Though oil refiner-retailer Hindustan Petroleum Corporation (HPCL) was taken over by Oil and Natural Gas Corporation (ONGC) in January this year, the former is yet to recognise the upstream major as its promoter in the mandatory quarterly filings with the stock exchanges.

India’s ministries of finance and power are discussing a plan to sell government’s stake in hydro-power producer NHPC Ltd. to its state-run peer NTPC Ltd., the nation’s biggest electricity generator by capacity, according to people familiar with the matter.

The government’s 73.67 percent stake in NHPC is worth about 182 billion rupees ($2.6 billion) as per current prices, according to Bloomberg calculations.

The government has exempted state-owned explorer ONGC from the twin obligations of buying back its own shares and issuing bonus shares in the current fiscal, a move that would help the upstream hydrocarbon to not cut back on its capex plan of Rs 32,000 crore for the year.

The board of ONGC has approved exiting helicopter service provider Pawan Hans by selling its entire 49 per cent stake as it looks to cut debt and consolidate resources in core oil and gas business, officials with direct knowledge of the development said. Oil and Natural Gas Corp (ONGC) wants its interest to be clubbed with the 51 per cent government stake that is already on offer for sale, they said.

India’s LNG imports were flat m/m in May but rose 17% y/y, boding well for PLNG where Dahej unit was also steady at ~110% in April/May. We keep our BUY as we do on Gail where earnings risks appear skewed on the upside even if trans. volumes do rise materially NT and valuations are inexpensive. Expectations are modest for ONGC too where higher oil and gas prices would lift earnings in FY19E even if subsidies cap realizations in domestic oil assets and HPCL.

Incessant monsoon rains weredisrupting operations of the Oil and Natural Gas Commission (ONGC) in Tripura. Rain triggered floods submerged its drilling sites especially in northern part of the State.

Tripura Asset of the ONGC on Tuesday confirmed that its operational activities were severely affected due to rains.

India’s Oil and Natural Gas Corp., which once had $4.3 billion of funds, is now bleeding cash. The state-run company’s cash reserves have shrunk by more than 90 percent in the past year, after it was ordered to purchase the administration’s stake in a refiner and it paid a record dividend. ONGC’s reserves dropped to about 10 billion rupees ($148 million) as on March 31 from nearly 130 billion rupees a year earlier, according to data compiled by Bloomberg.

State-owned Oil and Natural Gas Corp (ONGC) logged a Rs 4,000 crore loss on natural gas output in the fiscal year ended March 31, 2018 as the Government mandated price for the fuel was less than the cost of production.

“We need at least $4 per million British thermal unit to break-even as compared to current gas price of $3.06 per mmBtu,” a senior company official said.

Fuel retailer IOC has for the second year in a row beaten ONGC to become India's most profitable State-owned company, raising questions over calls for the explorer to subsidise retailers amid soaring petrol and diesel rates.

Indian Oil Corporation, which has for decades been India's biggest company by turnover, last week posted a record net profit of Rs 21,346 crore in the fiscal year ended March 31, 2018 (FY 2017-18), up 12 per cent from Rs 19,106 crore in the last fiscal.

The government may ask state-owned Oil and Natural Gas Corp (ONGC) to bear fuel subsidy to help cut petrol and diesel prices, sources said today. The government does not want to cut excise duty and is looking at alternative means to reduce petrol and diesel prices that had on Tuesday touched an all-time high of Rs 78.43 per litre and Rs 69.31 a litre respectively. Sources said the alternative in works is to ask ONGC give subsidy to fuel retailers so that they can sell petrol and diesel at below market rates.

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