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<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

The government on Thursday more than doubled the price of natural gas that is used to produce electricity, make fertilisers, turned into CNG and piped to household kitchens for cooking, on the back of a spike in global energy prices. The price of gas produced from old regulated fields, such as the nation's largest gas field of <keyword id="671886" type="General" weightage="80" keywordseo="bassein" source="Orion">Bassein</keyword> of <keyword id="6354737" type="General" weightage="80" keywordseo="ongc" source="Orion">ONGC</keyword>, will rise to a record high of USD 6.10 per million British thermal unit (mmBtu) from the current USD 2.90 per mmBtu, according to the oil ministry's Petroleum Planning and Analysis Cell (<keyword id="821764" type="General" weightage="50" keywordseo="ppac" source="Orion">PPAC</keyword>). The new price, which is likely to result in a hike in CNG and piped cooking gas rates, will be for six months beginning April 1. Petrol and diesel prices have been raised nine times in the last 10 days, totalling Rs 6.4 per litre while cooking gas LPG rates too have gone up by Rs 50 per cylinder. The latest gas price hike will further fuel inflation. The rate applicable to newer and difficult fields such as ones of <keyword id="6487" type="General" weightage="50" keywordseo="reliance-industries-ltd" source="Orion">Reliance Industries Ltd</keyword> in deepsea KG-D6 block, will get USD 9.92 per mmBtu for April-September as compared to current USD 6.13 per mmBtu, the PPAC notification said. These are the highest prices ever paid to Indian gas producers. The government sets the price of gas every six months -- on April 1 and October 1 -- each year based on rates prevalent in gas surplus nations such as the US, Canada and Russia. The increase in gas price is likely to result in a 10-15 per cent rise in CNG and piped cooking gas rates in cities such as Delhi and Mumbai, industry sources said. Prashant Vasisht, Vice President and Co-Head, Corporate Ratings, ICRA Ltd, said: "The domestic gas price increase was driven by the significant run up in the prices of gas at global gas hubs. The increase in gas prices provides relief to Indian upstream producers as at earlier prices, gas production was a loss-making proposition for most fields for the Indian upstream producers." CNG and piped cooking gas supplies in cities come from the gas produced by ONGC. The price hike will also lead to a rise in the cost of generating electricity but consumers may not feel any major pinch as the share of power produced from gas is very low. Similarly, the cost of producing fertiliser will also go up but as the government subsidises the crop nutrient, an increase in rates is unlikely. This is the second straight hike in prices and betters USD 5.05 paid to ONGC and Oil India Ltd for old fields between November 2014 and March 2015 and USD 9.32 to newer fields in April-September 2019. The new rates reflect the spike in prices at the global benchmarks - US-based Henry Hub, Canada-based Alberta gas, UK-based NBP and Russia gas as well as in rates of liquefied natural gas (LNG) in 2021 following a supply crunch with return of demand after devastation by pandemic. Domestic rates are fixed based on volume weighted average price in a year in these global benchmarks with a lag of one quarter. So, the price for April 1 to September 30 is based on the average price from January 2021 to December 2021. This is the period when global rates shot through the roofs. For difficult fields like discoveries in deepwater, ultra-deepwater and high pressure-high temperature areas, a slightly modified formula is used by incorporating the price of LNG, which too had shot through the roof in 2021. Reliance-bp operated KG fields are classified as difficult fields. Such field operators are allowed to discover market price but this is subject to cap fixed for the difficult fields twice every year. For producers, this will be the first time in six years that they will get a remunerative price. ONGC had been incurring losses on the 65 million standard cubic meters per day of gas it produces from domestic fields shortly after the government in November 2014 introduced a new gas pricing formula that had "inherent limitations" as it was based on pricing hubs of gas surplus nations. The sources said ONGC had in several communications to the government stated that the break-even price to produce gas from new discoveries was in the range of USD 5-9 per mmBtu and that for old fields such as Mumbai High and Bassein is about USD 3.6-3.7 per mmBtu. The Congress-led <keyword id="6355364" type="General" weightage="50" keywordseo="upa" source="Orion">UPA</keyword> had approved a new pricing formula for implementation in 2014 that would have raised the rates, but the BJP-led government scrapped it and brought a new formula. The new formula takes into account the volume-weighted annual average of the prices prevailing in Henry Hub (US), National Balancing Point (the UK), Alberta (Canada), and Russia with a lag of one-quarter. The rate at the first revision, using the new formula, came to USD 5.05 per mmBtu but in the subsequent six-monthly reviews kept falling till it touched USD 2.48 per mmBtu for April 2017 to September 2017 period. Subsequently, it rose to USD 3.69 per mmBtu in April 2019-September 2019 before being cut in subsequent rounds to USD 1.79 per mmBtu. PTI ANZ MR SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/microsoft-to-support-indian-entrepreneurs-launches-startups-founders-hub-in-india/articleshow/90560191.cms">Microsoft to support Indian entrepreneurs, launches 'Startups Founders Hub' in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mukesh-ambani-and-gautam-adanis-net-worth-is-now-more-than-100-billion/articleshow/90564692.cms">Mukesh Ambani and Gautam Adani are now worth more than $100 billion</a>

