Friday, August 17, 2018

Govt mulling listing of ONGC on an overseas exchange: Report

THE government is considering the listing of state-run Oil and Natural Gas Corporation (ONGC) on an overseas exchange, a media report said.
The PSU could be listed in Singapore or the London Stock Exchange. This move will grant ONGC a better access to funds and provide it with a global platform.
The government will position ONGC as India’s largest oil and gas exploration and production company. It may also look at foreign listing as an option for more such big public sector units (PSUs), sources added.
ONGC already holds a stake in 41 oil and gas projects across the world via ONGC’s overseas investment arm ONGC Videsh Limited (OVL). The government was...
keen on listing OVL as well in 2015, to raise funds for foreign acquisitions, but the move was put on hold then, as the company was looking to increase its assets. There was also a slump in global crude prices.
ONGC is the largest producer of crude oil and natural gas in India, contributing around 70 percent of Indian domestic production. The crude oil is the raw material used by downstream companies like IOC, BPCL, HPCL to produce petroleum products like Petrol, Diesel, Kerosene, Naphtha, Cooking Gas-LPG. Maharatna oil PSU ONGC is the largest crude oil and natural gas Company in India, contributing around 70 per cent to Indian domestic production. Crude oil is the raw material used by downstream companies like IOC, BPCL, and HPCL to produce petroleum products like Petrol, Diesel, Kerosene, Naphtha, and Cooking Gas-LPG.
ONGC ranks 11th among global energy majors (Platts). It is the only public sector Indian company to feature in Fortune’s ‘Most Admired Energy Companies’ list. ONGC ranks 18th in ‘Oil and Gas operations’ and 183rd overall in Forbes Global 2000. Acclaimed for its Corporate Governance practices, Transparency International has ranked ONGC 26th among the biggest publicly traded global giants. It is most valued and largest E&P Company in the world, and one of the highest profit-making and dividend-paying enterprise.
oil and gas company in india. ONGC has a unique distinction of being a company with in-house service capabilities in all areas of Exploration and Production of oil & gas and related oil-field services. Winner of the Best Employer award, this public sector enterprise has a dedicated team of over 33,500 professionals who toil round the clock in challenging locations.
ONGC Videsh is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the National Oil Company of India, and is India’s largest international oil and gas Company. ONGC Videsh has participation in 41 projects in 20 countries namely Azerbaijan, Bangladesh, Brazil, Colombia, Iraq, Israel, Iran, Kazakhstan, Libya, Mozambique, Myanmar, Namibia, Russia, South Sudan, Sudan, Syria, United Arab Emirates, Venezuela, Vietnam and New Zealand. ONGC Videsh maintains a balanced portfolio of 15 producing, 4 discovered/under development, 18 exploratory and 4 pipeline projects. The Company currently operates/ jointly operates 21 projects. ONGC Videsh had total oil and gas reserves (2P) of about 711 MMTOE as on April 1, 2018. For more information visit:
ONGC received Dun & Bradstreet Award 2018 in the 'Oil and Gas Exploration' category.
ONGC is one of India's Most Valuable Corporations. ONGC is one of the most valuable public sector enterprises working on Indian stock exchanges.

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