Tag: Oil and Natural Gas Corporation (ONGC)

General Elections 2019: How has the oil & gas sector fared under Modi govt

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Oil and gas industry is among the core industries in India and contributes close to 15-16 percent to India’s total gross domestic product (GDP). In our series – Election and Market – SC Tripathi, former oil secretary and RS Sharma, former chairman of Oil and Natural Gas Corp (ONGC) discussed how oil and gas sector has fared under the National Democratic Party (NDA) rule and the ONGC-HPCL deal.

Talking about the government’s efforts to boost the oil and gas space, Tripathi said, “The government has done well in the short-term aided by the global economic factors.”

“Government was able to reduce the inflation, manage rupee, current account deficit, fiscal deficit and therefore emboldened to come up with price deregulation although the previous government had started moving in that direction but the situation became so easy that this government was able to do that,” he added.

On the ONGC-HPCL, Sharma said, “The reason for ONGC acquiring Hindustan Petroleum Corporation (HPCL) was for increasing synergies. ONGC-HPCL deal is positive for both the companies.”

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

GAIL & ONGC orders are going to aid Jindal Saw’s domestic orderbook, says CEO Kumar

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Jindal Saw reported a 56 percent jump in the third-quarter net profit to Rs 150.32 crore. Neeraj Kumar, CEO of the company, spoke to CNBC-TV18 about the earnings and business prospects.

“Third quarter is three quarter in a row of consistently good performance. It is a result of all the four divisions working very well in tandem, margins improving, which is reflected in the increase in EBITDA as well as profit before tax (PBT) and we have now at least a visibility of a few quarters ahead of us. So all segments at this point of time are doing good for us,” Kumar said on Monday.

“At present, we have 30 percent exports. That trend is likely to continue. In fact, we are seeing some traction in the Middle East and North Africa (MENA) region where the reconstruction of Iraq has begun, Saudi is seeing some demand and we are opening some new markets in Africa,” Kumar added.

Talking about the company’s order book, Kumar said, “Domestically, GAIL, Oil and Natural Gas Corporation (ONGC) both seem to be having some orders, which is going to give us a healthy orderbook. We have commissioned our 16 inch mill in the seamless segment, that is a significant achievement or a landmark when it comes to addressing the full range requirement of ONGC.”

“Ductile iron market over the last month or so has been very stable on account of the government infrastructure spending. So we have a healthy demand and we do see a lot of businesses on the horizon in all our segments. Pellet is doing well, the pellet prices have stabilised and we are making good margins there,” he said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

LNG import facility is expected to become double in 2-3 years, says PNGRB

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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DK Sarraf, chairperson of India’s downstream oil and gas regulator Petroleum and Natural Gas Regulatory Board (PNGRB), spoke to CNBC-TV18 about the growth of oil and gas sector in the year and his expectations from 2019.

“Year 2018 was an eventful year so far as PNGRB is concerned. We had completed some of the leftover geographical areas award for the 8th round and then we completed some six areas, which were awarded to GAIL on nomination basis and after that we launched ninth CGD bidding round, which was very big success,” Sarraf said on Friday.

86 geographical areas were offered covering 174 districts of India and which also covered more than 25 percent of Indian population. All these areas were well-subscribed by investors and 406 bids were received. We got a good participation from oil marketing companies (OMCs), the gas companies like GAIL, Indraprastha Gas Ltd (IGL) and Mahanagar Gas Ltd (MGL) and also some of the foreign bidders, the private sector participants like Torrent and Adani, so everybody was very much enthusiastic. We also on our side allocated all these areas within one month of receiving the bids, so it was a grand success,” he said.

Talking about the investment outlook, Sarraf said, “As far as the investment is concerned, about Rs 70,000 crore of investment is expected to come from 9th CGD bidding round and about Rs 50,000 crore of investments may come from the 10th CGD bidding round. As far as the pricing of gas is concerned, that does not come within the purview of the PNGRB that is for the government of India to decide and so far as their demand for higher price is concerned, I think that demand is fair because unless the gas price is increased, how the gas production within the country will increase? So many explorations had already been done, gas has been discovered and that gas cannot be produced at such a low price, so that is what Oil and Natural Gas Corporation (ONGC) has been claiming but that doesn’t come within the purview of PNGRB,” said Sarraf.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Government proposes IPO for ONGC Videsh, likely to add value to company

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The finance ministry has proposed an initial public offering for ONGC Videsh (OVL), a wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC), said people aware of the matter.

The finance ministry has written to the oil and petroleum ministry department on this pointing that the IPO will add value to the state-run oil and natural gas company, sources told CNBC-TV18.

ONGC Videsh has a stake in 41 oil and gas projects in 20 countries.

The letter, sent last week, did not state how much of ONGC should be offered to outside investors.

The letter said any state-owned firm with a positive net worth and no accumulated loss should be listed to unlock value.

The listing would help the government meet its divestment targets and make up for a failed plan earlier this year to sell a stake in national carrier Air India.

The Narendra Modi-led government has a target to raise a record $14.25 billion from the sale of state assets in the current fiscal year ending in March 2019.

India holds a 67.45 percent stake in ONGC Videsh’s parent ONGC and gains from a listing could be transferred to the government via a special dividend.

ONGC Videsh, 100 percent owned by ONGC, suffered losses during the low crude price environment between 2014 and 2017 but its earnings have since recovered.

(With inputs Reuters)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow