State-owned ONGC, which is often perceived as a drag on the crude oil and natural gas produced in the country, has actually seen its contribution to the national production jump to over 70 per cent from under 53 per cent a decade back, petroleum ministry data showed. While Oil and Natural Gas Corporation (ONGC) maintained production levels, output by other operators has dropped, leading to an overall fall in India s output and a sharp rise in import dependency. Its standalone production at 47.51 million tonnes of oil and oil equivalent gas in 2010-11 was 52.8 per cent of a total of 89.91 million tonnes of oil and gas produced in the country that year, the data showed.
State-owned Oil and Natural Gas Corp (ONGC) on Wednesday said it has acquired a 5 per cent stake in Indian Gas Exchange (IGX), joining likes of Adani Total Gas, Torrent Gas and GAIL in nation s first gas exchange. The Indian Gas Exchange is a subsidiary of the IEX - India s premier nationwide, automated electricity trading platform. ONGC signed a Share Purchase and Shareholders Agreement (SPSHA) with the Indian Gas Exchange (IGX) and the Indian Energy Exchange (IEX) in the presence of Oil Secretary Tarun Kapoor and ONGC head Shashi Shanker, the company said in a statement. It, however, did not give the value of the deal.
Read more about Bharat Petroleum Corporation Ltd Slips 3.04% on Business Standard. Bharat Petroleum Corporation Ltd has added 9.1% over last one month compared to 11.23% gain in S&P BSE Oil&Gas index and 0.31% rise in the SENSEX
Read more about Oil and Gas stocks tumble on Business Standard. Oil and Gas stocks were trading with losses, with the S&P BSE Oil&Gas index decreasing 495.2 points or 3.03% at 15855.63 at 13:48 IST.
Read more about Oil and Gas stocks jump on Business Standard. Oil and Gas stocks were trading in green, with the S&P BSE Oil&Gas index increasing 459.65 points or 2.86% at 16550.45 at 09:48 IST.