ONGC sets up Euro Medium Term Note (EMTN) Programme of US$ 2 billion

 Oil and Natural Gas Corporation Limited (ONGC) has set up a Euro Medium Term Note (EMTN) Programme of US$ 2 billion which will be listed on Singapore Stock Exchange. An EMTN Programme is an uncommitted facility and any drawdown thereof under this document would be subject to funding requirements. This is landmark achievement for ONGC as it is amongst select few corporates and India’s first Oil & Gas public sector integrated energy major to set up an EMTN Programme.

Shri Shashi Shanker, Chairman and Managing Director, ONGC said “This is a landmark achievement for ONGC, as setting up of EMTN Programme will further enhance our credit profile amongst global investor base. We have embedded structural features in the Programme which would allow ONGC, ONGC Videsh or its subsidiaries to access international markets within shorter time frame. We do believe this Programme will assist in meeting our strategic financing requirements for our organic or inorganic growth prospects true to our vision of becoming an integrated energy major of global reckoning.”

Shri Subhash Kumar, Director (Finance), ONGC said “EMTN Programme which will be listed on Singapore Stock Exchange will allow us to access international bond markets opportunistically to meet our funding requirements. We are only amongst select few corporates in India who have set up an EMTN Programme. Current low yield environment in international debt markets does provide attractive tenor funding options, however any drawdown under the Programme will be made to meet specific requirements of ONGC, ONGC Videsh Limited or its subsidiaries”

About ONGC: ONGC is the largest oil and gas exploration and production company in India in terms of production and reserves of oil and gas for the 2019 Fiscal Year according to the MoP&NG. According to the Platts Top 250 Global Energy Companies Rankings 2018 (which measures financial performance by examining various companies’ assets, revenues, profits and return on invested capital), the Company was ranked 1st globally among oil and gas companies in the exploration and production category and was ranked 21st overall.

Further, the Company was ranked 3rd largest in India and 160th on the 2019 Fortune Global 500 List and 220th largest worldwide in the Forbes Global 2000 list of the world’s biggest companies for 2019 based on sales, profits, assets and market capitalisation.

Institute of Petroleum Safety, Health and Environment Management Conferred with Energy and Environment Foundation Global Environment Award 2019

Institute of Petroleum Safety, Health and Environment Management (IPSHEM), Goa has been awarded the ‘Energy and Environment Foundation Global Environment Award – 2019’ in ‘Platinum Category’ on 23 August, 2019. IPSHEM was honoured with the award in a glittering Conference – 10th World Renewable Energy Technology Congress & Expo-2019 – at New Delhi.

This coveted award has been bestowed to IPSHEM by Former Supreme Court Judge & Former Chairperson, National Green Tribunal (NGT) Justice Swatanter Kumar (Retd). The award was bestowed in recognition to IPSHEM’s outstanding achievements in reducing pollution and Environment Management efforts in ONGC operations through offshore monitoring studies.

IPSHEM is the premier institute of ONGC, dedicated for Safety trainings in Petroleum Sector. Safety Perception Survey, Behaviour Based Safety Training, Emergency Preparedness and Response, Root Cause Analysis are some of the major tools and techniques where IPSHEM sensitises employees.

IPSHEM is engaged in carrying out several long-term Research and Development (R&D) projects in Environment Management. The projects aim at solving field problems in operational areas.

Majorly notable projects are the on-going prestigious Deep-water Offshore Environmental Monitoring (OEM) studies of Eastern Offshore, OEM of Western Offshore, Trend analysis of OEM studies, Baseline Environmental studies for preparation of Environment Impact Assessment (EIA) reports for NELP Blocks & Offshore fields, Feasibility study for produced water from the wells of Ahmedabad Asset, Uranium measurement for ONGC Energy Center, Baseline marine studies, Ground-water analysis around producing Onshore fields with respect to heavy metals, Ambient Air Quality monitoring etc.

ED-Head, IPSHEM congratulated all the IPSHEM employees and emphasized on focussing on environment protection, energy conservation and efficiency improvement as part of sustainable development initiatives. He believes that such prestigious awards will increase the morale of the employees to elevate the Institute to greater heights.

ED-Head Mr Atul Garg congratulated Team Environment for their dedicated work towards Environment Monitoring as well as EIA reports of ONGC operational areas.

