High natural gas prices prompted Oil and Natural Gas Corp (ONGC) to start integrated development of offshore New Exploration Licensing Policy (NELP) block KG-OSN2004/1 and adjacent Petroleum Mining Lease (PML) block GS-49 at a cost of Rs 3,917 crore.
State-owned ONGC on Tuesday said it continues to have strong financial position and sufficient funds to meet current and future capex needs, as it sought to allay concerns over its finances after successive acquisitions and government demands drained out its surplus.
India by 2021 will witness hydrocarbon production from its eighth sedimentary basin, Kutch offshore, as national explorer ONGC has prepared an investment plan that will be submitted soon to the Directorate General of Hydrocarbons (DGH).
The long-drawn slugfest between ONGC and HPCL over latter’s repeated failure to recognise the state-run explorer as its parent may upset gains from such a consolidation exercise aimed at creating an entity with a significant presence in entire oil chain.
Deep Industries rose 3.71% to Rs 142.50 at 14:16 IST on BSE after the company said it has received letter of award of contract from ONGC. The announcement was made during trading hours today, 12 April 2019. Meanwhile, the S&P BSE Sensex was up 160.12 points, or 0.41% to 38,767.13.
With the government focused on reducing oil imports by beefing up India’s production capacity, state-run oil explorer and producer ONGC reported a record 6.5 per cent jump in natural gas production to 25.9 billion cubic meters in the last financial year (FY19).
After a farmer in North Gujarat claimed royalty on oil being extracted from the oil well drilled on his farm, the Oil and Natural Gas Corporation Ltd (ONGC) told the Gujarat high court that the oil well has dried up and it will vacate the farmer’s land soon.
Giving a boost to producers such as Oil and Natural Gas Corporation (ONGC) and Reliance Industries (RIL), the price of domestic natural gas in India has increased by 10 per cent to $3.69 per million metric British thermal units (mmBtu) for the April-September period, compared to $3.36 per mmBtu during October to March period.