp Ltd (ONGC) is in early talks with Gazprom for supply of natural gas through a complex swap involving Russia, China and Myanmar, the head of the unit said on Wednesday.

The unit, ONGC Videsh Ltd, and two other Indian state companies, GAIL and Engineers India Ltd , first discussed the idea with Gazprom a few months ago, said Narendra K. Verma, ONGC Videsh's managing director.

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