New Delhi: State-owned Oil and Natural Gas Corp’s (ONGC) natural gas production has hit an all-time high of about 70 million standard cubic meters per day as it doubles up efforts to raise domestic output to curb imports, sources privy to the development said.ONGC produced about 64 million standard cubic meters per day (mmscmd) of gas in November last year and this year the output is close to touching 70 mmscmd, sources said.

India’s natural gas production will rise by a third provided the output locked in a dozen fields of state-owned ONGC and OIL is opened up by giving remunerative market prices, people with knowledge of the matter said. India currently produces about 90 million standard cubic meters per day (mmscmd) of natural gas and has ambitious plans to double output by 2022 to reduce its reliance on imports and replace some of the polluting liquid fuels to cut emissions.

State-run energy major Oil and Natural Gas Corp (ONGC) has informed the Ministry of Finance that it may defer the interim dividend plan for the current financial year 2018-19, as it can either pay interim dividend or buy back government shares in the company, but not the both as it needs some time to build a corpus for the payout, The Indian Express reported.

The government is mulling selling as many as 149 small and marginal oil and gas fields of ONGC to private and foreign companies and allow the state-owned firm to focus only on big fields, sources with knowledge of the development said.

Venezuela’s state-run PDVSA has shipped a crude cargo valued at $35 million as partial payment to Indian oil company ONGC Videsh Ltd for overdue dividends from a joint venture, according to two people familiar with the matter.

The payment is based on an agreement signed in 2016 by PDVSA and ONGC Videsh, the overseas investment arm of India’s Oil and Natural Gas Corp, to repatriate about $530 million in dividends due from their San Cristobal oil project in Venezuela.

The government’s decision to curtail marketing margins on auto fuels by Rs 1/liter brings to fore the earnings uncertainty for oil PSUs, associated with an environment of higher crude prices amid the government’s socio-economic compulsions.

We reiterate our negative stance on OMCs, while seeing a possibility of further curtailment of profitability given the rising ask-rate of fuel prices hikes amid higher crude and a weaker rupee.

State-owned Oil and Natural Gas Corp (ONGC) is not in a hurry to sell its stake in Indian Oil Corp and GAIL (India) and will wait for the right price before offloading the shares, a senior company official said.

ONGC holds 13.77 per cent stake in oil refiner IOC and 4.86 per cent in gas utility GAIL India.

Seven men arrested in connection with a job racket promising employment to youths with the ONGC confessed to having duped at least 20 people of Rs 20 million in last two years, the police said Sunday.

Last week, police arrested the seven, two Ministry of Rural Development employees among them, for allegedly cheating unemployed youths on the pretext of getting them jobs in Oil and Natural Gas Corporation as Assistant Managers.

Indian Institute of Technology Madras (IIT-M) has announced a collaboration with Oil and Natural Gas Corporation Limited (ONGC) to enhance the operational life cycle of the latter's existing platforms and reduce running and operating cost by optimum use of offshore survey requirements.

IIT-M is going to develop a database management system for all the more than 280 platforms of ONGC and develop software for structural integrity management system (SIMS) as well.

New Delhi: ONGC Ltd has struck gas in a well at Ashoknagar in Bengal's North 24 Parganas district. The PSU has also found gas in the Vindhyan basin in Madhya Pradesh.

Both the discoveries will now be assessed for their commercial viability, ONGC director (exploration) Ajay Kumar Dwivedi said on Thursday.

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