International oil and gas consultant DeGolyer & MacNaughton (D&M) on Tuesday gave its final report on the dispute between Oil and Natural Gas Corporation (ONGC) and Reliance Industries (RIL), establishing natural gas — believed to be worth Rs 11,000 crore — has migrated from idling Krishna-Godavari fields of the state-owned firm to the adjoining KG-D6 block.

The US-based consultant had in October given its interim report to the Directorate General of Hydrocarbons (DGH). The upstream regulator had then invited comments from the two companies on the findings.

ONGC will maintain its capex plan for this year at the same level as last year at about Rs 30,000 crore, its chairman Dinesh K Saraf has said.

However, the company sees reduction in the same next fiscal year, to the tune of 20-30%.

In a positive development for ONGC Videsh Ltd, the Mozambique government has agreed to offer cost-recovery rights to production and development of its gas field and the LNG terminal in the African nation. Gas from the field is meant for exports and is expected to boost OVL’s revenue and bottom-line in the coming years.

Narendra K Verma, managing director of OVL told FE, “The Mozambique Parliament has recently approved a new law, which allows cost-recovery for both the oil field and the (LNG) terminal.”

Shares of refinery companies are under pressure with the S&P BSE Oil & Gas index falling nearly 4% in late noon trades.

Hindustan Petroleum Corporation Limited (HPCL), Oil & Natural Gas Corporation (ONGC) and Cairn India have plunged more than 5% each, while Indian Oil Corporation (IOC), Reliance Industries and Bharat Petroleum Corporation (BPCL) down 3%-4% on the BSE.

Oil and Natural Gas Corporation (ONGC) has slipped 1.5% to Rs 247.9 on the Bombay Stock Exchange (BSE) as its net profit for the second quarter dropped 11.1% to Rs 4842.02 crore year-on-year.

The oil exploration major reported a 1% increase in net sales to Rs 20563.19 crore in Q2 September 2015 over Q2 September 2014. ONGC's crude oil, condensate and natural gas production increased 1.4% to 12.976 million tonne of oil equivalent in the second quarter when compared year-on-year.

Oil and Natural Gas Corporation (ONGC) on Friday said its standalone net profit for the September quarter dipped 11 per cent on the back of crude price slump.

It reported a net profit of Rs 4,842 crore, against Rs 5,444 crore in the same quarter in 2014-15. However, the profit was ahead of Bloomberg consensus estimate of Rs 4,601 crore. The company also gave subsidy to oil marketing companies (OMCs).

The Oil and Natural Gas Corporation (ONGC) has begun the process for capping a borewell, that got active and threw water to the surface, in Kothapally village in Andhra Pradesh's East Godavari district.

The borewell, which was dug 20 years before and abandoned by a farmer, recently got active and some biogas also surged to the surface yesterday, an ONGC release said today.

Oil and Natural Gas Corporation (ONGC) is expected to increase its upstream capital expenditure by 10% next year and intensify its exploration activities, taking advantage of the current depressed global energy market.

"We want to intensify our exploration activities," said Sahshi Shanker, director of technology and field services at ONGC.

The foreign investment arm of India's top oil explorer ONGC is targeting $10-$12 billion of oil and gas asset purchases over the next three years, including more corporate acquisitions, its managing director said.

ONGC Videsh Ltd (OVL) hopes to capitalise on cheaper assets after a slump in oil prices and Prime Minister Narendra Modi's diplomatic efforts to boost the global presence of Indian firms.

Markets have erased early morning losses and are trading in the positive zone led by buying in the information technology and consumer durables shares.

However, metal stocks are still reeling under pressure thus capping the upside.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.