ONGC

By Khushi Malhotra

MUMBAI, April 24 (Reuters) - India's Hindustan Petroleum Corp HPCL.NS plans to raise 25 billion rupees ($293 million), including a greenshoe option of 20 billion rupees, by selling bonds maturing in five years, three merchant bankers said on Thursday.

The company has invited bids from bankers and investors for the issue on Monday, they said.

HPCL did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on April 24:

*Size includes base plus greenshoe for some issues

($1 = 85.3130 Indian rupees)

(Reporting by Khushi Malhotra; Editing by Mrigank Dhaniwala)

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April 18 (Reuters) - India on Friday said it has introduced enhancements to the domestic gas allocation policy with an aim to strengthen the framework for sustained availability and affordability of natural gas.

Under these new directions, from the first quarter of fiscal 2026, domestic natural gas allocations for compressed natural gas (CNG) and piped natural gas (PNG) segments will be done on a two-quarter advance basis, the government said in a statement.

Allocation will also now include new well gas (NWG) from nomination fields of the two state explorers, Oil and Natural Gas Corporation ONGC.NS and Oil India OILI.NS with auction-based allocation for new well gas being replaced with a quarterly pro-rata allocation, to ensure timely and reliable supply, the statement added.

With both administered pricing mechanism gas (APM) and new well gas prices linked to Indian crude basket prices, which are calculated monthly, the government sees the allocation of domestic gas to make natural gas more affordable for CNG and PNG consumers after recent decline in crude prices.

The allocation of natural gas sold under government-set APM has fallen over the years because of lower output at domestic wells. This has led to India's city gas distribution companies like Mahanagar Gas MGAS.NS, Indraprastha Gas IGAS.NS, Gujarat Gas GGAS.NS seeing their margins squeezed in last few quarters.

These policy measures come at a time when the government has cut APM gas allocation to city gas distribution companies by 18%-20%, effective April 16.

(Reporting by Ashish Chandra in Bengaluru, Editing by Franklin Paul)

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April 15 (Reuters) - India has launched an auction of three coal bed methane blocks and 55 small discovered fields for exploration and production, said Pallavi Jain Govil, head of upstream regulator Directorate General of Hydrocarbons, on Tuesday at an event in Delhi.
Two of the coal bed methane blocks are in the state of West Bengal and one in the western state of Gujarat.
India also signed contacts for oil and gas blocks, offered under a licensing round earlier this year, Govil said, as the world's third largest oil consumer seeks to boost its local output.

The country imports over 80% of its over 5 million barrels per day of oil needs.
India's top explorer Oil and Natural Gas Corp ONGC.NS signed contracts for exploration of 11 blocks, while Oil India OILI.NS signed for six blocks.
ONGC also signed an exploration contract for one block in tie up with BP BP.L and Reliance Industries RELI.NS, and teamed up with Oil India for three blocks.
Vedanta VDAN.NS signed contracts for seven blocks and Hindustan Oil Exploration Company HOEX.NS for one block.

(Reporting by Nidhi Verma in New Delhi; Editing by Shinjini Ganguli)

(([email protected]; +91 7982114624;))

** Shares of oil explorers Oil and Natural Gas Corporation ONGC.NS and Oil India OILI.NS drop 1.5% and 1.7% respectively

** Oil prices fell to their lowest in more than four years on looming demand concerns fuelled by an escalating tariff war between the U.S. and China O/R

** Lower crude prices reduce the average selling price for exploration companies such as ONGC and OILI, weighing on their earnings

** Since U.S. President Donald Trump announced new tariffs on April 2, shares of these two companies have fallen 11% and 11.7% respectively

** Over the same period, Nifty Oil & Gas .NIFOILGAS and Nifty Energy .NIFTYENR fell 5% and 5.4% respectively

(Reporting by Ashish Chandra in Bengaluru)

(([email protected]; +91 7982114624))

By Nidhi Verma

April 3 (Reuters) - India's gasoline demand is expected to peak by 2035, and gasoil (diesel) consumption by 2041 or beyond as motorists shift to cleaner fuels, an executive at Reliance Industries RELI.NS said on Thursday.

India, seen as a key driver for global oil demand growth, has set a goal to eliminate net carbon emissions by 2070.

India is set to lead global oil demand growth this year, surpassing China, with fuel consumption expected to increase throughout the next decade.

