Oil and Natural Gas Corporation News

ONGC, India's top crude oil and natural gas producer, earned USD 76.49 for every barrel of crude oil it produced and sold from nomination fields against a net realisation of USD 108.55 per barrel last year.

The Offer For Sale (OFS) by the government will be open on March 30 and 31, Oil and Natural Gas Corporation (ONGC) said in a stock exchange filing on Tuesday.

ONGC was originally to start gas production from the Cluster-II fields in block KG-DWN-98/2 (KG-D5) in June 2019. The project was further pushed back and crude oil is now expected to reach Indian shores in the third quarter of 2022.

An EMTN programme is an uncommitted facility and any drawdown thereof under this document will be subject to funding requirements.

Net profit in October-December 2018 at Rs 8,262.70 crore, or Rs 6.44 per share, was higher than Rs 5,014.67 crore, or Rs 3.91 a share, net earning in the same period of the previous fiscal, the company said in a statement.

If the deal comes through, it will enable ONGC to emerge as one of the largest integrated public sector oil and gas company.

A Pawan Hans helicopter carrying five senior officials of the Oil and Natural Gas Corporation (ONGC) and two pilots crashed off the Mumbai coast minutes after it took off.

The government's transaction advisor JM Financial and legal consultant Cyril Amarchand Mangaldas is preparing Information Memorandum (IM) on Hindustan Petroleum Corporation Ltd (HPCL) with India's largest oil and gas producer, ONGC, in the next 7-10 days.

The current production of oil and gas is 750-800 tonnes per day and 2.5-3 million cubic metres of gas, respectively, from various facilities in this area.

State-owned Oil and Natural Gas Corporation (ONGC) has signed definitive agreements to buy out debt-ridden GSPC's entire 80 per cent stake in KG-basin natural gas block for USD 1.2 billion.

In a setback to energy firms like ONGC and Cairn India, the government will from this fiscal levy service tax of about Rs 730 crore on royalties they pay to the exchequer on oil and gas they produce.

Oil and Natural Gas Corporation will invest 340.12 billion rupees ($5.11 billion) in four years to develop cluster 2 of east coast deepwater block, the company said in a tweet on Friday.

The Board of Oil and Natural Gas Corp (ONGC) at its meeting on September 8 approved signing of an MoU for taking a stake in Gujarat Petroleum Corp Ltd's (GSPC) difficult gas block, sources privy to the development said.

Justice AP Shah Committee Wednesday submitted a 'comprehensive report' on the compensation Reliance Industries should pay to ONGC for producing state-run firm's gas for the past seven years.

State-owned ONGC has hired US-based consultant Ryder Scott to assess natural gas reserves in Gujarat State Petroleum Corp's (GSPC) Deendayal block before deciding to buy a stake in it.

Natural gas price paid to producers like state-owned Oil and Natural Gas Corp (ONGC) and Reliance Industries is likely to fall 20 percent to USD 2.45 in October.

Moody's Investors Service Thursday said ratings of state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) may come under pressure if oil prices fall more sharply than expected and companies carry on with their growth and expansion plans aggressively.

The new price formula and calibrated marketing freedom for gas produced from fields in difficult terrain could help attract investments in India's oil and gas sector, said Standard & Poor's Ratings Services.

Oil and Natural Gas Corporation Ltd is planning to undertake drilling of nine development wells in KG-OSN-2004/1 and GS-49-2 fields beside creation of other infrastructure in KG Basin with an investment outlay of Rs 3,750 crore.

The Ratna and R-series oil fields, 130-km off the Mumbai coast, hold an estimated 87 million barrels of oil and 1.2 billion cubic metres of gas reserves.