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<keyword id="19923397" type="General" weightage="20" keywordseo="ONGC" source="keywords">ONGC</keyword> declared the highest-ever standalone net <keyword id="19933742" type="General" weightage="20" keywordseo="profit" source="keywords">profit</keyword> of Rs 40,526 crore in FY24, the company informed the exchange in a filing. The consolidated net profit of the company is also highest at Rs 57,101 crore in FY24. The <keyword id="21739636" type="General" weightage="20" keywordseo="crude-oil-production" source="keywords">crude oil production</keyword> of the company has surged by 2.4 per cent quarterly to 5.359 MMT in Q4 FY24. However, the standalone gross revenue of the company declined 11 per cent YoY to Rs 1,38,402 crore in FY24 from Rs 1,55,517 crore in FY23. The standalone profit has surged yearly by 1.1 per cent to Rs 40,526 crore in FY24. The company also announced a total <keyword id="20047030" type="General" weightage="20" keywordseo="dividend" source="keywords">dividend</keyword> of Rs 12.25 per share with a total payout of Rs 15,411 crore. This includes an interim dividend of Rs 9.75 per share which is already paid during the year and a final dividend of Rs 2.50 per share recommended by the Board. The Crude Oil production of the company in Q4 FY'24 saw an increase of 2.4 per cent over Q4 FY'23 whereas <keyword id="20646431" type="General" weightage="20" keywordseo="gas-production" source="keywords">gas production</keyword> decreased by 3 per cent. The company informed that it drilled 541 wells, the highest recorded in the past 34 years, comprising 103 exploratory and 438 development wells. ONGC invested around Rs 37,000 crore in <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> in FY24, compared to Rs 30,208 crore spent in the previous year. ONGC has also declared 11 discoveries (6 in on land, 5 in offshore) during FY 2023-24 in its operated acreages. Out of these, 6 are prospects (1 in on land, 5 in offshore) and 5 are new pool (on land) discoveries. The shares of ONGC gained more than 46 per cent in the last six months on the national stock exchange and were trading at Rs 280 at the time of filing this report. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/go-digit-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110276113.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/go-digit-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110276113.cms" target="_blank">Go Digit IPO allotment – How to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/sports/webstories/kolkata-knight-riders-vs-sunrisers-hyderabad-head-to-head-record-match-timings-and-more/slidelist/110274500.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/kolkata-knight-riders-vs-sunrisers-hyderabad-head-to-head-record-match-timings-and-more/slidelist/110274500.cms" target="_blank">Kolkata Knight Riders vs Sunrisers Hyderabad – head-to-head record, match timings and more</a><a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank">Motorola Edge 50 Fusion vs OnePlus Nord CE 4 – price, specs and features compared</a>

ONGC declares highest ever standalone profit in FY24

<keyword id="81864" type="General" weightage="20" keywordseo="ongc-videsh" source="Orion">ONGC Videsh</keyword> Ltd, the overseas investment arm of state-owned <keyword id="6359072" type="General" weightage="20" keywordseo="oil" source="Orion">Oil</keyword> and Natural Gas Corporation, has incorporated a wholly-owned subsidiary OVL Overseas IFSC Ltd in <keyword id="6424024" type="General" weightage="20" keywordseo="gift-city" source="Orion">GIFT City</keyword>, Gujarat. "This GIFT city entity will function as the <keyword id="23764" type="General" weightage="20" keywordseo="global" source="Orion">global</keyword> treasury centre to cater to the treasury activities of OVL and its 25 subsidiaries (including step-down subsidiaries) spread across 15 countries. "Given the business-friendly regulatory environment in GIFT City, OOIL (OVL Overseas IFSC Ltd) expects to efficiently consolidate funds available with the group in various countries and raise additional funds needed to achieve the ambitious target of producing 40 million tonnes of oil and oil equivalent (MMToe) by 2040 from overseas assets," the company said in a statement. India's first <keyword id="6367752" type="General" weightage="20" keywordseo="international-financial-services-centre" source="Orion">International Financial Services Centre</keyword> at GIFT City gives options to Indian and overseas multinationals to shift their overseas investments onshore. "OOIL will, thus, act as ONGC Group's gateway to the world for its overseas ventures and investments," it added. OVL owns interests in 32 <keyword id="43177" type="General" weightage="20" keywordseo="oil-and-gas" source="Orion">oil and gas</keyword> assets in 15 countries. In terms of reserves and production, it is the second largest petroleum company of India, next only to its parent Oil and Natural Gas Corporation (ONGC). Gujarat International Finance Tec-City or GIFT City is India's newest financial hub and a flagship project of Prime Minister Narendra Modi. The smart city and special economic zone has been developed in the Ahmedabad metropolitan region. Dozens of companies, including India International Exchange, National Stock Exchange, State Bank of India, HDFC Bank, GIC Re and other well recognised institutions are operating in the GIFT City.

