Synopsis
Oil and Natural Gas Corporation (ONGC) had budgeted Rs 32,502 crore of capital spending in the fiscal from April 2020 to March 2021 but ended up spending only Rs 26,441 crore, according to the report of the oil ministry s Petroleum Planning and Analysis Cell (PPAC).
A company official said the lower than targeted Capex was because of project implementations getting delayed.
Oil and gas producer
ONGC spent about one-fifth less than its budget Capex in 2020-21 fiscal after COVID-19 related restrictions delayed projects but fuel marketers such as IOC exceeded targeted capital spending, a government report showed.
Oil and Natural Gas Corporation (ONGC) had budgeted Rs 32,502 crore of capital spending in the fiscal from April 2020 to March 2021 but ended up spending only Rs 26,441 crore, according to the report of the oil ministry s Petroleum Planning and Analysis Cell (PPAC).
Synopsis
The PSU, in a statement, said that the three employees have been abducted by unknown armed miscreants in the early hours of Wednesday from a rig site of ONGC in Lakwa field of Sivasagar.
3 ONGC employees abducted by suspected ULFA militants in Assam
ONGC) were on Wednesday kidnapped by suspected ULFA(I) militants from its Lakwa oilfield in Sivasagar district along the Assam-Nagaland border.
The PSU, in a statement, said that the three employees have been abducted by unknown armed miscreants in the early hours of Wednesday from a rig site of ONGC in Lakwa field of Sivasagar.
The three employees have been identified as M M Gogoi and Ritul Saikia both junior technicians (production) and Alakesh Saikia, a junior engineering assistant, an ONGC spokesperson told PTI.
Oil and Gas stocks were trading in red, with the S&P BSE Oil&Gas index decreasing 24.13 points or 0.16% at 14779.73 at 13:49 IST. Among the components of the S&P BSE Oil&Gas index, Reliance Industries Ltd (down 0.92%), Castrol India Ltd (down 0.72%),Hindustan Petroleum Corporation Ltd (down 0.6%),Gujarat State Petronet Ltd (down 0.3%),Oil & Natural Gas Corpn Ltd (down 0.19%), were the top losers. Among the other losers were Indraprastha Gas Ltd (down 0.15%), and GAIL (India) Ltd (down 0.04%). On the other hand, Indian Oil Corporation Ltd (up 0.5%), Bharat Petroleum Corporation Ltd (up 0.28%), and Petronet LNG Ltd (up 0.13%) turned up.
At 13:49 IST, the S&P BSE Sensex was down 51.02 or 0.1% at 49108.3.
Energy stocks were trading with losses, with the S&P BSE Energy index falling 41.13 points or 0.65% at 6238.8 at 13:49 IST. Among the components of the S&P BSE Energy index, Hindustan Oil Exploration Company Ltd (down 1.76%), Confidence Petroleum India Ltd (down 1.61%),Gujarat Gas Ltd (down 1.51%),Aegis Logistics Ltd (down 0.95%),Reliance Industries Ltd (down 0.92%), were the top losers. Among the other losers were Castrol India Ltd (down 0.72%), Hindustan Petroleum Corporation Ltd (down 0.6%), Selan Explorations Technology Ltd (down 0.42%), and Oil & Natural Gas Corpn Ltd (down 0.19%). On the other hand, Adani Total Gas Ltd (up 2.72%), Goa Carbon Ltd (up 1.03%), and Mangalore Refinery And Petrochemicals Ltd (up 0.64%) moved up.
The oil ministry will seeks tens of millions of dollars from Vedanta s Cairn Oil & Gas after the Delhi High Court held that the firm was liable to pay higher profit share to the government in lieu of its Rajasthan oil and gas block license being extended beyond initial term, a top official said. In the interim, the firm s Barmer basin block licence, whose initial 25-year term ended on May 15, 2020, has been given an eighth interim extension, the official, who wished not to be identified, said. Now that the Delhi High Court has upheld the government policy, we will issue recovery notices seeking higher profit petroleum since May 15, 2020, he said. The exact amount is being calculated but it will be in tens of millions of dollars.