Government doubles gas prices; CNG rates might go up

<keyword id="41896" type="COUNTRY" weightage="100" keywordseo="Iran">Iran</keyword> will cut some benefits to Indian state-run refiners on crude purchases after the South Asian country decided to reduce the amount of oil it buys from the <keyword id="386457" type="UNKNOWN" weightage="20" keywordseo="Persian-Gulf">Persian Gulf</keyword> nation, people with knowledge of the matter said. 
 <keyword id="261045" type="COMPANY" weightage="20" keywordseo="National-Iranian-Oil-Co">National Iranian Oil Co</keyword>. will cut the credit period on crude oil sales to 60 days from 90 days for refiners such as <keyword id="152137" type="COMPANY" weightage="20" keywordseo="Mangalore-Refinery-Petrochemicals-Ltd">Mangalore Refinery &amp; Petrochemicals Ltd</keyword>. and <keyword id="59622" type="CITY" weightage="20" keywordseo="Indian-Oil-Corp">Indian Oil Corp</keyword>., the people said, asking not be identified as the matter isn't public yet. Iran will also reduce the discounts it offers on the shipping of crude to 60 percent from 80 percent, they added. 
 The lower incentives will make Iranian purchases costlier and less competitive in a world awash with crude oil where rivals such as <keyword id="50996" type="COUNTRY" weightage="20" keywordseo="Saudi-Arabia">Saudi Arabia</keyword> and <keyword id="6355112" type="COUNTRY" weightage="20" keywordseo="Iraq">Iraq</keyword> are seeking to expand their markshare. Iran's crude sales to India more than doubled in 2016 after the lifting of sanctions over its nuclear program. India is Iran's second biggest customer and the emerging center of global oil demand. 
 India in turn, is using the supply glut to put pressure on <keyword id="44333" type="COMPANY" weightage="20" keywordseo="Tehran">Tehran</keyword> for securing development rights to the Farzad-B gas field in the Persian Gulf, which was discovered by an Indian consortium led by <keyword id="46585" type="COMPANY" weightage="20" keywordseo="ONGC-Videsh-Ltd">ONGC Videsh Ltd</keyword>. about a decade ago. Iran and India were aiming to conclude an agreement on developing the field by February. The South Asian nation, which stood by Iran during the sanctions, is seeking to invest as much as $20 billion in Iran's energy industry and ports. 
 
Cutting Purchases 
 Indian state-run refiners told Iran last month that they would cut oil purchases by 3 million tons during the financial year that started April 1, the people said. <keyword id="55574" type="CITY" weightage="20" keywordseo="MRPL">MRPL</keyword> and <keyword id="6354412" type="COMPANY" weightage="20" keywordseo="indian-oil">Indian Oil</keyword> will reduce imports by 1 million tons each, while <keyword id="124595" type="COMPANY" weightage="20" keywordseo="Hindustan-Petroleum-Corp">Hindustan Petroleum Corp</keyword>. and <keyword id="124594" type="COMPANY" weightage="20" keywordseo="Bharat-Petroleum-Corp">Bharat Petroleum Corp</keyword>. will cut purchases by about half a million tons each, according to the people. 
 