"Energy transition is absolutely on the cards. In our country it is not going to be one fuel which is going to be dominant," said Harish Mehta, president of Strategy and Business Development at Reliance Industries.

Apart from gasoline and gasoil, India will see a dominant role of gaseous fuels such as liquefied natural gas, compressed natural gas and compressed biogas in the transportation sector along with electric mobility, Mehta said at an event run by Petroleum Planning and Analysis Cell.

India would have a "bouquet of energy sources or the fuels for transport and other things" simultaneously.

Reliance, which operates the world's largest refining complex at Jamnagar in western Gujarat, has two refineries at the complex processing about 1.4 million barrels of crude per day.

To make the fuels affordable and mitigate the impact of volatility in global oil markets for consumers, he expects India's government to continue to intervene in local fuel pricing.

India's oil and gas consumption is expected to grow at 3-4% annually, requiring a push to boost domestic hydrocarbons production, said A. K. Singh, chairman of Oil and Natural Gas Corp ONGC.NS.

Indian Oil Corp IOC.NS chairman, A S Sahney, said as India's energy demand continues to rise, state refiners are expanding capacities by about 20% in the next two years.

(Reporting by Nidhi Verma;Editing by Elaine Hardcastle)

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NEW DELHI, March 31 (Reuters) - India has raised the price of its locally produced gas from oil fields by nearly 4% to $6.75 per million metric British thermal units (mmBtu) for April, compared with $6.50/mmBtu for the previous month, a government website showed on Monday.

It is the first revision in two years in the price of gas produced from old fields. In 2023, India fixed a cap of $6.50 per mmBtu for two years with a provision of an annual upward revision of 25 cents from the third year.

India has also set the ceiling price for gas to be produced from difficult fields at $10.04 per mmBtu for April-September, compared to $10.16 per mmBtu in the previous six months, the website of the Petroleum Planning and Analysis Cell of the oil ministry showed.

The prices will be applicable on a gross heat value basis.

Higher prices of gas produced from oil fields will lead to higher earnings for Oil and Natural Gas Corp and Oil India while raising the prices for industrial buyers and companies in the fertiliser and city gas distribution sectors.

(Reporting by Nidhi Verma; Editing by Kirsten Donovan)

(([email protected]; +91 11 49548031; Reuters Messaging: [email protected]))

** Shares of Oil and Natural Gas Ltd ONGC.NS and Bharat Petroleum Corp BPCL.NS up 3% and 1%, respectively

** Stocks rise following Reuters' report on Thursday, citing sources, that Saudi Aramco was in talks to invest in two planned refineries in India

** Aramco was in separate talks with BPCL and ONGC to invest in their refineries, according to the report

** ONGC is among the top gainers on the Nifty 50 index .NSEI, which is down 0.4%

** ONGC's trading vols at 2.5x its 30-day avg, while BPCL vols at nearly equal to its 30-day avg

** YTD, ONGC up 4%, while BPCL is down about 5%

(Reporitng by Nishit Navin)

(([email protected];))

Corrects paragraph 14 to say India's foreign ministry did not respond to a request for comment

By Nidhi Verma

NEW DELHI, March 27 (Reuters) - Saudi Aramco is in talks to invest in two planned refineries in India as the world's top oil exporter looks for a stable outlet for its crude in the world's fastest-growing emerging market, several Indian sources with direct knowledge of the matter said.

India, the world's third-biggest oil consumer and importer, wants to become a global refining hub as Western companies cut crude processing capacity in their shift to cleaner fuels.

Meanwhile, Saudi Arabia's share of India's oil imports has declined as refiners that have invested billions of dollars in upgrading their plants diversify crude sources to tap cheaper alternatives, including from Russia.

Aramco is in separate talks to invest in Bharat Petroleum Corp's (BPCL) BPCL.NS planned refinery in the southern state of Andhra Pradesh and a proposed Oil and Natural Gas Corp (ONGC) ONGC.NS refinery in western Gujarat state, the sources said.

Aramco, BPCL and ONGC did not immediately respond to requests for comment.

Both Indian firms are state-controlled.

While ONGC's Gujarat refinery plans are at a nascent stage, BPCL's chairman said in December that it aimed to invest $11 billion in its Andhra Pradesh refinery and petrochemical project.

Two refinery sources said separately that the projects would proceed regardless of whether Aramco invests.