ONGC Videsh incorporates subsidiary in GIFT City

<ul><li>Rising crude oil and gas prices during the last few quarters because of supply side constraints led by the Russia Ukraine crisis has benefited the oil producer to mint more money.</li><li><keyword id="6354737" type="General" weightage="20" keywordseo="ongc" source="Orion">ONGC</keyword> enters the elite club of top most profitable companies in India as it makes a profit of ₹40,305 crore in FY22.</li><li>The oil producer has surpassed Tata Steel, TCS and HDFC Bank to reach the second position wherein Reliance Industries holds top position.</li></ul>State-owned oil explorer ONGC beat two Tata group firms - TCS and Tata Steel to become India’s second most profitable company, after Reliance Industries, in FY22. Its record profits came in spite of decline in production for the last 11-18 quarters, aging fields, and lack of new discoveries. However, crude oil prices soared to almost $140 a barrel - making even its low output very valuable. ONGC contributes to 70% of India’s total oil and gas production. “A rally in global crude oil and natural gas prices is a key driving factor behind ONGC’s profitability,” said a report by YES Securities. It added that any moderation in crude prices will affect its cash flows as its capex requirement is very high to maintain production in its aging fields. ONGC reported a net profit of ₹40,305 crore for FY22 surpassing Tata Steel, by a decent margin. It also beat one of India’s most valuable companies - TCS in terms of profits - after crude oil prices soared. <div type="image" title="top 5 companies col (1)" height="900" width="1200" msid="91890739" hostid="261"></div>Taxes, sanctions and more to affect ONGC profitability As expected, this rise in profitability might be unsustainable, especially since analysts believe that Russia-Ukraine tensions could settle down, cooling off the soaring crude. “ONGC’s performance depends on how long geopolitical tensions persist as its profits are directly connected to crude oil prices,” Sanjiv Bhasin, executive vice president, markets &amp; corporate affairs at India Infoline, told Business Insider India. Bhasin believes that these tensions will ease by mid-July. As soon as crude prices come down, so will ONGC’s place in the list of most profitable companies. “Brent will not sustain the $110 kind of level. One or two years down the line, Brent will cool down. The two year future market also shows prices cooling off about $80-$90 per barrel range so that will definitely impact the margins for ONGC,” Anshuman Khanna, the founding director of Valpro, told Business Insider India. While the advantages of the war might go away soon, its effects - like sanctions on Russia - could remain and can affect ONGC’s fortunes negatively. <div type="image" title="ongc (1)" height="900" width="1200" msid="91890758" hostid="261"></div>The Russian connection ONGC’s international arm, ONGC Videsh owns stakes in multiple energy assets in Russia. One of the country’s gas producing assets Sakhalin-I has already shown signs of trouble as US major Exxon said that it would exit the block. ONGC has a 20% stake in it, along with interests in Sakhalin II, and Vankor fields in Siberia. “Russian assets are facing two issues -- one is the fact that Russian crude is trading at a discount about $10-$20 to Brent and second issue is repatriation of Russian dividend from these assets because of sanctions. It’s a real risk, which could jeopardize their entire Russian investment,” Anshuman Khanna, the founding directors of Valpro, told Business Insider. The Indian government too isn’t allowing the state-owned oil explorer to enjoy its profits either. It is believed to collect some of it in the form of a <a href="http://theres-a-strong-case-to-levy-windfall-taxes-11653810086031.html">windfall tax on oil producing companies.</a> Analysts at Citi call this tax threat an overhang. There is speculation that the government might impose a 25% tax on profits of oil and gas producing companies as crude prices have surged over 50% in 2022. The stock has gained over the last one year, but does not reflect the positive impact of crude oil on its profits. The sanction risk and taxes are making its short-lived story of profitability even less enticing to investors. <div type="image" title="ONGC profit" height="900" width="1200" msid="91890803" hostid="261"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/business/corporates/news/nykaa-to-face-competitive-heat-but-its-omni-channel-experience-maybe-the-game-changer/articleshow/91883946.cms">Nykaa to face competitive heat but its omni-channel experience maybe the game changer</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/finance/banks/news/citi-kotak-icici-and-other-investment-banks-earned-2600-crore-through-ipos-last-year/articleshow/91887303.cms">Indian companies raised $14 billion via IPOs and their i-bankers made $300 million in fees</a>

