ONGC plans to raise oil output by 4 mt by 2020
Posted on 23rd October 2017 |
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ONGC has drawn a blueprint to raise crude oil production by 4 million tonnes (mt) and almost double its natural gas output by 2020 to meet Prime Minister Narendra Modi’s target of cutting India’s import dependence by 10 per cent, Chairman Shashi Shanker has said. The state-owned firm will raise crude oil production from 22.6 mt in 2017-18 to 26.42 mt in 2021-22. |
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ONGC may sell IOC stake to LIC in block deal
Posted on 9th October 2017 |
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State-owned ONGC is likely to sell some of its stake in IOC to institutional investors like LIC to part-fund its over Rs 34,000-crore acquisition of refiner Hindustan Petroleum Corporation Limited (HPCL). Oil and Natural Gas Corporation (ONGC) holds 13.77 per cent stake in India’s biggest refiner Indian Oil Corporation (IOC), which at today’s market price is worth over Rs 27,800 crore. It has another 4.87 per cent stake in GAIL India Ltd worth of Rs 1,600 crore. |
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Good news for country: ONGC finds this major clue in Kutch
Posted on 6th October 2017 |
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In what the company is terming the “first direct evidence” of hydrocarbon reserves in the Kutch offshore basin, state-run ONGC has come across flows while drilling the GK-28-12 well. “Though 700 metres are more to be drilled, we are getting flows and are hopeful to get more. There is possibility of oil and gas reserves or at least there is evidence of them passing through the area,” said an ONGC executive requesting not to be named. |
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ONGC to go for bridge loan to fund HPCL deal
Posted on 4th October 2017 |
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Oil and Natural Gas Corporation (ONGC) is likely to take a short-term bridge loan for about one year to fund the acquisition of the government’s stake in Hindustan Petroleum Corporation (HPCL). ONGC has already lined up plans to sell its stake in Indian Oil Corporation (IOC) and GAIL (India) and has also got approvals from shareholders to borrow up to Rs 25,000 crore from the market. “We are looking into all options. As we have to look at favourable market conditions for selling stake in the two companies, we are looking into the option of a bridge loan or any short-term loan for at least a year,” an ONGC official said. |
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Now, ONGC goes paperless in Gujarat
Posted on 29th September 2017 |
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In line with the central government's Digital India programme, state-run ONGC has gone completely paperless in all its offices in Gujarat. The initiative is expected to raise efficiency and transparency level in the functioning of Maharatna. ONGC's paperless office project, christened as DISHA, was launched by Prime Minister at ONGC's Ahmedabad asset through video conference on Monday. |
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ONGC makes massive new discovery at Mumbai High; find may pep up production for years
Posted on 21st September 2017 |
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State-run hydrocarbon explorer ONGC has found reserves to the west of its Mumbai High offshore fields, with initial estimates suggesting the new discovery’s size to be about 20 million tonnes of oil equivalent (mtoe). The firm’s output has been stagnating over the last many years with annual oil production in the range of 25-26 million tonnes (mt) and natural gas output around 23 billion cubic metres (bcm). Though the zones at the well WO 24-3 are still under assessment, the new find is believed to be big enough to pep up the firm’s production in coming years. |
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ONGC discovers 'good' offshore oil, gas field with reserves of 20 mn tonnes
Posted on 20th September 2017 |
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The latest discovery of India's largest oil explorer Oil and Natural Gas Corp to the west of its Mumbai High offshore fields is estimated to hold in-place reserves of about 20 million tonnes, sources with knowledge of the matter said. The Mumbai High field annually produces oil and natural gas of about 9 million to 10 million tonnes of oil equivalent. The company discovered hydrocarbon reserves west of Mumbai High at well WO 24-3 in July. |
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Govt panel deciding valuation for ONGC's HPCL acquisition: M K Surana
Posted on 18th September 2017 |
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The government has formed an advisory panel that would decide the valuation for Oil and Natural Gas Corporation (ONGC) buying the 51 per cent stake in Hindustan Petroleum Corporation (HPCL), said its Chairman and Managing Director M K Surana. Union Finance Minister Arun Jaitley is heading the three-member ministerial panel to oversee and expedite the sale of the government stake. |
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ONGC, Oil India trade firm on rising crude oil prices
Posted on 15th September 2017 |
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Shares of Oil and Natural Gas Corporation (ONGC) and Oil India were trading higher by up to 4% on BSE in otherwise subdued market on rising crude oil prices as demand outlook brightens. ONGC rallied 4.4% to Rs 166, while OIL India gained 2% at Rs 325 on BSE in intra-day trade on Friday. So far in the calendar year 2017, ONGC (down 17%) and Oil India (down 6%) had underperformed the Sensex, which gained 21% till Thursday. |
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ONGC to raise its first ever debt of Rs 25,000 cr to fund HPCL buy
Posted on 4th September 2017 |
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Cash rich Oil and Natural Gas Corp (ONGC) will raise its first debt ever, of Rs 25,000 crore, to part fund the Rs 37,000 crore acquisition of government's stake in Hindustan Petroleum Corp Ltd (HPCL). India's largest oil and gas producer has about Rs 13,000 crore in cash and would need to borrow the rest to fund the buying of government's 51.11 per cent stake in HPCL. |
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