Latest news with #ONGC-led
Mint
27-05-2025
- Business
- Mint
Coal India arm CMPDI files papers for IPO
New Delhi: State-run Coal Mine Planning and Design India Ltd has filed the draft red herring prospectus for its initial public offering. Coal India, the parent, plans to offload 71. 4 million equity shares in the company, the coal miner said in a regulatory filing with the Securities and Exchange Board of India. The filing is subject to applicable approvals, market conditions and other relevant considerations, it said. Coal Mine Planning and Design India (CMPDI), a consultancy firm in the coal mining space, would not receive any proceeds from the offer as the IPO would only involve offloading of shares by its parent, which currently owns 100% of its, showed the draft prospectus. Also read: ONGC-led JV resumes production from 'PY-3' offshore field in Cauvery basin Incorporated on 1 November 1975 as a wholly-owned subsidiary of Coal India, CPMDI was upgraded to the Miniratna (Category I) company in 2019. 'With almost five decades of experience and having published over 320 project reports in the last decade, we have continuously adapted to the changing landscape of the industry, integrating advanced technologies and practices that enhance operational efficiency and safety. We have evolved as a pioneer in introducing new and suitable technology in the exploration and mining sectors," the company said in its draft prospectus to the market regulator. As of 31 March, it operated seven regional institutes in key coal-producing states, including Madhya Pradesh, Chhattisgarh, Odisha and West Bengal, facilitating on-ground project management and collaboration with local mining operations. Coal India and its subsidiaries are its largest clients comprising about 67% of its annual revenue. Also read: Central PSUs' procurement share from micro and small enterprises falls for the first time in 3 years Amid the growing demand for critical minerals both in India and abroad, CMPDI said it aims to leverage its experience in the coal sector to strategically diversify into the mineral sector. 'The estimated market for mining consultancy in value terms was ₹25,701 million ( ₹2,570.1 crore) in fiscal 2024 and is projected to grow to ₹40,071 million ( ₹4,007.1 crore) by fiscal 2030, with a 6-year CAGR of 7.7%," it said, citing data from Crisil Ltd. 'We intend to broaden our service offerings to encompass comprehensive consultancy services for the exploration and development of non-coal minerals such as lithium, nickel, cobalt, copper, iron ore, bauxite and manganese. We are actively engaging in enhancing drilling and exploration activities in minerals sector through funding from the NMET (National Mineral Exploration Trust)," it said. Also read: Search for NTPC CMD to continue as PESB fails to find suitable candidate Coal India had earlier announced to list two of its subsidiaries: CMPDI and Bharat Coking Coal Ltd. Apart from consultancy, CMPDI is into the exploration of minerals, environment management and engineering services. As of 31 March, its total assets stood at ₹2,682.8 crore, according to its DRHP. In FY25, its net profit was ₹666.9 crore, 32.5% over the previous fiscal. Its total income in the last fiscal was ₹2,177.5 crore, 23% higher year-on-year.
Mint
25-05-2025
- Business
- Mint
ONGC-led JV resumes production from 'PY-3' offshore field in Cauvery basin
New Delhi: An ONGC-led joint venture has resumed oil production from the 'PY-3 Field', located offshore in the Cauvery Basin on India's east coast. The joint venture of Oil and Natural Gas Corp. Ltd (ONGC) with Hardy Exploration & Production (India) Inc., and Invenire Petrodyne Ltd, has implemented a multi-phase revised Field Development Plan (FDP) to revive production in the PY-3 Field. Originally brought on-stream in 1997, the PY-3 Field has been shut since July 2011. "Phase I of the revised FDP has now been completed. This included integrity assessment, conditioning and activation of the subsea well PD3SA; installation of subsea infrastructure; and hook-up to the Floating Production, Storage and Offloading (FPSO) vessel Svetah Venetia," it said. The FPSO is being used to process and separate oil, gas and water. The produced oil is stored on the FPSO and offloaded to shuttle tankers for transport to refineries. The statement said that Phase II of the FDP will involve drilling additional wells and applying enhanced oil recovery (EOR) techniques to boost output from this prolific field, which yields light, sweet crude oil. Hardy Exploration & Production, a company of the Invenire Energy Group, is the operator of the block with an effective 22.79% participating interest. ONGC holds a 50.63% effective participating interest, and Invenire Petrodyne has the remaining 26.58%. ONGC on Wednesday reported a 20% year-on-year fall in its consolidated net profit to ₹ 8,856 crore. Its gross revenue for the last quarter was ₹ 1.7 trillion, 0.8% lower than ₹ 1.72 trillion recorded in the year-ago period. In FY25, ONGC's standalone crude oil production was 18.558 million tonnes, with an increase of 0.9% over FY24. The standalone natural gas production was 19.654 billion cubic metres (BCM) in FY25 as against 19.978 BCM in FY24. In FY25, ONGC declared a total of nine discoveries (five onland and four offshore) during FY 2024-25 in its operated acreages. Out of these, seven are prospects (four onland and three offshore) and two (one each in onland and offshore) are new pool discoveries. About eight hydrocarbon discoveries were monetized in FY25.