India's overall oil imports from the Persian Gulf nation touched 19.8 million tons during April-December last year, compared with 12.7 million tons in the 2015-16 financial year, according to oil ministry data. 
 Iran's Oil Minister <keyword id="1921589" type="UNKNOWN" weightage="20" keywordseo="Bijan-Namdar-Zanganeh">Bijan Namdar Zanganeh</keyword> said "there are many other customers" if India decides to cut imports, the state-run <keyword id="1168062" type="ORGANIZATION" weightage="20" keywordseo="Islamic-Republic-News-Agency">Islamic Republic News Agency</keyword> reported on April 5. Reuters earlier reported Indian state refiners will cut oil imports from Iran by a fifth. 
 India's Oil Minister <keyword id="197418" type="PERSON" weightage="20" keywordseo="Dharmendra-Pradhan">Dharmendra Pradhan</keyword> said April 6 that it's up to the state refiners to decide on Iran crude volumes. 
 MRPL spokesman <keyword id="4394862" type="UNKNOWN" weightage="20" keywordseo="prashanth-baliga">Prashanth Baliga</keyword> couldn't comment immediately, while an Indian Oil spokesman declined to comment. National Iranian Oil Co.'s public relations office in Tehran didn't respond to an email and two calls seeking comment.

Iran to cut benefits on oil sales to India. Here's why

Union Minister <keyword id="197418" type="PERSON" weightage="100" keywordseo="Dharmendra-Pradhan">Dharmendra Pradhan</keyword> has promised a "transparent regulatory regime" for greater ease in doing business with India. He said so while attending a road show in Houston, Texas to promote the auction of 46 discovered oil and gas fields. 
 These fields, which were discovered by <keyword id="769942" type="UNKNOWN" weightage="100" keywordseo="Oil-And-Natural-Gas-Corporation-Ltd">Oil and Natural Gas Corporation Ltd</keyword> (<keyword id="6354737" type="CITY" weightage="100" keywordseo="ONGC">ONGC</keyword>) and <keyword id="111992" type="CITY" weightage="100" keywordseo="Oil-India-Ltd">Oil India LTD</keyword> (OIL), are predicted to be put on production through speedy efforts. 
 The road show was attended by several global oil-related companies, including Magna Energy, BP, IHS Energy, Texas Oil &amp; Gas Technology, Nabors, McDermott, Reliance Exploration and Production DMCC, <keyword id="50041" type="CITY" weightage="100" keywordseo="KPMG">KPMG</keyword>, Halliburton, Joshi Technologies International, Vega Energy, and Schlumberger. For all details of these oil and gas fields to be made available to the interested parties, the road show had extensive and detailed presentations and one-on-one meetings with the companies. 
 Some companies, like BG, <keyword id="128650" type="COMPANY" weightage="100" keywordseo="Cairn-Energy">Cairn Energy</keyword>, ONGC, and RIL also shared their happy experiences when they worked in the Indian exploration and production (E&amp;P) sector. 
 
The minister, in this moment of glory, promised a "transparent regulatory regime" and greater ease of doing business, adding that "We recognise that the need of the hour is to increase the domestic energy production by unlocking India's hydrocarbon potential." 
 
The current round of bidding round is also being held under a revised set of guidelines which are industry friendly; the Discovered Small Fields Policy is also acting as the regulatory framework. 
 
The round is seeing potential investors being offered 67 fields in 46 contract areas, across 9 sedimentary basins, through International Competitive Bidding in the oil and gas producing basins. 
 
36 of these fields are located in offshore areas, while the rest 31 are in on land basins. These fields, together, have an estimated 625 Million barrels of Oil and Oil Equivalent Gas in-place volumes, while being spread over 1500 square kilometers. 
 The show turned out to be a hit, with the hall full of attendees, including heads of major energy companies, think tanks, analysts, Indian Americans with interest, oil lobbyist, diplomats and various technologists. Pradhan took this opportunity to assure all possible support from his Ministry and the <keyword id="6377129" type="ORGANIZATION" weightage="100" keywordseo="Government-Of-India">Government of India</keyword> so that investors’ endeavours can reach good results. 
 
"The bid timelines are stringent and my team is geared to ensure a smooth process. I look forward to an encouraging participation in the bidding from you all. We have also setup a facilitation cell for assisting you throughout the bid process," he said amidst a thunderous applause. 
 
<a href="http://i.huffpost.com/gen/3372202/images/o-DHARMENDRA-PRADHAN-facebook.jpg">Image source</a>

Doing business with India to be made easier, promises Dharmendra Pradhan

New Delhi, Jan 1 () State-owned Oil and Natural Gas Corp (ONGC) has begun an exercise to shed excess cost at the Mumbai offshore oil and gas fields of Panna-Mukta whose control it regained after two and half decades and has already saved Rs 1 crore in the shipping cost. 
 ONGC has changed the contract for bringing oil produced from the fields lying in the Arabian Sea to land, resulting in saving of about USD 5,000 per day, sources with direct knowledge of the development said.
It is expecting an upside in production too after a re-appraisal.
Sources said the previous operators, Shell India and Reliance, had engaged a floating storage and transportation vessel from Mercator Ltd for shipping oil.
 Soon after taking over the field last month, ONGC changed the shipper to state-owned Shipping Corporation Ltd, resulting in saving of about USD 5,000 per day, they said adding the saving totals to Rs 1 crore-plus.
Sources said the company will lay a small undersea pipeline soon to completely do away with the requirement of hiring ships for transporting oil to land.
 ONGC had originally discovered the Panna-Mukta and Tapti (PMT) oil and gas fields in the Arabian Sea off the Mumbai coast in the early 1990s. These were however taken away from the company and in 1994 awarded to a consortium of US energy giant Enron and Reliance Industries Ltd. ONGC as a government nominee was given 40 per cent back-in rights.
 Enron during its bankruptcy was taken over by BG Group of UK in 2003. BG Group's interest was subsequently taken over by Shell in 2016.
 The 25-year production sharing contracts for the PMT fields expire this week and Reliance and Shell had decided not to seek an extension for Panna-Mukta fields, resulting in them being reverted to ONGC on December 21, 2019.
 Reliance and Shell-owned BG Exploration and Production India Ltd (BGEPIL) held 30 per cent stake each in PMT.
 The Tapti fields had ceased production earlier in 2016 and the Tapti process platform facilities were handed over to ONGC (Government of India nominee) in 2016.
 Sources said ONGC sees an upside in oil and gas production from the Panna-Mukta field which it will firm up after doing a reappraisal of the reserves.
 The fields produce about 10,000 barrels of oil per day and 4 million standard cubic meters per day of natural gas.
 The production sharing contracts (PSC) for the Panna-Mukta and Tapti fields, which were executed by the PMT JV with the Government of India in 1994, expired on December 21, 2019.
 Decommissioning and site restoration of residual Tapti facilities, including five unmanned platforms and in-field pipelines, are being carried out by the PMT JV under India's first offshore decommissioning and site restoration project.
 The Panna-Mukta fields, off the Mumbai coast, have produced 211 million barrels of oil and 1.25 trillion cubic feet of natural gas since December 1994. In 2019, the average monthly production from the fields was around 10,000 barrels per day of crude oil and 140 million standard cubic feet of natural gas per day. ANZ ANU

ONGC gets cracking at Panna-Mukta field; cost-saving measures reap dividends

India is on its way to ask Tehran for rights to develop ONGC-discovered Farzad-B gas field in the Persian Gulf even as it prepares to pay $ 6.5 billion in past oil dues. 
 Indian firms have so far shied away from investing in <keyword id="41896" type="COUNTRY" weightage="100" keywordseo="Iran">Iran</keyword> for the fear of being sanctioned by the US and Europe. The same was deterring New Delhi from claiming rights to invest nearly $ 7 billion in the biggest gas discovery ever made by an Indian firm abroad. But with Iran and six world powers sealing an accord to curb the Islamic Republic's nuclear programme in return for ending sanctions, India is making a renewed pitching for rights to develop 12.8 Trillion cubic feet of gas reserves <keyword id="46585" type="COMPANY" weightage="100" keywordseo="ONGC-Videsh-Ltd">ONGC Videsh Ltd</keyword> had found in 2008. "We have been in negotiations with Iran over development of Farzad-B gas field. Now that sanctions will ease, we expect Iran to give us the developmental rights," OVL Managing Director <keyword id="2246392" type="UNKNOWN" weightage="100" keywordseo="Narendra-K-Verma">Narendra K Verma</keyword> told PTI. 

	Also, the easing of sanctions would mean India can freely buy crude oil from Iran. Sanctions had meant that New Delhi could import no more than 9 million tonnes of oil this fiscal, the same volume it had shipped from Iran in 2013-15. 
 

	"We have just heard of the deal but we have not seen any details of when the sanctions will be lifted. We are awaiting more details to decide on crude purchases," a top official with a refiner which buys Iranian oil said. 
 

	An oil ministry official said lifting of sanctions would also mean oil refiners will have to clear $ 6.5 billion in past dues on purchase of Iranian oil. 
 

	Since February 2013, Indian refiners like Essar Oil and Mangalore Refinery and Petrochemicals (MRPL) have been paying in rupees to UCO Bank 45 per cent of their payment due on purchase of crude oil from Iran. The remaining has been accumulating, pending finalisation of a payment mechanism. 
 They had last year paid nearly $ 3 billion in six installments through a limited payment channel following start of nuclear talks between the West and Iran. The outstanding has since climbed to nearly $ 6.5 billion. Of this, Essar Oil owes about $ 3.5 billion and MRPL $ 2.5 billion. The rest $ 500 million is to be paid by <keyword id="59622" type="CITY" weightage="100" keywordseo="Indian-Oil-Corp">Indian Oil Corp</keyword> (IOC). 

	The official said the government expects that payment channels to open soon and Iran making a demand for clearing of past dues. 
 

	The historic nuclear deal struck today, sanctions imposed by the United States, European Union and United Nations would be lifted in return for Iran agreeing long-term curbs on a nuclear programme. 
 

	If approved by the US Congress, it would enable the holder of the world's fourth-biggest crude reserves to ramp up energy exports with the easing of international sanctions on exports in return for curbs on its nuclear programme.

	 
	 
	(Image credits: Indiatimes)

India to ask for rights to invest in oil reserves in Iran

New Delhi, Dec 20 () After operating Panna-Mukta oil and gas fields for 25 years, Royal Dutch Shell and Reliance Industries will revert the western offshore fields back to state-owned Oil and Natural Gas Corp (ONGC), the companies said in a statement.
 Panna-Mukta and Tapti (PMT) oil and gas fields in the Arabian Sea off the Mumbai coast were in 1994 awarded a consortium of US energy giant Enron and Reliance. ONGC, which had originally discovered the fields, as a government nominee given 40 per cent back-in rights.
 Enron during its bankruptcy was taken over by BG Group of UK in 2003. BG Group's interest was subsequently taken over by Shell in 2016.
 The 25-year production sharing contracts for the PMT fields expires this week and Reliance and Shell had decided not to seek an extension for Panna-Mukta fields.
 "After 25 years of operating the Panna-Mukta oil and gas fields, the Panna-Mukta and Tapti Joint Venture partners will be handing over the Panna-Mukta oil and gas fields back to the Government of India's (GOI) nominee i.e. ONGC on December 21, 2019," a joint statement issued by Reliance and Shell said.
 Reliance and BG Exploration and Production India Ltd (BGEPIL) hold 30 per cent stake each in PMT while the balance 40 per cent is with ONGC.
 "The production sharing contracts (PSC) for the Panna-Mukta and Tapti fields, which were executed by the PMT JV with the Government of India in 1994, will expire on December 21, 2019," it said.
 The Tapti fields had ceased production earlier in 2016 and the Tapti process platform facilities were handed over to ONGC (GOI nominee) in 2016.
 Decommissioning and site restoration of residual Tapti facilities, including five unmanned platforms and in-field pipelines, are currently being carried out by the PMT JV under India's first offshore decommissioning and site restoration project.
 The Tapti decommissioning and other commercial activities would continue in BGEPIL even after Panna-Mukta handover, as per the statement.
 The Panna-Mukta fields, off the Mumbai coast, produced 211 million barrels of oil and 1.25 Trillion cubic feet of natural gas since December 1994. In 2019, the average monthly production from the fields was around 10,000 barrels per day of crude oil and 140 million standard cubic feet of natural gas per day.
 Speaking on the development, Trivikram Arun, Managing Director, BGEPIL said, "The PMT JV is a great example of a successful partnership between India's largest national oil company (ONGC), India's largest private company (Reliance) and an international oil company (Shell)."
 "Our teams have worked relentlessly to ensure a safe handover of the producing fields from the PMT JV to ONGC at the end of the term," he said.
 B Ganguly, President-E&amp;P, Reliance said, "At their peak, Panna-Mukta have contributed to nearly 6 per cent of India's oil production and almost 7 per cent of India's gas production in the year 2007-08. Reliance has been a part of this journey and contributed, by providing energy, to the growth and development of India's oil and gas sector." ANZ ANS
ANS

Shell-Reliance give up Panna-Mukta fields; western offshore fields to revert to ONGC

