| Oil and Natural Gas Corporation Limited (ONGC) Related news |
ONGC checks decline in onshore output
Posted on 19th October 2016 |
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Thanks to its efforts at improving efficiency in exploration, government-owned ONGC has broken the declining trend in its oil and gas output from onshore assets that prevailed for the past four years. The production from onshore assets rose nearly 3% to 1.498 million tonnes in the second quarter of FY17 from 1.454 million tonnes in the first quarter of the fiscal. |
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ONGC and Oil India chafe at decrease in gas price
Posted on 7th October 2016 |
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With the domestic natural gas price dipping by 51 per cent in 24 months to $2.5 per million British thermal units (mBtu), downstream companies Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) are batting for a floor price of at least $4.2 a unit. At the current price, they say, there will be no margins for producers. According to ONGC, at the current volume, the per dollar decrease in price will have an impact of Rs 4,200 crore on its gross revenue. OIL’s loss on revenue is Rs 350 crore. |
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ONGC selloff drill amid differences
Posted on 3rd October 2016 |
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New Delhi, Oct. 2: The government is weighing the option of going ahead with a 5 per cent stake sale in state-owned ONGC in the current fiscal to meet its divestment target, despite differences between ministries. While the finance ministry is pushing the proposal as the exploration company does not have to bear any subsidy burden now, the oil ministry feels the sale may not get the right valuation because of a slump in global crude prices. |
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Govt to ask RIL to pay for migrated ONGC gas
Posted on 1st October 2016 |
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The government will seek compensation from the Mukesh Ambani-promoted Reliance Industries (RIL) for producing natural gas that migrated from an adjoining block of Oil and Natural Gas Corporation. Besides, the petroleum ministry will conduct an internal inquiry into any lapses by the state-owned company. |
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ONGC seeks gas price review
Posted on 29th September 2016 |
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New Delhi, Sept. 28: Oil and Natural Gas Corporation (ONGC) has sought a review of the natural gas pricing formula as the prices are likely to go down to about $2.5 per million British thermal unit (mBtu) from October, hitting the revenues of the state-run explorer. According to oil ministry estimates, prices can drop to $2.25-$2.50 per mBtu from $3.06 on gross calorific value (GCV) basis because of a slump in global prices. |
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ONGC board vertically split on claiming gas compensation
Posted on 27th September 2016 |
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NEW DELHI: The Board of ONGC is split on the issue of claiming compensation for Rs 11,000 crore worth of natural gas spewing from its KG basin block into adjoining fields of Reliance Industries. Justice A P Shah Committee on the issue of gas migrating from idling ONGC blocks to RIL producing gas fields, last month opined that the compensation for "unjust enrichment" by the Mukesh Ambani-run firm should go to the government and not the state-owned firm. |
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ONGC Videsh slapped with service tax demand of Rs 6,100 crore
Posted on 20th September 2016 |
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NEW DELHI: The Tax Department has slapped a service tax demand of over Rs 6,100 crore on the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), a move that may potentially render its investments in oil and gas fields abroad infructuous. ONGC Videsh Ltd (OVL) has stakes in 37 oil and gas projects in 17 countries around the world. These stakes are held through subsidiaries, branches and joint ventures. For operations of these projects, those units and joint ventures would raise a demand for money on the parent, OVL, which would transmit the investments. |
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HPCL wants ONGC to cut stake in MRPL
Posted on 12th September 2016 |
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Mumbai: State-run Hindustan Petroleum Corp. Ltd (HPCL), one of the promoters of Mangalore Refineries and Petrochemicals Ltd (MRPL), wants Oil and Natural Gas Corp. Ltd (ONGC) to divest a part of its stake in the refinery so that it can meet minimum public shareholding norms, said two HPCL officials aware of the development. At the end of June, HPCL held a 16.95% stake in MRPL, and ONGC, the other promoter, owned 71.6%. The public shareholding in MRPL was 11.42%, less than half the 25% prescribed by the Securities and Exchange Board of India (Sebi). |
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ONGC to seek compensation for natural gas taken out by RIL from KG Basin block
Posted on 9th September 2016 |
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Public-sector explorer ONGC will claim compensation for natural gas worth Rs 11,000 crore being taken out by Reliance Industries (RIL) from its block in the Krishna Godavari (KG) Basin. The move is seen in the light of a report by a one-member panel of former chief justice of Delhi High court A P Shah, which said, “Government of India, and not ONGC, is entitled to claim restitution from RIL.” |
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ONGC profit falls 21%
Posted on 8th September 2016 |
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State-run Oil and Natural Gas Corporation (ONGC) has posted a 21.1 per cent decline in net profit for the June quarter to Rs 4,233 crore against Rs 5,368 crore in the year-ago period, owing to a drop in production. Gross revenue also dipped 21.4 per cent to Rs 17,784 crore against Rs 22,628 crore during the period of the previous year. Due to a dip in international prices, no discount was given by the company to oil marketing companies for the quarter, while it was Rs 1,096 crore during the same period a year ago. |
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