Distinguished Institute of Directors Fellow ONGC CMD Shashi Shanker

ONGC CMD Mr Shashi Shanker has secured the Distinguished Fellowship of the Institute of Directors (IOD) in 2019. The prestigious honor was conferred to Mr Shanker during the 29th Institute of Directors (IOD) Annual Day Ceremony on 26 August. The Fellowship has been given in appreciation of his distinguished contribution to business and society.

The honor was bestowed to Mr. Shashi Shanker by the Minister of Housing & Urban Affairs, Civil Aviation and Trade & Commerce Mr Hardeep Singh Puri. Also present in the felicitation program was Niti Ayog CEO Mr Amitabh Kant, Lead Market Director, Association of Chartered Certified Accountants (ACCA), UK Ms Lucia Real-Martin, CMD Ravin Group of Companies Mr Vijay Karia and President, IOD, PVSM (Retd) Lt Gen J S Ahluwalia.

The 2019 Fellowships were decided by a jury led by former Chief Justice of India (CJI) Justice M N Venkatachaliah. Mr Venkatachaliah is also the Former Chairman of the National Human Rights Commission of India and National Commission for Constitution of India Reforms.

Apart from Mr Shanker, two more fellowships were also conferred. The Secretary, Ministry of Housing & Urban Affairs Mr Durga Shankar Mishra and Secretary, Ministry of Coal M Sumanta Chaudhuri were the recipients.

The Institute of Directors (IOD) trains Directors on corporate Boards and gives Golden Peacock Awards to corporates for 15 different corporate functions. The theme of this year’s IOD Annual Day Ceremony was ‘Future Boards: Leading Strategy to Embrace Sustainability’.

In his acceptance speech, ONGC CMD Mr Shashi Shanker said that the distinguished prestige bestowed on him is in recognition to the efforts of 31,000 employees of Energy Maharatna ONGC. Sharing ONGC’s commitment to Sustainability, Mr Shanker stated that ONGC is on its way to abolish single-use plastics and introduce paperless office.

Congratulating the IOD Fellows, Minister Mr Hardeep Singh Puri said that India is doing well to meet its sustainability goals. Further, the Union Minister stated the Private Sectors should play a major role in the reduction of the use of single use plastics and thereby strengthen the country’s sustainability drive.

Niti Aayog CEO Mr Amitabh Kant, who is also a distinguished fellow of IOD, stressed on the need of sustainability along with urbanization. He said that Private sectors have a major role to play in making the ecosystem sustainable. Mr Kant also pointed out that Urban Center occupy 3% of area, which has control over 82% of the GDP and 78% of CO2 emission.

ONGC Invites Bids To Increase Production of Oil, Gas From 64 Marginal Fields

India's largest energy company ONGC seeking partners to maximise recovery of Oil & Gas production from its 64 marginal nomination field by leveraging new technologies.

 

The notice inviting offer allow interested companies to participate in an international competitive bidding process announced for 17 onshore contract areas comprising of 64 Oil & Gas producing fields with total in - place oil equivalent of gas volume of about 300 million metric tonnes of oil equivalent.

 

Companies -- either alone or in consortium or venture -- may bid for one or more contract areas, ONGC said in statement. There will be complete marketing and pricing freedom to sell Oil & Gas on arm's length basis through competitive basis.

 

The bidders are required to fulfil requisite technical and financial criteria. Bids received will be evaluated on the basis of revenue sharing from incremental Oil & Gas production.

 

The contract period will be 15 years with an option to extend by five years. ONGC said incentive will be available for achieving production higher than the committed incremental production.

 

ONGC is inviting the bids through its e-procurement portal A pre-bid conference will be held at ONGC corporate office in the national capital.

 

Bidders interested in studying the data can access the data viewing facility at Institute of Reservoir Studies of ONGC in Ahmedabad, according to a statement of ONGC.

Make Way for Ambulance Campaign Support by ONGC India

As part of its CSR initiative, Energy major Oil and Natural Gas Corporation Limited (ONGC) has launched a three-day awareness campaign in New Delhi to ‘Make way for Ambulance’. ONGC is collaborating with Humanitarian Employee Welfare and Research Foundation (HWRF), a Mumbai-based NGO, for this campaign.

 

Around 24,000 lives every year can be saved if vehicle drivers give way to ambulances. The drive will create awareness among the vehicle drivers to allow ambulances on a busy traffic route. The drivers should move to the left and drive slowly to make way for ambulances. This will enable the patients reach hospitals in emergencies.

