Saturday, October 19

Tag: ongc

Deregulation helps ONGC command premium over Brent on Mumbai crude
26Nov By adminNo Comments
Business

Deregulation helps ONGC command premium over Brent on Mumbai crude

NEW DELHI: Deregulation of domestic crude appears to have tipped the balance in favour of producers as green shoots of a free market emerge. In term deals signed after getting marketing freedom, state-run producer ONGC is commanding a premium over global benchmark Brent for Mumbai offshore oil in spite of attempts by buyers, also from the public sector, to beat down prices by leveraging discounts on Russian supplies.Bharat Petroleum and Hindustan Petroleum recently entered into term deals with ONGC for 4.5 million tonnes of Mumbai crude at a price benchmarked to Brent plus a premium of 1%. It also signed pact with refining arm MRPL for a small volume. At the prevalent $80 per barrel price of Brent, ONGC will realise an additional income of $0.8 under these deals, people in the know said.O...
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Ongc: ONGC to start pumping oil from $5 billion KG block next fortnight
13Nov By adminNo Comments
Business

Ongc: ONGC to start pumping oil from $5 billion KG block next fortnight

NEW DELHI: State-run ONGC will start pumping crude from its $5-billion project off the Andhra coast in the next fortnight, bringing on stream the delayed project that is pivotal for reversing the company’s declining fortunes as a result of maturing fields.Output from the KG-DWN 98/2, the second deep sea project in the east coast after RIL-BP’s KG-D6 acreage, will give a fillip to domestic oil production at a time when dependence on imports is rising on the back of expanding oil demand.The additional volumes will raise the company’s profitability, director (finance) Pamila Jaspal said after lower production due to natural decline from existing fields contributed to a 20% drop in the September quarter profit.The $1.6-billion infrastructure being built for the block is India’s largest subsea...
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Output: ONGC net slips 20% to Rs 10,216 crore in Q2 on crude price fall
11Nov By adminNo Comments
Business

Output: ONGC net slips 20% to Rs 10,216 crore in Q2 on crude price fall

NEW DELHI: Flagship explorer ONGC recorded a 20% decline in its second quarter net profit at Rs 10,216 crore compared to Rs 12,826 crore a year ago as a drop in global oil prices coincided with marginally lower production during the July-September period.Company director (finance) Pomila Jaspal said lower crude prices reduced earning from each barrel to $84.8 against $95.5 in the year-ago period.She expected the situation to reverse in the December quarter with the KG-DWN-98/2 block off the Andhra coast coming onto production this month.Besides, she said last year earnings were boosted by a Rs 1,900 crore reversal of impairment, while this year there was no such exceptional income.Global oil prices had surged in the April-June period of 2022 after Russia's invasion of Ukraine, which led t...
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ONGC Q2 net profit drops 20% on lower oil prices, output
11Nov By adminNo Comments
Business

ONGC Q2 net profit drops 20% on lower oil prices, output

NEW DELHI: State-owned Oil and Natural Gas Corporation (ONGC) reported a 20 per cent drop in September quarter next profit on decline in oil prices and lower output.The company reported a net profit of Rs 10,216 crore in July-September (second quarter of current 2023-24 fiscal year), compared to Rs 12,826 crore earning in the same period last year, a statement said.This is the second consecutive quarter of a decline in net profit for ONGC, India's top crude oil and natural gas producer. The firm had reported a 34 per cent drop in April-June profit.ONGC earned USD 84.84 for every barrel of crude oil it produced and sold from nomination fields against a gross realisation of USD 95.50 per barrel last year and USD 76.49 earning in the preceding quarter.Oil prices globally had risen sharply in...
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ONGC wins bid to acquire PTC India’s wind power unit for Rs 925 crore
23Oct By adminNo Comments
Business

ONGC wins bid to acquire PTC India’s wind power unit for Rs 925 crore

Oil and Natural Gas Corporation (ONGC) has won a bid to acquire PTC India Ltd's wind power unit for Rs 925 crore as the state-owned firm continues to build a renewable energy portfolio to balance its fossil fuel business. In a stock exchange filing, India's top oil and gas producer said it has over the years diversified into the petrochemicals and power business besides growing its core business of finding hydrocarbons. ONGC said it has taken various initiatives for renewable energy power generation and already has 189 megawatt (MW) capacity, including wind and solar PV plants spread across various locations. "With a vision to expand its business in renewable energy, the company had participated in the bidding process for acquisition of 100 per cent equity stak...
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‘Oil India plans net zero by 2040, to invest $2 billion in projects’
8Sep By adminNo Comments
Business

‘Oil India plans net zero by 2040, to invest $2 billion in projects’

NEW DELHI: Oil India Ltd aims to invest 165 billion rupees ($1.98 billion) in clean energy projects to meet its 2040 net zero carbon emissions goal, said two sources familiar with state-run energy companies' net zero strategy.The companies are investing billions of dollars in projects aimed at reducing emissions as one of the world's biggest emitters of greenhouse gases, aims for zero by 2070.State-run energy companies - Indian Oil Corp , Bharat Petroleum Corp , Hindustan Petroleum Corp , GAIL (India) Ltd , Oil and Natural Gas Corp have already announced their net zero goal.Together with Oil India, the six-state run energy companies plan to invest 6.38 trillion rupees, the sources said.Oil India did not respond to a request for comment. The sources declined to be identified as they are no...
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Stocks to Watch: ONGC, Tata Steel, HCL Tech, LTIMindtree, Mazagon Dock, and Others
8Sep By adminNo Comments
Business

Stocks to Watch: ONGC, Tata Steel, HCL Tech, LTIMindtree, Mazagon Dock, and Others

Stocks to Watch on September 8: GIFT Nifty on the NSE IX traded 16 points, or 0.08 per cent, higher at 19,783.50, signaling that Dalal Street was headed for positive start on Friday. Here’s a slew of stocks that will be in focus today for various reasons.Tata Steel: AVAADA Group said it has signed an agreement with Tata Steel Special Economic Zone Ltd (TSSEZL) to set up a green hydrogen and ammonia manufacturing unit in Odisha.ONGC: State-owned ONGC will infuse about Rs 15,000 crore in OPaL as part of a financial restructuring exercise that will see gas utility GAIL being edged out of the petrochemical firm. ONGC currently holds 49.36 per cent stake in ONGC Petro-additions Ltd (OPaL), which operates a mega petrochemical plant at Dahej in Gujarat. GAIL (India) Ltd has 49.21 per cent intere...
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Oil Prices: Windfall tax on crude up 165% as oil nears $85/barrel
1Aug By adminNo Comments
Business

Oil Prices: Windfall tax on crude up 165% as oil nears $85/barrel

NEW DELHI: The Centre raised windfall gains tax on domestic crude by 165% from Rs 1,600 to Rs 4,250 per tonne from August 1 to suck out some of the benefits accruing to producers such as ONGC and Oil India Ltd from global oil prices shooting past the $80 per barrel mark in the last fortnight.Export tax by way of special additional excise duty on outbound shipments of diesel made a comeback at Rs 1 per litre as global benchmark margins hardened but remained unchanged at nil on petrol and jet fuel.The windfall on crude tax was made nil from May 16 as oil prices dropped to $70s but was reimposed on July 15 as oil rebounded.!(function(f, b, e, v, n, t, s) { function loadFBEvents(isFBCampaignActive) { if (!isFBCampaignActive) { return; } (function(f, b, e, v, n, t...
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