ONGC beats Tata Steel, TCS to become India’s 2nd most profitable company - but Russian links may spoil the party

<ul><li><keyword id="6354737" type="General" weightage="20" keywordseo="ongc" source="Orion">ONGC</keyword> has discovered oil and gas reserves in Mumbai offshore fields located in the Arabian Sea.</li><li>Detailed assessment of the discoveries is in progress, the company said.</li><li>ONGC’s director of exploration Sushma Rawat said the exploration of oil reserves will help the country reduce its oil and gas imports.</li><li>The discovery represents a momentous achievement, underscoring exploration dedication to expanding domestic production and reducing India's reliance on imported oil and gas, said Rawat.</li></ul>State run Oil and Natural Gas Corporation (ONGC) said on Thursday that it has discovered oil and gas reserves in Mumbai offshore fields located in the Arabian Sea. A detailed assessment of the discoveries is in progress, the company added. ONGC has made discoveries of Oil and Gas in MBS171HAA-1 (MBS171HAA-A)-“AMRIT” in OALP (Open Acreage Licensing Policy) block MB-OSHP-2017/1, the company said in a press release. “There is another remarkable discovery in MBS182HDA-1(MBS182HDA-A) named Moonga in OALP exploration Block in Mumbai Offshore,” ONGC said. This is a positive sign as the country imports 80% of its oil and gas needs, and any rise in oil prices will increase the import bill. While the <keyword id="102132" type="General" weightage="20" keywordseo="crude-oil-prices" source="Orion">crude oil prices</keyword> have been falling recently and currently hovering around $75 per barrel, it has been volatile for the last few years, since it’s susceptible to geopolitical developments. ONGC’s director of exploration Sushma Rawat said the exploration of oil reserves will help the country in reducing oil and gas imports. “With these notable findings in the OALP I and OALP III rounds, ONGC reaffirms its exploration commitment to unlocking the vast potential of India's hydrocarbon resources along with reserves accretion, strengthening the nation's energy security. The discovery represents a momentous achievement, underscoring exploration dedication to expanding domestic production and reducing India's reliance on imported oil and gas,” said Rawat. India’s largest state owned oil and gas producer has been pursuing ways to discover more oil and gas assets. “ONGC’s relentless pursuit of exploring untapped regions yielded these finds. By diligently analyzing geological data and employing advanced technologies, ONGC successfully identified substantial oil and gas reserves, reaffirming the untapped potential within the OALP blocks,” said the company in a release. Mumbai High fields, formerly known as Bombay High, was one ONGC’s oldest finds, and was discovered in 1974. The offshore field based in Arabian Sea, produces crude oil and had hit peak production in early 2000s. Over time it’s known to have recovered over 80% of its assets. Analysts have been concerned about the aging fields of the state owned oil and gas major for a while now. The company on the other hand, has been making technological investments into its onshore <a href="https://economictimes.indiatimes.com/industry/energy/oil-gas/ongc-bets-on-technology-to-milk-ageing-oil-fields/articleshow/95494251.cms?from=mdr">fields to boost productivity.</a> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-hindenburg-row-mauritian-minister-rejects-shell-company-allegations/articleshow/100164083.cms">Adani-Hindenburg row: Mauritian minister rejects shell company allegations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/inflows-into-equity-mutual-funds-hit-a-4-month-low-in-april-amfi/articleshow/100162128.cms">Inflows into equity mutual funds hit a 4-month low in April: AMFI</a>

