State-owned Oil and Natural Gas Corp (ONGC) net profit soared by nearly 800 per cent in the first quarter of the current fiscal after more than doubling of oil prices compensated for a fall in production. Net profit in April-June at Rs 4,335 crore was 772.
NEW DELHI — Rescuers recovered 12 more bodies May 20 as hopes faded for 26 people still missing after a barge with 261 onboard sank off Mumbai when a powerful
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Oil and Natural Gas Corp (ONGC) has begun the process to procure one lakh oxygen concentrators to tide over the shortage of life-saving gas in the country, the company said in a statement.
ONGC, the country’s largest oil and natural gas producer, has already placed orders for 34,673 oxygen concentrators on overseas vendors for immediate supply. It expects to receive 2900 concentrators by May 21 and the balance in a staggered manner by the end of next month. Orders for another 40,000 concentrators have been placed on domestic manufacturers.
“ONGC has been given the responsibility to procure one lakh oxygen concentrators based on its understanding of global supply chain and logistics. Government of India will bear the cost of procuring these concentrators,” the state-run company said.
India loses ONGC Videsh discovered Farzad-B gas field in Iran
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Last Updated: May 17, 2021, 04:42 PM IST
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ONGC Videsh Ltd (OVL), the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), had in 2008 discovered a giant gas field in the Farsi offshore exploration block. OVL and its partners had offered to invest up to USD 11 billion for the development of the discovery, which was later named Farzad-B.
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The Indian consortium has so far invested around USD 400 million in the block.
India on Monday lost the ONGC Videsh Ltd-discovered Farzad-B gas field in the Persian Gulf after Iran awarded a contract for developing the giant gas field to a local company.
ONGC offers JV in exploration blocks to ExxonMobil
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Exxon is likely to take a view after studying geological data, and a deal may take some time. ONGC is expected to offer a significant minority stake to Exxon in these blocks.
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ONGC signed a preliminary agreement with ExxonMobil in October 2019 that proposed joint technical studies and cooperation in difficult oil fields, the Indian firm’s existing exploration blocks and joint bidding for new acreages.
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New Delhi: Oil and Natural Gas Corp (ONGC) has offered energy giant ExxonMobil a participating interest in about half a dozen exploration blocks, sources with knowledge of deliberations told ET. The blocks are on the east and west coasts.