ONGC has hired US-based petroleum reserves certifier Ryder Scott to review the hydrocarbon present and recoverable in the 1,850 sq km GSPC-owned block KG-OSN-2001/3 in the East Coast.

This is in the wake of the central government-owned explorer, which is negotiating a deal to pick up a majority stake in the GSPC deep water block, finding that the actual hydrocarbon that could be taken out is far less than the presumed 7.6 trillion cubic feet (tcf) — probably not even half that.

Shares of ONGC and Oil India gained on Wednesday after a business daily reported that oil companies got government nod to increase kerosene price by 25 paise every month till April 2017.

At 10.26 am, shares of Oil India were trading 3.47 per cent up at Rs 378.45. The scrip opened at Rs 372 and has touched a high and low of Rs 380.90 and Rs 372, respectively, in trade so far.

ONGC will have to bear a heavy loan repayment burden if it buys more than 50% equity stake in the Krishna Godavari (KG) basin deep-water block — KG-OSN-2001/3 — held by Gujarat government-owned GSPC. The debt burden, coupled with ONGC’s estimate that the high-pressure-high-temperature block off the east coast has far less than the presumed 7.6 trillion cubic feet (tcf) of natural gas, could mean that size of a potential deal between the two firms would be much lower than the reported $2-2.5 billion.

Aban Offshore shares surged nearly 5 per cent intraday on Monday on reports that a unit of the company has received a contract from ONGC for the deployment of drillship Aban Abraham for a period of 2 years.

At 10.02 am, shares of Aban Offshore were trading 3.46 per cent up at Rs 206.20. The scrip opened at Rs 204.20 and has touched a high and low of Rs 208.75 and Rs 204.20, respectively, in trade so far. Sensex was down 18 points, or 0.07 per cent, at 26,379.26.

Aban Offshore Limited (Aban Offshore's) subsidiary has bagged order worth Rs 592 crore.

Aban today informed National Exchange that it has received a Firm Letter of Award from ONGC for the deployment of the Drillship Aban Abraham for a firm period of two years.

New Delhi, June 23: A consortium of state-owned oil companies led by ONGC Videsh is keen on a stake in Russia's biggest oil company Rosneft.

The consortium can face stiff competition from several global players who are vying for the 19.5 per cent stake on sale.

NEW DELHI: State-run Oil and Natural Gas Corp (ONGC) is trying hard, and succeeding, in lowering its exploration cost write-offs, one of the biggest concerns for all oil firms. The write-off has nearly halved in a year and is expected to shrink further.

Explorers spend millions of dollars gathering seismic data and drilling wells to discover areas that can commercially produce oil and gas. They have to write off expenses when the wells drilled in the process turn out to be dry, or with reserves that can't be exploited commercially.

Running out of funds with each passing day, state-owned Gujarat State Petroleum Corporation Ltd (GSPC) is eyeing the Krishna Godavari (KG) basin majority stake sale to Oil and Natural Gas Corporation (ONGC) for its revival and future expansion.

The two are in talks for a probable majority stake sale in the Deen Dayal West (DDW) gas block, which is currently under trial production and has been conducting clean up through the hydro fracturing technology at the ultra-deep high pressure/high temperature (HPHT) block.

NEW DELHI: ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC) has signed a pact with the trading arm of Azerbaijan's state energy company SOCAR to foray into oil trading.

To begin with, OVL's share of oil from the Azeri, Chirag and Guneshli (ACG) group of fields in Azerbaijan will be traded through the new venture.

Oil and Natural Gas Corporation (ONGC), state-run petroleum explorer, on Thursday posted a 12 per cent jump in profit after tax (PAT) for the quarter ended March on account of nil under-recovery and part-reversal of impairment provisions made earlier due to the crude price decline.

The company thus posted a PAT of Rs 4,416 crore during the quarter ended March as compared to Rs 3,935 crore in the corresponding period a year ago, and much higher than consensus estimate of Rs 2,380 crore, according to Bloomberg poll of analysts. “While the average crude price was down significantly during the quarter, we could offset its impact by the reversal of provision for impairment and also write-off of wells,” ONGC’s Finance Director A K Srinivasan said.

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