"It all depends on the proposal that Aramco gives," one of them said.

Sources said state-controlled Aramco proposes to supply oil equivalent to three times its stake in each project, and wants to sell its share of production either in India or by export.

"We want flexibility in crude procurement. If we give them 30% stake, they want to supply crude equivalent to 90% of the capacity, which is not possible," the second refinery source said.

Other details, including potential investment size and the configuration of the planned refineries, were not immediately available.

Indian Prime Minister Narendra Modi plans to visit Saudi Arabia in the second quarter, and the two countries will attempt to reach an agreement before the visit, said a third source with knowledge of the matter.

India's foreign ministry did not respond to a request for comment.

Aramco has long been scouting for refining opportunities in India.

In 2018 it joined a consortium of Indian companies to build a 1.2 million barrels per day refinery and petrochemical project in western India and in 2019 it signed a non-binding agreement for a 20% stake in Reliance Industries' RELI.NS oil to chemical business.

However, the huge refinery project has been delayed by difficulties over procuring land and the deal with Reliance was called off due to differences over valuation.

In January, Indian Oil Minister Hardeep Singh Puri said India would look to set up three refineries of 400,000 bpd each.

(Reporting by Nidhi Verma. Additional reporting by Shivam Patel in New Delhi and Yousef Saba in Dubai. Editing by Mark Potter)

(([email protected]; +91 11 49548031; Reuters Messaging: [email protected]))

March 25 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:

• ONGC LTD - TO MAKE INVESTMENT IN ONGC GREEN LIMITED (OGL) BY INFUSING 33 BILLION RUPEES

• ONGC LTD - OGL SHALL UTILISE PROCEEDS FOR ACQUISITION OF AYANA RENEWABLE POWER

• OIL AND NATURAL GAS CORPORATION LTD - OVL TO INVEST UP TO 15 BILLION RUPEES IN BEAS ROVUMA ENERGY MOZAMBIQUE

Source text: [ID:]

Further company coverage: ONGC.NS

(([email protected];))

March 17 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:

• OIL AND NATURAL GAS CORPORATION - RECEIVES ORDER FROM JOINT COMMISSIONER STATE TAX, JODHPUR

• ONGC - GETS TAX DEMAND OF 113.2 MILLION RUPEES, INTEREST OF 95.1 MILLION RUPEES, PENALTY OF 11.3 MILLION RUPEES

Source text: ID:nBSE3Z6K1k

Further company coverage: ONGC.NS

(([email protected];))

March 11 (Reuters) - NTPC Ltd NTPC.NS:

• INDIA COMPETITION REGULATOR- APPROVES PROPOSED COMBINATION INVOLVING ACQUISITION OF AYANA RENEWABLE POWER BY ONGC NTPC GREEN

Source text: [ID:]

Further company coverage: NTPC.NS

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March 7 (Reuters) - ONGC Petro Additions:

• DEVELOPMENT COMMISSIONER GRANTS FINAL EXIT TO CO FROM DAHEJ SPECIAL ECONOMIC ZONE

• CO SHALL OPERATE AS A DOMESTIC TARIFF AREA UNIT

Source text: ID:nBSE6D0zhh

Further company coverage: ONGC.NS

(([email protected];;))

March 4 (Reuters) - Indian oil explorer Oil and Natural Gas Corp ONGC.NS said on Tuesday its unit acquired clean energy firm PTC Energy for 9.25 billion Indian rupees ($106.02 million) as the company looks to ramp up its green energy portfolio.

CONTEXT

PTC Energy has operational wind generation capacity of 288 megawatts located at seven locations across three Indian states. It posted a revenue of 3.22 billion rupees in fiscal year 2024

WHY IS IT IMPORTANT

India has committed to setting up 500 GW of non-fossil fuel electricity generation capacity by 2030, but is still falling short of its previously set target to add 175 GW by 2022.

ONGC, via its unit ONGC Green, is aiming to achieve 10 GW renewable energy portfolio by 2030. In February, ONGC and its joint venture NTPC Green Energy NTPG.NS acquired Ayana Renewable Power, which operates solar and wind plants valued at $2.3 billion.

($1 = 87.2440 Indian rupees)

(Reporting by Sethuraman NR; Editing by Krishna Chandra Eluri)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

Feb 26 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:

• ONGC - CLARIFIES REPORT "DID ONGC HIDE MAJOR LEGAL VICTORY AGAINST RELIANCE INDUSTRIES"

• ONGC LTD - CO IS NOT A PARTY IN ABOVE REFERRED COURT CASE

• ONGC - REPORTED CASE IS BETWEEN GOVERNMENT OF INDIA, RELIANCE INDUSTRIES

Source text: ID:nBSE48R0lh

Further company coverage: ONGC.NS

(([email protected];))

Feb 24 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:

• ONGC LTD - INVESTMENT IN WHOLLY OWNED SUBSIDIARY ONGC GREEN FOR 12 BILLION RUPEES

• OIL AND NATURAL GAS CORPORATION LTD - TO USE RIGHTS EQUITY PROCEEDS TO ACQUIRE PTC ENERGY

Source text: ID:nnAPN2NURLC

Further company coverage: ONGC.NS

(([email protected];))

NEW DELHI, Feb 19 (Reuters) - India's Oil and Natural Gas Corp ONGC.NS is seeking joint venture partners to build very large ethane carriers (VLECs) to ship feedstock for its petrochemical plant in western India, according to a document posted on the company's website.

ONGC Petro additions Ltd (OPaL), a unit of ONGC, operates a dual feed cracker. ONGC plans to source 800,000 ton per year (tpy) ethane to secure feedstock for the plant from May 2028.

ONGC is seeking partnership with companies with experience in the operation and management of VLECs, very large gas carriers and liquefied natural gas carriers in the global market, it said.

The proposed joint ventures will secure local and foreign funding and select shipyards for construction of VLECs.

ONGC will be responsible for shipping of ethane and chartering of VLECs from the planned joint venture.

The last date for submission of interest is March 27.

(Reporting by Nidhi Verma
Editing by Bernadette Baum)

(([email protected]; +91 11 49548031; Reuters Messaging: [email protected]))

Corrects company name in paragraph 4 to British International Investment from British International Investment Fund

Feb 12 (Reuters) - State-owned explorer Oil and Natural Gas Corporation (ONGC) ONGC.NS said on Wednesday that its joint venture with utility firm NTPC Green Energy NTPG.NS will acquire Ayana Renewable Power, which operates solar and wind plants.

Ayana is valued at $2.3 billion including debt, ONGC said in a statement.

The 50-50 joint venture outbid JSW Energy JSWE.NS for the renewable energy firm, Reuters had reported in November, citing sources.

Ayana, owned by quasi-sovereign wealth fund National Investment and Infrastructure Fund, British International Investment and Green Growth Equity Fund, operates plants that produce 1,600 megawatts in India and has another 2,500 megawatts in such projects under construction.

The acquisition comes at a time when large power producers in India are betting big on renewables and making pledges to expand their green energy capacities.

The Indian government has pledged to add 500 gigawatts of clean energy by 2030 to reduce carbon emissions.

(Reporting by Hritam Mukherjee and Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala)

(([email protected]; X: @MukherjeeHritam;))

By Nidhi Verma

NEW DELHI, Feb 12 (Reuters) - India's Hindustan Petroleum Corp (HPCL) HPCL.NS has signed an initial pact for sourcing gas for utility company NTPC Ltd NTPC.NS, HPCL Chairman Rajneesh Narang said on Wednesday.

The two companies will explore collaboration for liquefied natural gas (LNG) sourcing as India's gas-based power generation rises during summers, he said.

"We have to work the modalities for a firm contract," Narang told Reuters.

HPCL owns a 5 million tons per year LNG import terminal at Chhara in western India.

Under the pact, NTPC will either book capacities at the terminal or hire LNG tankers there, HPCL chairman said.

The companies would also explore joint sourcing of LNG, he said.

NTPC produces a quarter of India's electricity generation and has the potential to consume 6.9 million tons of gas per year, the official said.

(Reporting by Nidhi Verma in New Delhi; Editing by Mrigank Dhaniwala)

(([email protected];))

By Nidhi Verma and Sethuraman N R

NEW DELHI, Feb 11 (Reuters) - State-run Hindustan Petroleum (HPCL) HPCL.NS plans to increase the capacity of its Vizag oil refinery in southern India by as much as 20% to meet growing local fuel demand, its chairman Rajneesh Narang said.

India is raising its crude processing capacity as the world's third-largest oil importer and consumer wants to be a major global refining hub while its fuel demand is expected to continue growing for the next decade.