 

During this campaign, ONGC and HWARF will distribute car tags, car cushions, T-shirts at traffic junctions to around two thousand vehicle drivers in Delhi. These campaign collaterals will be distributed in six prominent places in Delhi viz. Vasant Kunj, Moti Bagh, Munirka, Fortis Hospital, Kishangarh and Vasant Vihar.

 

The campaign was inaugurated on 21 August 2019 by ONGC Director HR Dr. Alka Mittal in the presence of ACP Traffic, South East Delhi Ms Shipra Giri and ONGC ED-Chief CSR Mr SSC Parthiban at ONGC registered office at DUB, New Delhi. While inaugurating the campaign, Dr Alka Mittal said, “ONGC is keen to lend its might behind this vital campaign which can save lives”.

ONGC Investing in 25 Projects; Cumulative Oil & Gas

Energy major Oil and Natural Gas Corporation restricted (ONGC) is finance around 83,000 crore rupees on 25th major projects. ONGC Chairman and director (CMD) Mr Shashi Shanker aforesaid this whereas addressing ONGC workers on the 73rd Independence Day of those comes presently beneath execution can directly contribute to grease and Gas production”, said Mr. Shanker. “The additive Oil and Gas gain from these comes is anticipated to be over 180 Million Metric tons of Oil equivalents in their life cycle.”

 

ONGC is taking a gander at an empowering Production viewpoint for Natural Gas. The national explorer is envisaging a Gas output of over 32 Billion Cubic Meters by Fiscal 2024. ONGC CMD Mr Shashi Shanker said in his location which was webcast from Headquarters Dehradun to 30,000+ employees across 38 work locations of ONGC. The Directors of ONGC were present on the event. Pitching for an transformative approach to the energy business, the ONGC CMD talked about  the ambitious Energy Strategy 2040. The ONGC Directors  present on the event.

 

Three times revenue distributed across E&P, Refining, Marketing and other businesses.
Four times current Profit-after-Tax (PAT), with 10% contribution from non-Oil and Gas business
5~6 times current market capitalization.

 

Speaking on ONGC’s business performance, mister Shanker same that the corporate has registered a powerful performance in FY-19. He referenced that ONGC has earned the highest ever revenue of Rs 1,09,655 Crores – an increase of 29% from the last fiscal. ONGC has also bagged a Record net profit of Rs 26,716 crore,   an increase of 34%.

 

ONGC CMD referenced that ONGC Videsh has recorded the most elevated ever generation of 14.83 MMtoe of O+OEG during FY-19. In downstream refining, MRPL achieved highest ever throughput of 16.43 MMT with a utilization of 109.5%. Newly acquired HPCL (ONGC subsidiary) has also achieved the highest ever sales volume of 38.7 MMT with a domestic sales growth of 4.7% over historical high.

 

Thankfully acknowledging the revolutionary steps taken via the Ministry of Petroleum and Natural Gas for incentivising manufacturing in the country’s Exploration & Production (E&P) sector, Mr Shanker said, “The Petroleum & Natural Gas Ministry has announced several enabling insurance policies which, I am certain shall convey in nice adjustments in India’s oil & fuel sector."

 

The CMD said that ONGC is also focused on people-connect and engagement with society and the company’s CSR programs reflects it. In FY-19 ONGC has spent Rs 615 Crore in CSR initiatives. Significant focus of the initiatives was on national campaigns of the government like Swachh Bharat, Education, Health & Nutrition and others.

 

Supporting Prime Minister Narendra Modi's require a local sun based unrest, ONGC had propelled an across the nation Solar Chulha Challenge. Mr Shanker said that through this activity and with the assistance of IIT Mumbai, 86 Solar PV cooking stoves were introduced at Bacha and Jamthi in Betul region of Madhya Pradesh. The whole town of 74 family units has been profited at Bacha town. The ONGC CMD worried on the basic job of corporates in their condition responsiveness of business.

 

The 73rd Independence Day was praised at all the 38 residential work focuses of ONGC just as its 40 abroad ventures in 21 nations. Aside from lifting the national tricolor, the workplaces of the national oil organization held projects to spread the soul of national freedom and energy among the majority.

ONGC to set up state’s first gas-based tea processing plant; CNG-PNG corridor in the works

ONGC has now worked out an alternative business model to use its 0.4 mmscmd small gas deposit lying defunct at Khubal of Tripura’s North district by setting up the state’s first gas-based tea processing plant and a CNG, PNG corridor through Tripura.

