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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%
2018, June, 22, 13:10:00

THE LARGEST VENEZUELA'S OIL

U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.

INDIAN ONGC UP 197%
2018, June, 22, 13:05:00

U.S. DEFICIT UP FROM $116.1 BLN TO $124.1 BLN

U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.

INDIAN ONGC UP 197%
2018, June, 22, 13:00:00

EUROPE'S NUCLEAR INVESTMENT : €50 BLN

WNN - There are 126 operational power reactors in 14 EU Member States, providing more than one-quarter of the bloc's total electricity production. In its Communication on the Nuclear Illustrative Program (PINC) published last year, the European Commission expects nuclear to maintain its significant role in Europe's energy mix up to 2050. This would require investment of some EUR40-50 billion (USD46-58 billion) in nuclear LTO by 2050.

INDIAN ONGC UP 197%
2018, June, 20, 13:15:00

OIL PRICE: ABOVE $75

REUTERS - Benchmark Brent crude LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57.

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