HPCL recently expanded the capacity of the Vizag refinery to 300,000 barrels per day and is looking for a further increase.

"We are exploring raising the (annual) capacity by 2-3 million (metric) tons (40,000-60,000 bpd). We have to take a board approval for this," Narang told Reuters at the India Energy Week conference, without providing the estimated cost or timeframe.

HPCL will soon start operations at the Vizag refinery's new secondary units, including a 3.5 million-ton-per-year (tpy) residue upgradation unit to boost its distillate yield by 10% and improve its gross refining margin (GRM) by $3 per barrel. It will also bring online a 2.6 million tpy diesel hydro desulphuriser.

India's fuel demand is expected to rise alongside the expansion of its economy, though motorists are being drawn to electric vehicles and industries are switching to renewables from diesel-generated electricity to cut their carbon footprints.

To future-proof its plants, HPCL is also building a petrochemical plant at its 180,000 bpd Barmer refinery in the desert state of Rajasthan.

The refinery is India's first plant to have a highest petrochemical intensity - the percentage of crude oil that is converted into chemicals - of 26%.

While crude processing at the Barmer refinery will begin in June-July, the petrochemical project will start operation by December, Narang said.

The company plans to operate the Rajasthan refinery through spot oil purchases and would sign annual crude purchase deals for the plant from next year after the units stabilise, he added.

HPCL also operates a 190,000 bpd Mumbai refinery in western India.

The company imports about 21 million tons of crude annually, with about 8 million to 9 million tons procured from the spot markets, Narang said.

To cut its crude import cost, the refiner set up a crude trading desk last year that negotiates with oil sellers for better terms instead of floating tenders for spot purchases, he added.

(1 metric ton = 7.3 barrels of crude)

(Reporting by Nidhi Verma; Editing by Florence Tan and Jamie Freed)

(([email protected]; +91 11 49548031; Reuters Messaging: [email protected]))

Feb 10 (Reuters) - BP PLC BP.L:

• ONGC - CO, BP TO EXPLORE COLLABORATION IN EXPLORATION AND PRODUCTION, TRADING, OTHER ENERGY VECTORS

• ONGC - UNDER DEAL WITH BP, TO ENHANCE PRODUCTION AND OPTIMIZE MANAGEMENT OF ONGC’S MATURING FIELDS

• ONGC - MOU IS VALID FOR THREE YEARS

• ONGC - UNDER DEAL WITH BP, TO JOINTLY BID FOR MUTUALLY AGREED OFFSHORE ACREAGE UNDER INDIA’S OPEN ACREAGE LICENSING PROGRAM ROUND

Source text: [ID:]

Further company coverage: BP.L

(([email protected];;))

Feb 7 (Reuters) - State-run explorer Oil India OILI.NS reported a third-quarter profit that missed analysts' estimates on Friday, as lower selling prices outweighed buoyant demand in the world's third-biggest oil consumer.

The company's standalone net profit, which excludes earnings from its joint ventures and overseas operations, decreased 22.9% to 12.22 billion rupees ($139.7 million) in the quarter.

It also missed analysts' average estimate of 16.46 billion rupees, as per data compiled by LSEG.

Oil India's crude oil price realisation, or the price at which it sells the product, dropped 12.3% to $73.82 per barrel amid a fall in global oil prices and rising supplies.

That overshadowed the rise in fuel consumption during the quarter due to higher manufacturing and industrial activity.

As a result, the company, which operates exploration and production facilities mainly in the country's northeast, reported a nearly 10% decline in revenue to 52.40 billion rupees.

Last month, ONGC ONGC.NS also missed analysts' profit expectations for the quarter due to lower crude realisations.

