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2017-02-08 18:30:00

INDIAN ONGC UP 197%

INDIAN ONGC UP 197%

NGW - Indian ONGC reported profit of rupees 43.52bn ($0.65bn) in 3Q of fiscal 2016-17 as against rupees 14.66bn in the corresponding quarter of last year, a rise of 197%, the company said last week citing higher gross oil realisation as the primary reason.

Gross revenue for the 3Q jumped 9% from a year ago to rupees 200.14bn. For the quarter, while total crude oil output contracted 1.9% to 6.4 million mt from a year ago, net realisation rose 16.8% to $51.8/b.

Gas production jumped 4.4% in the December quarter to 6.025bn m³ on year. The gas price, however, was down almost 35% in 3Q to $2.5/mn Btu from $3.82/mn Btu a year ago.

ONGC will be investing $66.05mn towards development of North West B-173A field to enhance production from its Western Offshore. NW-B-173A field is 5 km northwest from B-173A field which is about 25 km north of Neelam field at an average water depth of 55 m. In April 2014, B-173A-8 exploratory well was drilled in NW B-173A field, which produced oil at the rate of 2,246 b/d on conventional testing from Mukta pay, resulting in declaration of discovery of this field.

The production is expected to commence from February 2019 and peak production rate of 2,870 b/d of oil and 56,350 m3/d of gas is expected to be achieved in 2019-20.

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Earlier: 

INDIA'S OIL CONSOLIDATION 

INDIA'S OIL DEMAND UP 

INDIA'S LNG IMPORTS UP 18% 

THE GREATEST INDIA'S MARKET 

INDIA'S GAS INVESTMENT: $20 BLN

 

 

Tags: INDIA, ONGC, OIL, GAS

Chronicle:

INDIAN ONGC UP 197%
October, 16, 11:50:00

SAUDI ARAMCO IPO

Saudi Arabia is considering delaying the international portion of the giant initial public offering of its state oil company until at least 2019, according to people familiar with the situation, who said a domestic share sale in Riyadh could still happen next year.

INDIAN ONGC UP 197%
October, 16, 11:45:00

SAUDI'S BANKS ARE BETTER

But we expect a rise in the sector's NPL ratio and muted credit demand in the second half of 2017 and 2018, reflecting the slowing economy. GDP growth slowed to 1.4% in 2016 from 3.4% in 2015 and we expect it to be below 1% in 2017 and 2018.

INDIAN ONGC UP 197%
October, 16, 11:40:00

OPEC EXPECTATION

The Organization of Petroleum Exporting Countries and allies including Russia have been cutting oil production this year to bring fuel inventories in industrialized nations back in line with the five-year average.

INDIAN ONGC UP 197%
October, 16, 11:35:00

JAPAN LNG INVESTMENT

The Japanese government will offer $10 billion to support firms bidding to build liquefied natural gas (LNG) infrastructure around Asia, the Nikkei business daily said on Monday.

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