IndiaCatalog.com
India News
Search Web Directory
News Home
ONGC charts course for new ‘avatar’
Posted on 31st August 2019
India’s top oil and gas producer ONGC on Friday unveiled a USD 15-16 billion investment plan to double output from its domestic and overseas fields and expand its refining capacity three folds alongside diversification into renewables in a new vision document for 2040.

“The new strategy document aims to transforms ONGC in a new ‘avatar’ in this new energy landscape as a diversified energy company with strong contribution from non-E&P businesses,” Oil and Natural Gas Corp (ONGC) Chairman and Managing Director Shashi Shanker told reporters here.

ONGC Energy Strategy 2040 envisions the company as “A diversified energy company with a strong contribution from non E&P business; 3x revenues and about 5-6x market capitalisation,” he said.

The firm produced 24.23 million tonne of crude oil in the 2018-19 fiscal year and 25.81 billion cubic metres of natural gas from its domestic fields. Another 10.1 million tonne of oil and 4.736 bcm of gas was produced from its overseas assets. It had a turnover of Rs 1,09,654 crore and a net profit of Rs 26,715 crore in the year ended March 31, 2019. As on August 16, it had a market capitalisation of Rs 1,64,458 crore.

“Our fields are old and ageing, 30-50 years old and have reached plateau. So we are investing in re-development projects to arrest the fall and extend the life,” he said.

The company is investing around Rs 86,000 crore in 27 major projects to boost oil and gas production, which has stagnated over the last few years. These projects will yield 76 million tonnes of oil and 121 bcm of gas. The overall plan, which includes overseas projects, expanding refining capacity and investing in renewables, will entail USD 15-16 billion investment. “These numbers will change as we progress,” ONGC Director (Finance) Subhash Kumar said.

Shanker said the ‘Energy Strategy 2040’ entails ONGC achieving “three times revenue distributed across exploration and production, refining, marketing and other businesses; four times current profit-after-tax (PAT), with 10 per cent contribution from non-oil and gas business; and 5-6 times current market capitalisation.”

“The strategic roadmap envisions a future-ready organisation whose growth is predicated on a few important planks: consolidation of our core upstream business (domestic and international); expansion into value accreting adjacencies in the oil and gas value chain (downstream and petrochemicals) and diversification into renewables (offshore wind) and select new frontier plays through dedicated venture fund,” he said.

It targets cumulative upstream output (local and overseas) almost doubling from current levels with 2 per cent and 5 per cent CAGR in domestic and international operations respectively.

Related Companies: Oil and Natural Gas Corporation Limited (ONGC)   

Other Latest News
Smog blankets Delhi-NCR as air quality remains in severe category
Posted on 13th November 2019
The Air Quality Index (AQI) in Delhi-NCR has once again entered into the severe category on Wednesday with PM level crossing the 500-mark at some places.

Major pollutants PM 2.5 at 500 & PM 10 were at 497, both in the severe category in Lodhi Road area, according to the Air Quality Index (AQI) data.


Onion prices are fueling inflation in India but RBI may still ignore it
Posted on 13th November 2019
India’s headline inflation probably breached the central bank’s 4% medium-term threshold last month, but that surge -- driven by high onion prices -- is unlikely to distract monetary policy makers from their focus on growth.

Economists pegged the gains in consumer prices at 4.35% in October, according to the median of 33 economists surveyed by Bloomberg. That would be the first above-4% print since July 2018 and the highest since June last year.


India to be a top player in data-driven world of next decade: Michael Dell
Posted on 13th November 2019
The data king of the world and founder of IT giant, Dell Technologies, Michael Dell feels that the next decade would be driven and shaped by data, and India could be one of the significant players.

In an exclusive interview with IANS, here at the company's Global headquarters the American billionaire businessman and Chairman of Dell, one of the world's largest technology companies said that India figures as the topmost destination for his enterprise in the years to come.


Karnataka: SC upholds disqualification of 17 MLAs; allows them to recontest
Posted on 13th November 2019
The Supreme Court on Wednesday upheld the disqualification of 17 Congress-JD(S) MLAs in Karnataka on orders of the Speaker but allowed them to contest the December 5 bypolls.

The court struck down the portion of the Speaker's order by which the legislators were disqualified till the end of the 15th Karnataka Assembly.


MSTC up 91% in 12 days; Chhattisgarh govt appoints co its selling agent
Posted on 13th November 2019
Shares of MSTC continued their northward journey, rallying 18 per cent to Rs 181 on the BSE on Wednesday after the Chhattisgarh government appointed the company as its selling agent.

The stock of the state-owned e-commerce firm was trading at its highest level since listing on March 29, 2019. In the last 12 trading days, it has soared 91 per cent, as compared to a 3.3 per cent rise in the S&P BSE Sensex.


» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for ONGC charts course for new ‘avatar’
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for ONGC charts course for new ‘avatar’

Most Read News

Ayodhya verdict shouldn't be seen as victory for any side: Left parties

Aurobindo Pharma trades near 52-wk low as Hyd units come under US FDA lens

Govt gives sugar mills time till Dec 31 to export last year's balance quota

Maruti Suzuki, Toyota to set up vehicle dismantling, recycling unit

Microsoft, Nokia collaborate once again after failed $7bn smartphone deal

More India News

Photo Gallery

ChennaiExpress(10 Images)Chennai Express
Honda Shine(13 Images) Honda Shine
Gautham Nanda(10 Images)Gautham Nanda
Nela Ticket(11 Images) Nela Ticket
  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2019 IndiaCatalog.com
    All Rights Reserved
Privacy Statement