The objective of the policy is to attract new investment in exploration and production (E&P) sector, it said.
“Considering stagnant/declining domestic production of oil and gas, rise in import dependence and decline in investment in E&P activities, the...
need to bring further policy reforms was felt,” the statement said.It also said ONGC and OIL will prepare enhanced production profile to enhance production from existing nomination fields. Nomination fields are given to the two public sector companies without any competitive bid. The decision will facilitate the government and the state-run explorers to implement recommendations of a high-level committee that proposed to farm-out 97 exploration oil and gas fields from public sector ONGC and OIL to private energy firms, two ONGC officials said requesting anonymity.
The Union cabinet also approved a new policy to boost electronics manufacturing by 2025 in the country and to generate 1 crore jobs.
“We have a target of Rs 26 lakh crore turnover by 2025. We want to achieve a 32 percent growth rate. It will give jobs to 1 crore people. We want to make India manufacturing and export-oriented country,” Union minister Ravi Shankar Prasad said. He said technologies like artificial intelligence and defence electronics etc. would also be promoted.
ONGC posted net profit of Rs 8,263 crore for the three months ended December compared to Rs 8,265 crore in the previous quarter.
The Maharatna PSU's revenue was down 1.05 percent to Rs 27,694 crore, in line with the Rs 27,068-crore Bloomberg estimate. Operating profit was up 5 percent to Rs 16,571 crore. Operating margin expanded to 59.84 percent from 56.4 percent in the previous quarter. The PSU's crude sales were down 2 percent to 5.37 million metric tonnes sequentially. Its gas sales were up 5.5 percent to 5.323 billion cubic metres. Two new basins i.e. Vindhyan and West Bengal have been upgraded to Category II during the current financial year. The appraisal plans are drawn to further upgrade them as producing basins. ONGC has notified total 11 discoveries so far in FY’19 (4 discoveries after last press release on 03.11.2018).
Earlier, the ONGC Board has approved interim dividend of 105 percent i.e. Rs 5.25 on each equity share of Rs 5. The total payout on this account will be Rs 6,605 Crore (excluding Dividend Distribution Tax). The Record date for distribution of dividend has been fixed for 1st March, 2019 which has been intimated to the stock exchanges.
Maharatna oil PSU ONGC is the largest crude oil and natural gas entity in India, contributing around 70 percent to the nation's 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. This largest natural gas company 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.
Gross Revenue Rs 27,694 Crore, up 20.4% Q-o-Q
Net Profit Rs 8,263 Crore, up 64.8% Q-o-Q
Two New Basins i.e. Vindhyan and West Bengal upgraded to Category II
Notifies 11 discoveries so far in FY’19
Standalone Natural Gas Production up 7% QoQ and VAP Production up 3.3% QoQ