Oil and Natural Gas Corporation (<keyword id="6354737" type="CITY" weightage="100" keywordseo="ONGC">ONGC</keyword>) is investing a sum of Rs 22,500 crore in redevelopment projects. These new projects will add capacity of 16.7 million tonnes of oil and 56 billion cubic metres of gas, said <keyword id="742600" type="UNKNOWN" weightage="100" keywordseo="DK-Sarraf">DK Sarraf</keyword>, chairman and managing director, ONGC. 
 "(In 2014) we launched Mumbai High North Redevelopment Phase-III, Mumbai High South Redevelopment Phase-III, integrated development of the Bassein, <keyword id="340020" type="PERSON" weightage="60" keywordseo="Mukta">Mukta</keyword> and <keyword id="150474" type="CITY" weightage="60" keywordseo="panna">Panna</keyword> formations and Daman development. These are very important projects for us and a lot of hope rides on their success. They will also serve as a litmus test for our project management skill to implement the projects without time and cost over-run and safely," he said. 
 
The output of gas from the KG-DWN-98/2 (NDA) field in the eastern offshore is likely to start in the next 2-3 years. 
 
He informed that 16 new sources of gas were discovered in FY2014-15. "Therefore, the reserve replacement ratio is again expected to be in excess of one for a 10th consecutive year," he added. 
 <keyword id="81864" type="CITY" weightage="100" keywordseo="ONGC-Videsh">ONGC Videsh</keyword>, the foreign arm of the country’s multinational oil and gas company, had struck a deal for a gas field in Azerbaijan and also acquired a 16% stake in the Rovuma offshore Area-I in Mozambique. These led to a jump in its production by 15%.

ONGC Pumping In Rs 22,500 Crore In Redevelopment Projects

<keyword id="3068548" type="UNKNOWN" weightage="100" keywordseo="Budget-2016-17">Budget 2016-17</keyword> is likely to bring <keyword id="3065386" type="UNKNOWN" weightage="100" keywordseo="Oil-cess">oil cess</keyword> relief to domestic producers, for the first time in over four decades. In the budget by <keyword id="6355261" type="POSITION" weightage="100" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> the government is likely to make changes in the way Oil Industry Development Cess is levied to provide relief to companies like ONGC and Cairn India that are being battered by oil prices plunging to 11-year low. 
 
"There are indications the Budget may announce an ad valorem rate of cess instead of Rs 4,500 per tonne fixed levy currently," a senior government official told PTI. 
 
The ad valorem rate of cess will results in higher payouts when prices are high and lower when rates fall. Currently, state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) pay a cess of Rs 4,500 per tonne on crude oil they produce from their allotted fields on a nomination basis. 
Cairn has to pay the same cess for oil from the Rajasthan block. 
 
With oil prices dropping to an 11-year low of under $35 per barrel, the cess translates into one-third of the realisation going away in just one levy. 
 
The Budget may fix the levy at around 8-9 per cent of the crude oil price, the official said. 
 
The Oil Industry (Development) Act, 1974, provides for collection of cess as a duty of excise on indigenous crude oil. Cess incurred by producers is not recoverabl .. 
In 2005-06, when the crude oil prices had increased from an average of $40 per barrel to $60, the OID cess was raised from Rs 1,800 to Rs 2,500 per tonne from March 1, 2006. Again, when the crude prices climbed to over $100, the rate of cess went up to Rs 4,500 ($12 per barrel) with effect from March 17, 2012. 
 
While the government had effectively linked the cess rate to prevailing crude oil prices in the past, there has been no reduction when the oil prices have declined. 
 
The official said the Oil Ministry has made a formal representation to the Finance Ministry for making the cess ad valorem. Also, companies like Cairn as well as industry associations too have made similar representations. 
 
Oil producers say the current cess rate constitutes about one-third of the oil price, which has severely impacted several small discoveries and marginal fields, making many of the projects unviable. 
 
In the low oil price environment, several countries including the UK, the US, and China have changed fiscal systems to increase production and promote investments. 
 
Most of crude oil produced in India comes from pre-NELP and nomination blocks and is liable for payment of cess. 
 
While New Exploration Licensing Policy (NELP) blocks like Reliance Industries' KG-D6 are exempt from payment of cess, pre-NELP discovered blocks like Panna/Mukta and Tapti and Ravva pay a fixed rate of cess of Rs 900 per tonne. 
 
