OTBL launches environment conservation programme for Gujarat schools

OTBL launches environment conservation programme for Gujarat schools

New Delhi [India], Jan 12 : ONGC TERI Biotech Limited (OTBL) has recently launched a new educational programme called 'Protectors of the Environment' to sensitize and motivate young school children and adults in environment conservation under its Corporate Social Responsibility (CSR) initiatives.

The programme will employ several tools such as visual instruction and hands-on application and learning, which are designed to inspire children to translate 'thought' into 'action'.

The programme will be conducted in 15 underprivileged government and private schools of Ahmedabad, Ankleshwar and Mehsana in Gujarat - an operational area for OTBL, involving more than 2000 students from class VI to IX.

ONGC Videsh to acquire 11 pct additional interest in East Siberia's Vankor Field

New Delhi [India], Sept.15 (ANI): ONGC Videsh (and its wholly owned subsidiary ONGC Videsh Vankorneft Pte. Ltd., Singapore - OVVL) jointly signed definitive agreements with Rosneft, the national oil company of Russia for acquiring additional 11 percent shares in JSC Vankorneft, a company organised under the law of Russian Federation which is the owner of Vankor Field and North Vankor license.

Earlier, ONGC Videsh had successfully closed the acquisition of 15 percent shareholding interest on May 31, 2016. After the closing of the present transaction, ONGC Videsh will raise its participation share in Vankorneft to 26 percent. The acquisition is subject to relevant Board, Government and Indian and Russian regulatory approvals and is expected to close by end of 2016.

ONGC to pay Rs 8.7K cr subsidy as FinMin gives only Rs 5,085 cr

ONGC to pay Rs 8.7K cr subsidy as FinMin gives only Rs 5,085 cr

New Delhi: ONGC and other state-run explorers may have to pay about Rs 10,900 crore in fuel subsidy after Finance Ministry has agreed to provide only Rs 5,085 crore in cash subsidy for the December quarter.

Out of the Rs 15,981 crore of revenue losses fuel retailers incurred on selling LPG and kerosene at government-controlled rates in October-December, the Finance Ministry has agreed to make good only less than one-third or Rs
5,085 crore by way of cash subsidy, sources said.

The remaining Rs 10,896 crore will now have to be borne by Oil and Natural Gas Corp (ONGC) and Oil India Ltd. ONGC may have to shell out close to 80 per cent of this amount (Rs 8,716 crore).

ONGC receives Golden Peacock award for CSR excellence

ONGC chief CSR Alok Misra

New Delhi, Feb. 4 - The Oil and Natural Gas Corporation Limited (ONGC) has bagged the prestigious Golden Peacock award for Corporate Social Responsibility for 2014.

The ONGC has been declared the winner in the oil and gas category.

The award was presented by Baroness Verma, Minister for Energy and Climate Change, Government of U.K., and Rajashree Birla, the chairman of Aditya Birla Centre for Community Initiative and Rural Development, Aditya Birla Group, in a recent event in Mumbai.

ONGC chief CSR Alok Misra received the award.

Established in 1991, the Golden Peacock awards are regarded as a competitive benchmark of corporate quality and excellence.

Govt to exempt ONGC, OIL from fuel subsidy payment this fiscal

New Delhi - The government is likely to exempt ONGC and Oil India Ltd from payment of fuel subsidy during the rest of the fiscal due to steep decline in global oil rates to around USD 50 per barrel.

Upstream producers Oil and Natural Gas Corp (ONGC) and OIL made good nearly half of the revenue loss or under- recoveries that fuel retailers incurred on selling cooking fuel and diesel until recently at government controlled rates.

This subsidy contribution was by way of discount on crude oil they sold to the downstream firms and it was capped at USD 56 per barrel in 2013.

Three of top 10 firms add Rs 38,768 cr to m-cap

SensexNew Delhi : Three of the top-10 Sensex firms added Rs 38,768.45 crore to market capitalisation last week, with IT major TCS emerging as the biggest gainer.

While TCS, Infosys and Sun Pharma saw gains in their market valuation, ONGC, RIL, ITC, CIL, HDFC Bank, SBI and ICICI Bank saw erosion in their m-cap. The cumulative loss of these seven firms stood at Rs
26,925.45 crore.

The m-cap of TCS surged Rs 18,186.79 crore to reach Rs 5,43,684.13 crore, while that of Sun Pharma zoomed Rs 11,049.34 crore to touch Rs 1,78,208.15 crore.

The valuation of Infosys climbed Rs 9,532.32 crore, to Rs 2,20,920.14 crore.

