| Oil and Natural Gas Corporation Limited (ONGC) Related news |
Govt to ask ONGC to bear fuel subsidy to help cut petrol, diesel price
Posted on 1st June 2018 |
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The government may ask state-owned Oil and Natural Gas Corp (ONGC) to bear fuel subsidy to help cut petrol and diesel prices, sources said today. The government does not want to cut excise duty and is looking at alternative means to reduce petrol and diesel prices that had on Tuesday touched an all-time high of Rs 78.43 per litre and Rs 69.31 a litre respectively. Sources said the alternative in works is to ask ONGC give subsidy to fuel retailers so that they can sell petrol and diesel at below market rates. |
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ONGC Q4 NET UP 37% AT ‘5,915 CR
Posted on 31st May 2018 |
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On back of higher oil prices, State-owned Oil and Natural Gas Corp (ONGC) on Wednesday posted its net profit of Rs 5,915.12 crore, a jump of 37 per cent in three-months to March 31, 2018. The net profit in the fourth quarter of 2017-18, the highest profit in last 17 quarters, was higher than Rs 4,340.18 crore net in the same period of the previous fiscal, according to the company. |
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ONGC replaces govt nominee on HPCL board with own candidate
Posted on 29th May 2018 |
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New Delhi: State-owned Oil and Natural Gas Corp. Ltd (ONGC) has replaced a government nominee director on board of Hindustan Petroleum Corp Ltd (HPCL) with its nominee as it consolidates control over the company it recently acquired. ONGC, which had in January completed the acquisition of the government’s 51.11% stake in HPCL for Rs36,915 crore, has appointed its director (finance) Subhash Kumar on the company board, people familiar with the matter said. |
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Govt may levy 'windfall tax' on ONGC, OIL to bring down rising fuel prices
Posted on 25th May 2018 |
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The government is likely to levy a ‘windfall tax’, in the form of a cess, on companies like Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) to bring down the rising petrol and diesel prices. The move may add additional pressure to oil producers that were already paying a higher cess after the switchover of fixed amount to 20 per cent ad valorem rates in 2016. |
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ONGC falls 10% in two days; loses market cap worth Rs 223 billion
Posted on 24th May 2018 |
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Oil and Natural Gas Corporation (ONGC) dipped 5% to Rs 166, extending its previous day’s nearly 5% fall on BSE, after the media report suggested that the government may ask the company to share the burden to reduce fuel price. In past two trading session, the market capitalisation of state-owned oil exploration & production company declined by Rs 223-billion to Rs 2,148-billion, the BSE data shows. The stock hit eight month low, trading at its lowest level since September 26, 2017. |
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As petrol, diesel prices hit fresh record high, government looks at ONGC to share burden
Posted on 24th May 2018 |
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As petrol and diesel prices continue to breach record highs in quick succession, to touch a new peak on Thursday, the government is reportedly looking at ONGC to share the burden. Notably, petrol prices on Thursday, were hiked by 26 paise to Rs 85.29 per litre in Mumbai, while in Delhi, petrol was retailing at at Rs 77.47 per litre on Thursday. Notably, this is the 11th straight hike in a row. |
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Forget gains; rising crude price put India’s oil producers ONGC, OIL at risk instead: Moody’s explains
Posted on 22nd May 2018 |
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As oil prices rise, Moody’s Investors Service said state-owned oil producers ONGC and Oil India Ltd face increasing risk of the government once again requiring them to share the fuel subsidy burden. Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) had for more than 13 years paid as much as 40 per cent of the under-recoveries arising from fuel retailers selling petrol, diesel, cooking gas (LPG) and kerosene at a government-mandated price, which was way below the cost. |
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ONGC capital spending not impacted by oil price: Moody’s
Posted on 17th May 2018 |
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Defying a global trend, India’s flagship national oil company ONGC did not cut its capital spending on exploration and development after oil prices collapsed between 2014-16, Moody’s Investors Service said today. In a report, Moody’s said while ONGC did not reduce capital spending on oil and gas exploration and production, it halted the pace of its international expansion as a response to the oil price slumping from USD 140 per barrel to under USD 40. |
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Hydrocarbon block auction: Vedanta Cairn, ONGC bids help the government spare blushes
Posted on 3rd May 2018 |
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Vedanta Cairn, operator of the prolific Barmer field in Rajasthan, bid aggressively, while eight other companies, including state-run ONGC, Oil India, Indian Oil and GAIL (India) also put in their bids for the 55 hydrocarbon blocks offered under the Open Acreage Licensing Policy (OALP), a critical part of the March 2016-launched Hydrocarbon Exploration Licensing Policy (HELP). |
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15 bidders likely in oil block auction; ONGC, Oil India may jointly bid
Posted on 2nd May 2018 |
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The ongoing Open Acreage Licensing Policy round of oil and gas auctions is likely to be a battle between public sector undertakings and the Anil Agarwal-led Cairn India in many of the lucrative blocks. According to sources close to the development, state-run Oil and Natural Gas Corporation (ONGC) and Oil India may even jointly bid for some blocks for which private parties have submitted expressions of interest (EoIs). |
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