(Image credits: indiatimes)

Budget 2016 likely to give oil cess relief to domestic producers

<ul><li>Indian equity markets slipped in morning trade on Friday amidst negative global cues. </li><li>Adani Transmission, Adani Total Gas both fell 5% after being dropped by index provider <keyword id="105793" type="General" weightage="80" keywordseo="msci" source="Orion">MSCI</keyword>. </li><li>Both <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> were down 0.3% – while Sensex was trading 196 points lower at 61,708, Nifty50 was down 62 points to 18,235.</li></ul>Indian equity markets slipped in morning trade on Friday amidst negative global cues. Adani Transmission, Adani Total Gas both fell 5% after being dropped by index provider MSCI. Both Sensex and Nifty50 were down 0.3% – while Sensex was trading 196 points lower at 61,708, Nifty50 was down 62 points to 18,235. Top gainers and losers on Nifty50 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.59% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco Industries </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.58% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.91% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharat Petroleum </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.28% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.55% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divi's Labs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.97% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Britannia Industries </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.54% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.46% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.49% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dr. Reddy's Labs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.21% </td></tr></tbody></table> Source: NSE, as on May 12, 2023 Earlier on Thursday, both Sensex and Nifty50 closed on a flat note after a volatile day of trading. Sensex closed at 61,905 points while Nifty50 ended the day at 18,297 points. Gold prices fell to ₹60,889 per 10 grams while silver stood at ₹73,781 per kilogram. Crude oil prices too declined, with Brent crude prices hovering at $75per barrel. <cmsannotation type="cmsannotation" annotationid="Global markets trend in the red" comment="subhead" text="Global markets trend in the red">Global markets trend in the red</cmsannotation> Markets in the US fell ahead of the crucial unemployment data. While Dow Jones closed 0.66% lower, S&amp;P 500 fell 0.17%. The tech-heavy Nasdaq, however, gained 0.18%. Asian markets were largely negative on Friday, with the exception of Nikkei 225 which gained 0.79%. Shanghai Composite and KOSPI both fell 0.53%, while Hang Seng declined 0.39%. Taiwan Weighted was down 0.25%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> Earnings today: <keyword id="42747" type="General" weightage="100" keywordseo="tata-motors" source="Orion">Tata Motors</keyword>, Hindustan Petroleum Corp, Hindustan Aeronautics, Cipla, Indraprastha Gas, Manappuram Finance, VST Tillers, Sapphire Foods India, Colgate - Palmolive (India) among companies to release its March quarter earnings today. ONGC: State run ONGC 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 said. <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword>: Index provider MSCI has removed Adani Total Gas and Adani Transmission from the MSCI India index, following the scheduled index review in May. Reliance Industries: German retailer METRO AG announced the completion of the sale of its Indian cash and carry business to Reliance Retail Ventures. The deal includes all 31 wholesale stores operated by the German retailer along with the entire real estate portfolio. Asian Paints: The company’s net profit jumped 45% to ₹1,268 crore in March quarter from ₹874 crore last year while revenue rose nearly 11% on year to ₹8,750 crore during the period. Eicher Motors: The automaker’s net profit climbed 49% on year to ₹906 crore in March quarter on the back of robust sales across domestic and global markets. Meanwhile, revenues rose to ₹3,804 crore in Q4 from ₹3,193 crore last year. Ujjivan Small Finance Bank: The bank reported a two fold rise in March quarter net profit at ₹309 crore led by improvement in asset quality, lower credit cost.. Net interest income of the lender rose 36% on year to ₹738 crore. SEE ALSO: <a href="https://www.businessinsider.in/business/news/ongc-discovers-oil-and-gas-reserves-in-mumbai-offshore-calls-it-momentous-achievement/articleshow/100165681.cms">ONGC discovers oil and gas reserves in Mumbai offshore, calls it momentous achievement</a> <a href="https://www.businessinsider.in/stock-market/markets/news/dr-reddys-posts-a-manifold-surge-in-profits-yet-street-remains-unimpressed/articleshow/100164077.cms">Street unimpressed with Dr Reddy’s profit surge, as they worry about growth outlook &amp; margin pressures</a> <a 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>

Sensex, Nifty50 slip in morning trade: Adani Transmission, Adani Total Gas fall 5% after MSCI drops them

