ONGC to double production in next five to six years
Posted on 16th August 2017 |
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| The Oil and Natural Gas Corporation (ONGC) is aiming to double its oil production in the next five to six years, revealed Dinesh K. Sarraf, Chairman and Managing Director, while addressing a gathering during the Independence Day celebrations here. In the past three years, despite oil prices tumbling to record lows, there has been a sustained production through incremental inputs, and new investment decisions that were taken ensured sustained volumes and financial growth. “Share of gas in India’s energy basket is set to increase from 6.5 per cent to 15 per cent. The government is focussed on making our economy gas-based”, said Saraf. Talking about the ONGC’s plans, Sarraf said many of the new projects are gas-based. “We have flagged off 17 production related projects with a CAPEX of Rs. 76,000 crore in the last three years. These projects would produce 69 MMT of crude oil and 118 BCM of Natural Gas during their profile period. Cumulative production from these projects would peak during 2020-21 at 6.65 MMT of crude and 13.38 BCM of gas which is 45 per cent of our oil and gas standalone production during FY’17”, he said. ONGC’s flagship project – development of Cluster-2 of KG-DWN-98/2, continues to be on stream; all activities are going on at fast pace, Sarraf further said. The project would produce about 25 MMT of oil and 50 BCM of gas with peak production of 4 MMT of oil and 5.5 BCM of gas. This would be equivalent to 17 per cent and 24 per cent of current standalone oil and gas production respectively– from a single project. “During the last three financial years, we have completed 15 production related projects (including 8 brownfield and 7 greenfield) with capital investment of Rs. 54,000 crore. These would produce 87 MMT of crude and 56 BCM of gas during their profile period,” he said. During FY’17, the ONGC produced 5 MMT of crude and 3.5 BCM of gas from these projects, which is 22 per cent and 16 per cent of its standalone crude and gas production respectively. On the onshore assets front, the ONGC reversed the declining trend in production, persisting for several years, by registering crude production at 5.97 MMT in FY’17 as against 5.82 MMT in FY’16. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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