Russia's Rosneft offers ONGC stake in eastern Siberia oilfield

RosneftNew Delhi - Russia's biggest oil company Rosneft has offered Oil and Natural Gas Corp (ONGC) a stake in its Yurubcheno-Tokhomskoye oilfield in eastern Siberia.

Rosneft on August 5 sent a formal proposal to ONGC Videsh Ltd, the overseas arm of state-owned oil and gas producer, for joint development of Yurubcheno-Tokhomskoye oilfield, sources with direct knowledge of the development said.

The field is estimated to hold 991 million barrels of oil equivalent reserves and is planned to start production in 2017. Yurubcheno-Tokhomskoye will reach a production plateau of up to 5 million tonnes a year (100,000 barrels per day) in 2019.

Top 4 Sensex firms lose Rs 39,391 cr in market valuation

ongcNew Delhi: Four of the top-10 Sensex firms suffered a combined loss of Rs 39,391.49 crore from their market valuation last week, with state-run ONGC taking the steepest hit.

While ONGC, RIL, CIL and SBI suffered losses in their market capitalisation (m-cap), TCS, ITC, Infosys, HDFC Bank, ICICI Bank and Sun Pharma on the other together added Rs 26,758.27 crore in their valuation.

The m-cap of ONGC declined by Rs 20,661.51 crore to Rs 3,46,497.35 crore, while that of Coal India tumbled Rs 7,642.8 crore to Rs 2,18,451.46 crore.

RIL's value fell by Rs 6,824.25 crore to Rs 3,21,677.70 crore and SBI lost Rs 4,262.93 crore to Rs 1,91,757.30 crore.

ONGC invested Rs 81,890 crore for raising output

ONGCNew Delhi : India's largest oil and gas producer ONGC on Friday said it has invested Rs 81,890 crore in bringing on stream newer discoveries and arrest natural decline that has set in its ageing fields.

"Our major oil and gas producing fields are ageing and showing natural decline," ONGC Chairman and Managing Director Dinesh K Sarraf told shareholders at company's annual general meeting (AGM) here.

However, ONGC has taken measures to arrest this trend and uphold production from such fields, he said.

Oil and Natural Gas Corp (ONGC) has deployed the best-in-class technologies in its Improved Oil Recovery (IOR) and Enhanced Oil Recovery (EOR) schemes on these fields.

Top 5 Sensex firms lose Rs 36,971.61 cr from market cap

Top 5 Sensex firms lose Rs 36,971.61 cr from market capNew Delhi - The market valuation of top five Sensex companies fell by Rs 36,971.61 crore last week, with ONGC and Sun Pharma being the worst hit.

While ONGC, RIL, CIL, Infosys and Sun Pharma saw losses in their market capitalisation (m-cap), TCS, ITC, HDFC Bank, SBI and ICICI Bank witnessed gains.

The m-cap of ONGC plunged Rs 11,421.58 crore to Rs 3,67,158.86 crore, while Sun Pharma lost Rs 10,749.03 crore to Rs 1,66,910.28 crore from its valuation.

Govt defers decision on ONGC, CIL, NHPC stake sale

Govt defers decision on ONGC, CIL, NHPC stake saleNew Delhi - The government on Wednesday deferred a decision on its stake sale in three PSUs -- ONGC, Coal India and NHPC as Finance Minister Arun Jaitley was not in town.

The Cabinet Committee on Economic Affairs did not take up the disinvestment proposals as the minister concerned was not present, Law Minister Ravi Shankar Prasad told reporters here after the CCEA meeting.

As per estimates, disinvestment in the three PSUs could yield the exchequer over Rs 40,000 crore, enough to meet the target for the current fiscal.

14 merchant bankers line up for managing ONGC stake sale

ONGCNew Delhi: As many as 14 merchant bankers, including Citigroup Global, Barclays Plc and Morgan Stanley, have made a beeline for managing the 5 percent stake sale of ONGC, which could fetch over Rs 17,000 crore to the exchequer.

Others who have applied for the job include Deutsche Equities, HSBC Securities, Nomura Financial, JM Financial and SBI Capital.

Shares of ONGC today closed at Rs 423.80, down 2.62 percent over previous close on the BSE. At the current market price, a 5 percent stake sale or over 42 crore would fetch about Rs 17,800 crore to the exchequer.

ONGC net profit up 19% at over Rs 4,000 crore

ONGCNew Delhi: State-owned Oil and Natural Gas Corp on Wednesday reported 19 percent rise in net profit for the April-June quarter on realising higher crude oil prices.