ONGC discovers oil and gas reserves in Mumbai offshore, calls it momentous achievement

State-owned Oil and Natural Gas Corporation (<keyword id="6354737" type="General" weightage="100" keywordseo="ongc" source="Orion">ONGC</keyword>) has cancelled the bids received for its <keyword id="6392149" type="General" weightage="80" keywordseo="daman" source="Orion">Daman</keyword> upside gas development project off the western coast due to high price quotes, sources said. The project is crucial to ONGC's strategy of ramping up gas production from its shallow-water fields off India's west coast. Once completed, the project would lead to nearly doubling of current gas production of 4-5 million standard cubic metres per day. Sources aware of the matter said the bids ONGC received for the project were way higher than the company's internal estimates and so the tender has been cancelled. The tender would now be divided into separate packages and rebid. Engineering and fabrication contractor <keyword id="45475" type="General" weightage="20" keywordseo="larsen-toubro" source="Orion">Larsen &amp; Toubro</keyword> (L&amp;T) emerged as the lowest bidder when the bids were opened in December last year. It quoted a cost of USD 663.77 million to build the infrastructure needed to ramp up production from the field that lies about 60 kilometers off the west coast. A consortium of Afcons and Indonesia's Gunanusa Utama Fabricators emerged a distant second in the bidding, quoting close to USD 801.90 million. Vietnam's PTSC and Abu Dhabi's National Petroleum Construction Company (NPCC) were also among those initially chasing the contract, but did not participate in the bid process. Sources said L&amp;T's quote of USD 663.37 million was 36.77 per cent higher than ONGC's revised internal estimate of USD 485.03 million. L&amp;T offered a USD 1 million discount but this was not acceptable to ONGC, they said, adding that ONGC could have tolerated a maximum variation of 20 per cent over the internal price estimate. Daman upside gas development project envisaged building four new wellhead platforms, seven infield pipelines, a new process gas compressor module and the addition of low-pressure compression at the existing process platform. It also includes topsides modifications at existing wellhead platforms. The project has been in the works for years but has been delayed on several occasions due to unfavourable gas pricing. But a rise in domestic gas prices turned around the project's commercial viability. ONGC has been producing natural gas from Daman since 2016 and has spent an estimated USD 1 billion on offshore infrastructure at the field over the past five to six years. The project to raise production involved building infrastructure that could also handle gas from neighbouring B-12 and C-24 marginal fields. India's domestic crude oil and natural gas production has been dwindling in recent years and ONGC is under increasing pressure from the government to boost its output and reverse the declining trend. Projects like Daman are crucial for meeting those objectives but the scrapping of the tender would add to the delay in boosting output. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/8-things-that-google-bard-can-do-but-chatgpt-cannot/articleshow/100187360.cms">8 things that Google Bard can do, but ChatGPT cannot</a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-silence-fake-calls-from-unknown-numbers-on-whatsapp/articleshow/100186824.cms">How to silence calls from unknown numbers on WhatsApp</a> <a href="https://www.businessinsider.in/tech/mobile/news/survey-reveals-three-out-of-four-indians-suffer-from-nomophobia-heres-what-it-means/articleshow/100073985.cms">Survey reveals three out of four Indians suffer from NoMoPhobia: Here’s what it means</a>

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ONGC declares highest ever standalone profit in FY24

ANI

ONGC Videsh incorporates subsidiary in GIFT City

PTI

ONGC beats Tata Steel, TCS to become India’s 2nd most profitable company - but Russian links may spoil the party

Bhakti Makwana

ONGC discovers oil and gas reserves in Mumbai offshore, calls it momentous achievement

Bhakti Makwana

ONGC scraps bids for flagship Daman gas field development over cost concerns

PTI

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