($1 = 87.4810 Indian rupees)

(Reporting by Manvi Pant and Yagnoseni Das in Bengaluru; Editing by Varun H K and Savio D'Souza)

(([email protected]; +918447554364;))

Corrects typographical error in company name in headline

** ONGC shares ONGC.NS rise 1.8% to 258.5 rupees, rebounding for second day in a row after post-earnings slide

** Macquarie upgrades to "outperform" from "neutral"; raises PT to 310 rupees from 250 rupees

** Macquarie echoes other brokerages' bullish view on output growth due to new sites, higher output from older fields

** Expects cumulative oil production growth of 10% over FY24-2027 and gas output growth of about 13%

** Avg rating of 26 analysts remains "buy", but PT cuts since result slower median PT by ~2% 307.5 rupees -LSEG data

($1 = 87.1220 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

** Shares of Oil and Natural Gas Corp ONGC.NS rise 2.2% to 254.5 rupees

** Strong production growth expected from FY25-28 from developing fields and partnership with Britain's BP BP.L, say analysts at Jefferies

** Production from KG basin on track; expect rise in production, which would represent ~11% hike in oil production and 15% in gas production overall - analysts at Investec

** Partnerships with BP and new projects in Mumbai High are boosting output, said analysts at Ambit Capital

** Adds, portion of its gas will be sold at a premium, increasing revenue

** 26 analysts covering the stock on avg have a "Buy" rating; median PT is 307.5 rupees - LSEG data

** ONGC gained ~17% in 2024

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

Jan 31 (Reuters) - India's Oil and Natural Gas Corp (ONGC) ONGC.NS reported a third-quarter profit miss on Friday, as buoyant fuel demand failed to cushion the explorer from lower crude realisations.

The state-owned firm's standalone profit fell 17% to 82.40 billion rupees ($952 million) in the October-December period, and came far below analysts' average expectation of 179.31 billion rupees.

Standalone earnings exclude profit from its joint ventures and operations outside the country. ONGC contributes to around 71% of domestic crude oil production.

The company's revenue from operations fell 3% on-year to 337.17 billion rupees, as its crude oil price realisation, or the price at which it sells the product, dropped nearly 11% to $72.57 per barrel in the third quarter.

Oil will likely trade around $70 a barrel in 2025, a Reuters poll showed, as weak demand from China and rising global supplies offset OPEC+ led efforts to shore up the market.

For explorers like ONGC and peer Oil India OILI.NS - which is slated to report quarterly earnings next month - little upside for oil prices is bad news.

But the quarterly topline still managed to tread above estimates, thanks to strong demand for the fossil fuel in Asia's third largest economy.

Fuel consumption in India, the world's third-biggest oil consumer, ticked up during the quarter due to higher manufacturing and industrial activity.

($1 = 86.5500 Indian rupees)

(Reporting by Manvi Pant and Hritam Mukherjee in Bengaluru; Editing by Shailesh Kuber)

(([email protected]; +918447554364;))

Jan 27 (Reuters) - Indian refiners' throughput in December rose 5.2% year-on-year to 5.64 million barrels per day (23.87 million metric tons), provisional government data showed on Monday.

REFINERY PRODUCTION IN TERMS OF CRUDE THROUGHPUT (in 1,000 tons):

Source: Ministry of Petroleum and Natural Gas

IOC: Indian Oil Corp IOC.NS

BPCL: Bharat Petroleum Corp Ltd BPCL.NS

HPCL: Hindustan Petroleum Corp Ltd HPCL.NS

CPCL: Chennai Petroleum Corp Ltd CHPC.NS

MRPL: Mangalore Refinery and Petrochemicals Ltd MRPL.NS

Reliance Industries Ltd RELI.NS

Please note that CPCL's CBR refinery is de-commissioned under shutdown due to limitation in meeting required product specifications with the existing configuration.

(Reporting by Rahul Paswan in Bengaluru; Editing by Rashmi Aich)

(([email protected] ; If within U.S. +1 646 223 8780;;))

Jan 22 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:

• GETS TAX DEMAND OF 25.4 MILLION RUPEES

Further company coverage: ONGC.NS

(([email protected];;))

Jan 21 (Reuters) -

• ARGENTINA'S STATE CO YPF'S CHIEF EXEC HORACIO D MARIN: YPF SIGNED ENERGY MOUS WITH INDIA'S STATE-RUN ENERGY COS

• ARGENTINA'S STATE CO YPF'S CHIEF EXEC HORACIO D MARIN: YPF SIGNS MOUS WITH GAIL INDIA, OIL INDIA AND ONGC VIDESH

• YPF'S CHIEF EXEC: SIGNS MOU FOR LNG EXPORTS TO INDIA, OIL GAS PRODUCTION PARTNERSHIPS

• ARGENTINA YPF'S CHIEF EXEC: SIGNS MOU WITH INDIA FOR COOPERATION IN LITHIUM, NEW MINERALS MINING

• ARGENTINA'S STATE CO YPF'S CHIEF EXEC HORACIO D MARIN: YPF KEEN TO SELL 10 MTPA LNG TO INDIA

Source text: [ID:]

