ONGC Share Price Live Updates: ONGC closes at Rs 236.79
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
5 hours ago
- Hans India
ONGC lines up Rs 4,600 crore war chest to boost oil & gas production from eastern offshore fields
Oil and Natural Gas Corporation (ONGC) plans to invest over Rs 4,600 crore to drill more wells to increase production from its discovered fields, lay an offshore pipeline, and set up a gas processing facility in the coastal Konaseema district of Andhra Pradesh. The public sector upstream oil giant sought the approval of the Ministry of Environment and Forests for the project and has been asked to carry out a biodiversity assessment to evaluate the impact of drilling activities and prepare an environmental restoration action plan to go ahead with the project, a senior official said. The ONGC field is located 35 kilometres off the coast of Andhra Pradesh in water depths ranging from 300-3,200 metres. The discoveries of oil and gas in the block are divided into three clusters— Clusters 1, 2, and 3 across an area of 697 sq km. ONGC has recently increased production from its flagship deep-sea project in the Krishna Godavari basin off the Andhra Pradesh coast, which will help augment the production of crude oil and natural gas The upstream oil company is focused on raising production in the second half of FY25 (2024-25) by reducing the turnaround time for opening wells, the official said. "Three oil wells of A-field of deepwater block KG basin block KG-DWN-98/2 were opened on October 30, 2024, thereby enhancing total oil production to about 25,000 barrels of oil per day from eight flowing wells of cluster-II. The remaining five oil wells are planned to be opened shortly," ONGC said in an exchange filing recently. In a significant development, ONGC and Oil India Ltd (OIL) have also launched an ambitious exploration campaign in the Andaman ultra-deepwater region. For the first time, drilling operations are targeting depths of up to 5,000 metres. One such wildcat well, ANDW-7, drilled in a carbonate play in the East Andaman Back Arc region, has yielded encouraging geological insights. These include traces of light crude and condensate in cutting samples, heavy hydrocarbons like C-5 neo-pentane in trip gases, the government had said. These findings establish, for the first time, the existence of an active thermogenic petroleum system in the region, comparable to those in Myanmar and North Sumatra. While commercial reserves remain to be established, this campaign has validated the presence of a working petroleum system and laid the foundation for focused exploration in the area, Minister of Petroleum and Natural Gas Hardeep Singh Puri has told Parliament. ONGC has made hydrocarbon discoveries in 20 blocks, with an estimated reserve of 75 million metric tonnes of oil equivalent (MMTOE). Oil India Ltd., on its part, has made seven oil and gas discoveries over the past four years, with reserves estimated at 9.8 million barrels of oil and 2,706.3 million standard cubic meters of gas, the minister stated.
Time of India
9 hours ago
- Time of India
ONGC plans ₹4,600-crore investment for oil and gas project in Andhra Pradesh
State-owned oil and gas firm, Oil and Natural Gas Corporation Limited (ONGC), is investing over ₹4,600 crore to develop oil and gas reserves in the Konaseema District of Andhra Pradesh, reports news agency PTI. The project includes drilling 10 development wells and establishing new infrastructure, and is currently awaiting environmental clearance from the Ministry of Environment and Forests. According to the minutes of a meeting held on July 24 by the Ministry's Experts Appraisal Committee (EAC), ONGC has submitted an application for fresh environmental clearance. The proposed development is part of the Discovered Small Field-III (DSF-III) programme, under which ONGC was awarded contracts for two offshore areas: KG/OSDSF/CHANDRIKA/2021 (Chandrika) and KG/OSDSF/GS49/2021 (GS49) in September 2022. The project's scope is extensive, encompassing the setup of two unmanned platforms, the laying of an offshore pipeline, and the creation of an onshore gas processing facility at Odalarevu Terminal. A total land area of 26.3 hectares is required for the installation, with 8.7 hectares earmarked for a greenbelt. The company has also outlined a budget for environmental management, with a capital cost of ₹14 crore for the Environmental Management Plan and a recurring annual cost of ₹3 crore. This is not the first time the proposal has been before the EAC. The committee had considered it in February but deferred it, requesting additional information from ONGC. In its most recent meeting, the EAC once again deferred the proposal, seeking further details. The committee has advised ONGC to conduct a comprehensive biodiversity assessment to evaluate the impact of the drilling activities and to prepare a detailed environmental restoration action plan with a dedicated budget. The project is expected to create employment opportunities, generating 150 direct jobs and an additional 310 indirect jobs.>
&w=3840&q=100)
Business Standard
9 hours ago
- Business Standard
ONGC to invest ₹4,600 crore to drill 10 wells, other infra in KG Basin
The oil and gas major ONGC will be investing over ₹4,600 crore to drill 10 development wells, to set up two unmanned platforms, to lay an offshore pipeline, and to establish an onshore gas processing facility in Konaseema District of Andhra Pradesh. Oil and Natural Gas Corporation Limited (ONGC) has approached the Ministry of Environment and Forests seeking fresh environmental clearance for the proposed project, an Experts Appraisal Committee (EAC) under the ministry said in the minutes of its meeting held on July 24. Letter of Award (LOA) for Offshore Oil and Gas Contract areas KG/OSDSF/CHANDRIKA/2021 (Chandrika) comprising an area 697 sq km and KG/OSDSF/GS49/2021 (GS49) comprising an area of 148 sq km in East coast were issued by Director General of Hydrocarbons in September 2022 under under DSF-III (Discovered Small Field-III). "Total land area required is 26.3 hectares (Odalarevu Terminal) for the proposed installation. Greenbelt will be developed in a total area of 8.7 hectares, i.e., 33 per cent of total project area. The estimated project cost is ₹4,606.35 crores," EAC said. "Capital cost of EMP (Environmental Management Plan) would be ₹14 crores and recurring cost for EMP would be ₹3 Crores per annum. Industry proposes to allocate ₹14 Crores towards Extended EMP (Corporate Environment Responsibility), the EAC has added. A development well is drilled in a proven area to produce oil or gas. These wells are drilled after exploration and appraisal drilling have confirmed the presence of commercially viable reserves. The project is expected to generate direct employment to 150 people and 310 indirect jobs. The proposal was earlier considered by the EAC in its meeting held during in February this year wherein the panel deferred the proposal and desired certain requisite information/inputs from the ONGC. The EAC in the latest meeting deferred the proposal seeking some more information. The Committee, among others, advised the PSU to conduct a comprehensive biodiversity assessment to evaluate the impact of drilling activities and to prepare an environmental restoration action plan, with a dedicated budgetary allocation for its implementation. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