Net profit of Rs 4,782 crore was 19.07 percent higher in the first quarter of 2014-15 than Rs 4,016 crore logged in the year-ago period, ONGC said in a statement here.

ONGC, which had almost flat crude oil production in Q1, had a net realisation of USD 47.51 per barrel as compared to USD 40.33 a barrel in Q1, 2013-14.

This was despite the subsidy outgo rising 4 percent to Rs 13,200 crore.

DGH rejects ONGC's three KG gas discoveries

ONGCNew Delhi: After rejecting Reliance Industries' gas finds, upstream regulator DGH has refused to recognise three gas discoveries of state-owned Oil and Natural Gas Corp (ONGC) for not doing its prescribed conformity tests.

The Directorate General of Hydrocarbons (DGH) has not approved Declaration of Commerciality (DoC) for three out of the 11 discoveries ONGC has made in its Krishna Godavari block KG-DWN-98/2 (KG-D5) in Bay of Bengal, sources said.

Top-nine firms lose Rs 74,193 cr from market valuation

Top-nine firms lose Rs 74,193 cr from market valuationNew Delhi - In-line with a weak stock market, nine of the top-10 most valued Indian companies together lost Rs 74,193 crore from their market valuation last week.

Barring ICICI Bank, rest nine companies, including TCS, ONGC, RIL, ITC and Coal India suffered losses. The market-capitalisation of TCS plunged Rs 17,334.74 crore to Rs 4,92,904.10 crore, taking the steepest hit among the top-10 firms.

RIL's value plummeted by Rs 13,978.9 crore to Rs 3,16,421.99 crore, while that of ONGC tanked Rs 12,533.79 crore to Rs 3,30,455.81 crore.

Cairn seeks ONGC nod to extend Rajasthan block permit beyond 2020

Cairn ONGCNew Delhi: Cairn India has sought partner Oil and Natural Gas Corp's (ONGC) nod for extension of the licence of their prolific Rajasthan oil block beyond the contractual deadline of 2020.

Cairn's contractual term for exploring and producing oil and gas from the Rajasthan Block RJ-ON-90/2 expires in 2020 and the area is to return to the block licensee, ONGC.

The Anil Agarwal-group company, which wants the term of the block extended by a minimum 10 years, has formally written to ONGC on the issue, sources said.

Varma appointed director (onshore), ONGC

ONGCNew Delhi: In first oil PSU appointment by the new NDA government, Ashok Varma has been appointed Director (Onshore) of Oil and Natural Gas Corp (ONGC).

Prior to his joining as Director (Onshore) on June 19, he was heading ONGC's Eastern Offshore Asset at Kakinada, where he was instrumental in putting the Eastern Offshore Asset on production.

"Ministry of Petroleum & Natural Gas, Government of India vide letter dated June 19, 2014, has appointed Ashok Varma, as Director (Onshore), ONGC," the company said in a filing to the stock exchange.

ONGC to hike stake in Cairn block

ONGCNew Delhi: State-owned ONGC may raise its stake in Cairn India's prolific Rajasthan oil fields as a condition for agreeing to allow the Anil Agarwal-group firm operate the block after expiry of contractual period.

Cairn's contractual term for exploring and producing oil from the Rajasthan Block RJ-ON-90/2 expires in 2020 and the area is to return to the block licensee, Oil and Natural Gas Corp (ONGC).

ONGC, which currently holds 30 percent stake in the block, has told the Oil Ministry that the Production Sharing Contract (PSC) can be extended beyond 2020 if all parties to the contract agree on mutually agreeable terms.

Natural gas output falls over 7 percent year-on-year

Natural-gas-outputNew Delhi, May 23 : Production of natural gas in April recorded a year-on-year fall of 7.7 percent as both public and private sector explorers failed to meet targets, data released Friday by the petroleum ministry showed.

The data, which came ahead of the announcement of new prices of the commodity, showed that the actual production of 2.77 billion cubic metres of natural gas in April represents a target shortfall of 5.9 percent, as well as a drop of 7.7 percent from the production recorded in the same month of the previous fiscal.

The natural gas production in April 2013 was over 3 billion cubic metres.

ONGC wants govt. to increase deep-sea gas price to nearly $13 a unit

ONGC wants govt. to increase deep-sea gas price to nearly $13 a unitOil & Natural Gas Corporation (ONGC) has told the government that it might have to put its deep-sea gas production plans on hold till gas prices are increased to nearly $13 per unit.

The state-run oil & gas giant said production from some of its deep-sea fields would not be viable at prices lower than $13 a unit. The company has asked for prices of $10.72 to $12.63 for gas to be produced from two blocks in the Mahanadi basin.

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