Further company coverage: GAIL.NS

(([email protected];;))

Jan 10 (Reuters) - Bharat Heavy Electricals Ltd BHEL.NS:

• BHEL SIGNS MOU WITH ONGC FOR EXPLORING JOINT PROJECTS

• CO, ONGC SIGN MOU FOR JOINT PROJECTS IN RENEWABLE ENERGY

• PACT INCLUDES FUEL CELL, ELECTROLYSER, BATTERY ENERGY STORAGE PROJECTS

• BHEL SIGNS MOU WITH ONGC FOR EXPLORING JOINT PROJECTS

Source text: ID:nBSE1ynPFY

Further company coverage: BHEL.NS

(([email protected];;))

By Sethuraman N R

Jan 9 (Reuters) - Global energy major BP BP.L has pledged to lift oil production by 44% and gas output by 89% from India's largest field off its west coast, under a decade-long contract, according to block operator Oil and Natural Gas Corp ONGC.NS on Thursday.

ONGC named BP as its technical service provider on Wednesday to assist in boosting output from a baseline crude production of 45.47 million metric tons and 70.40 billion cubic metres (BCM) of gas.

Energy major Shell SHEL.L also participated in the tender, which sought advanced recovery technologies and expertise in managing complex mature reservoirs to boost production, ONGC said in an exchange filing.

BP projected an increase in oil production by 44% to 65.41 million tons and gas output by 89% to 112.63 BCM from the Mumbai High field, which was discovered in 1974.

India, the world's third-biggest oil importer and consumer, aims to rapidly increase its oil and gas production, which has remained stagnant for years.

The increase in production is expected to begin in the next fiscal year starting April 1, with full-scale visibility anticipated by 2027-28, ONGC said in the filing.

The incremental production is expected to generate additional oil and gas revenue for the country of up to $10.30 billion, and contributions from royalty, cess and other levies amounting to as much as $5 billion, the explorer said.

In return, BP will receive a fixed fee for the first two years, followed by a service fee based on a percentage share of the revenue from net incremental production, after recovering incremental costs, according to ONGC.

The field reached peak production of 471,000 barrels per day of oil in March 1985, and its output had declined to about 134,000 bpd in April 2024, a tender document showed last year.

(Reporting by Sethuraman NR; Editing by Nidhi Verma and Sherry Jacob-Phillips)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

Adds new items, updates futures

Jan 8 (Reuters) - Britain's FTSE 100 index .FTSE is seen opening lower on Wednesday, with futures FFIc1 down 0.15%.

* SHELL: Shell SHEL.L trimmed its LNG production outlook for the fourth quarter and said trading results for its chemicals and oil products division are expected to be significantly lower than in the third quarter.

* BP: India's top explorer Oil And Natural Gas Corp ONGC.NS said energy major BP BP.L will act as technical service provider to help boost oil and gas output from the country's largest producing field, off India's west coast.

* TOPPS TILES: Britain's Topps Tiles TPT.L said Chief Executive Officer Rob Parker would retire after 18 years with the tile retailer.

* HALMA: British health and safety device maker Halma HLMA.L named Carole Cran as its CFO designate and said CFO Steve Gunning would retire after March 31.

* PIC: Pensions Insurance Corporation has struck a 540 million pound ($673.76 million) buy-in with Clarks Footwear Pension Fund, securing the workplace pensions of almost 5,000 members and dependants and 3,000 deferred policyholders.

* JANUS HENDERSON-RUN INVESTMENT TRUSTS: Two Janus Henderson-run investment trusts joined other British investment trusts and asked their shareholders to reject U.S. activist investor Saba Capital Management's proposal to boot out its current board and replace it with their nominees.

* FLUTTER: Flutter FLTRF.L, the world's largest online betting company, said on Tuesday it expects 2024 earnings at its fast-growing U.S. FanDuel brand to be sharply lower after American football gamblers enjoyed an unprecedented winning streak.

* OIL: Oil prices rose on Wednesday.

* GOLD: Gold prices edged lower on Wednesday.

* For more on the factors affecting European stocks, please click on: LIVE/

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(Reporting by Aby Jose Koilparambil and DhanushVignesh Babu in Bengaluru)

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