<ul><li><keyword id="1609796" type="General" weightage="20" keywordseo="omicron" source="Orion">Omicron</keyword> may be a milder variant than Delta but it’s too soon to be sure of that.</li><li>If you haven’t taken the first two shots of the vaccine, the risk of infection and hospitalisation is higher.</li><li>Taking a third dose of the COVID-19 vaccine may provide better protection against the virus.</li><li>The third wave of COVID-19 infections may peak in India by February first week.</li><li>Countries like the US and UK have refrained from imposing stringent restrictions on people’s movement despite rising cases.</li></ul>There are at least 5 learnings emerging from different countries facing the third wave of COVID-19 infections where the most number of cases are that of the latest variant, Omicron. First, Omicron is likely to be a milder variant although the World Health Organisation has said that it needs more data to make that point conclusively. Moreover the emergence of a new variant called <keyword id="12876991" type="General" weightage="20" keywordseo="ihu" source="Orion">IHU</keyword>, discovered by researchers in France, which is likely to be <a href="https://www.businessinsider.in/science/health/news/new-covid-19-variant-named-ihu-discovered-in-france-said-to-be-stronger-than-omicron/amp_articleshow/88685048.cms">stronger than Omicron</a>, has increased the need for caution. Second, the WHO has said that the risk of infection and the potential need for hospitalisation is higher for those who have not taken the vaccines. Third, India’s covid cases would peak by February 2 <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Country </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Cases </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New Cases </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Death toll </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">USA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,71,31,187 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,26,051 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+767 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UK </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,34,22,815 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,57,758 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+42 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Spain </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">66,67,511 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+93,190 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+42 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Italy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">63,96,110 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+68,052 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+140 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">France </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,03,17,819 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+67,461 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+270 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Turkey </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">95,97,670 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+44,869 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+160 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Argentine </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">57,39,326 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+44,396 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+41 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,49,60,261 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+37,379 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+124 </td></tr></tbody><tbody></tbody></table>Source: Worldometers Note: Data, as of January 3, 2022 The forecast, from researchers at IIT Kanpur, is based on the assumption that India will follow the trends of rise in cases seen in other countries. The research also used the rate of increase in cases from the first and second waves in India. Fourth, a booster dose may be needed New studies conducted in the United Kingdom have<a href="https://www.businessinsider.com/omicron-chart-protection-2-3-vaccine-booster-effectiveness-hospitalization-symptomatic-2022-1"> revealed</a> that the third dose of the Covid-19 vaccine may be necessary to boost a person’s resistance to the Omicron variant by as much as 88%. This is a significantly higher degree of protection against the latest variant when compared to the second dose, whose effectiveness begins to reduce after a period of six months. Oxford<a href="https://theprint.in/health/booster-dose-of-covishield-can-increase-antibody-levels-against-omicron-oxford-study-says/786422/"> has said </a>that a third booster shot of AstraZeneca-Oxford Covid-19 vaccine Vaxzevria is necessary to boost the antibody levels. Covershield is the Indian version of Vaxzevria, manufactured by the Serum Institute of India (SII) Fifth, night curfews are useless and other countries have refrained from stringent restrictions on movement of people. Even though the US and UK are recording high covid-19 cases on a daily basis, the countries have decided not to introduce any new restrictions. However, work from home has once again become a norm in these countries. Many states in India, on the other hand, have proactively imposed night curfews, weekend lockdowns and other such restrictions in order to beat the third wave. Whereas, the need may be to enforce the COVID-19 protocols in places, and at times, when crowds do gather for business or otherwise. Even now, large crowds sans social distancing, and people without masks on the street, is not a rare sight in India. However, the policy response has been limited to night curfews. WHO Chief Scientist Soumya Swaminathan, in a TV interview, <a href="https://www.deccanherald.com/national/no-science-behind-night-curfews-in-india-whos-swaminathan-1066559.html">noted</a> that there is no science behind night curfews when it comes to tackling Covid-9. "Entertainment venues are places where these viruses spread the most. It's natural to bring in some restrictions there," he added. SEE ALSO <a href="https://www.businessinsider.in/india/news/delhi-cm-arvind-kejriwal-tests-positive-for-covid-19/articleshow/88679427.cms" data-type="tilCustomLink">Delhi CM Arvind Kejriwal tests positive for COVID-19</a> <a href="https://www.businessinsider.in/business/startups/news/infoedge-and-zomatos-deepinder-goyal-invested-money-in-geniemode-10-month-old-tech-startup/articleshow/88683920.cms" data-type="tilCustomLink">After Deepinder Goyal and Kunal Shah, Info Edge backs this 10-month-old tech startup</a> <a href="https://www.businessinsider.in/business/news/ongc-appoints-alka-mittal-as-chairperson-and-managing-director/slidelist/88681434.cms" data-type="tilCustomLink">Meet Alka Mittal, the first woman to head oil giant ONGC</a>

You Searched For "ongc discovers oil" and got 11 results

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