 

ONGC started drilling in Tripura way back in 1962. They first struck gas in 1986 at Baramura Hills in the state and steadily increased exploration activities ever since. The agency now supplies gas to different thermal power plants, including NEEPCO, ONGC Tripura Power Company etc. having a cumulative power generation potential of 1,500 MW.

 

The apex nationalised oil and gas exploration agency planned to set up Rs 5,000 crore gas-based Urea fertiliser plant in Khubal area of North Tripura district a few years back. An agreement was signed with Rajasthan-based Chambal Fertilizers and Chemicals Ltd. But in 2016, gas reserves were found insufficient for the project to take off.

 

Now, the national exploration agency has worked out a plan to turn the tables for its defunct mini gas deposit by partnering with a number of agencies to put the reserves to use.

 

“We are holding awareness programme for Khubal gas deposit. ONGC is targeting to build Tripura as a state of gas-based industry. We hope to build a 340 km-long CNG, PNG corridor from Dharmanagar to Sabroom. We have discussed with the state government in this regard. 0.4 mmscmd gas can be explored from Khubal deposit. We have called our prospective consumers who can set up industries there,”

 

The customers, include tea estates, tiles industrialists and the Tripura Natural Gas Corporation Limited (TNGCL) – Tripura’s own PSU for locomotive and cooking gas distribution.

 

Principal Secretary of Tripura Government said the entire volume of gas discovered at Khubal deposit has already been committed to different interest parties.
Plans are to set up a statewide CNG, PNG supply corridor straight from North Tripura to the southernmost tip of the state, bordering with Bangladesh.

 

On why the ambitious gas-based Urea fertiliser plant didn’t take off three years back, the ONGC official said sufficient gas reserves were not found on site.
“A gas-based Urea fertiliser plant requires 1.5-2 mmscmd gas deposit. We have only 0.4 mmscmd gas at Khubal. So, the supplies were not sufficient,” he told this publication.

 

Meanwhile, as final discussions are still underway, sources in ONGC said Khubal deposit would supply gas to Manuvalley Tea Estate at Dharmanagar of North Tripura to set up the state’s first gas-based tea processing unit.

 

Manuvalley, which is owned by Luxmi Group, is one of the largest producers of tea in Tripura and is a major exporter of orthodox and green tea from the state. Established in 1917, Manuvalley tea estate is one of the oldest tea houses of Tripura. It produces approximately 40,00,000 kg made tea every year and has been using coal for tea processing so far.

 

“We were in touch with ONGC for converting tea processing from coal to gas-based system since 2014. Coal supplies from Meghalaya have resumed after a brief suspension, albeit at a much higher price. So, if we get gas supplies for green leaf drying and tea processing, it will be an eco-friendly and a much better fuel alternative,” Manuvalley Tea Estate Commercial Manager Prabir Dey said.

 

Nearly 2,000 small tea growers in North Tripura district supply their produce to Manuvalley tea estate for processing. With a gas-based boiler and burner, processing would be faster, efficient and eco-friendly.

 

Tea Board India Assistant Director Diganta Barman said gas-based tea processing is technically more efficient and cleaner.

ONGC shares up ahead of Q1 results said Economic Times

KR Choksey Shares and Securities believes ONGC is likely to report healthy performance.

Shares of Oil and Natural Gas Corporation (ONGC) were trading higher in the morning trade on Tuesday ahead of its financial results for the quarter ended June 30.

The scrip was trading 0.92 per cent up at Rs 131.60 at around 10.15 am (IST), while the benchmark BSE Sensex was down 195 points, or 0.52 per cent, at 37,387 around the same time.

KR Choksey Shares and Securities believes that ONGC is likely to report healthy performance owing to rise in crude prices on a sequential basis coupled with rising gas production. However, declining gas production can be a slight negative. Average realisation is estimated at $67 per barrel for the quarter.

The brokerage house sees 5.20 per cent YoY and 59.80 per cent QoQ rise in net profit of ONGC in June quarter. However, an assessment by KR Choksey showed that sales and EBITDA may increase by 0.80 per cent and 1.70 per cent YoY, respectively, and 2.50 per cent and 58.10 per cent QoQ, respectively.

On the other hand, Kotak Institutional Equities sees 10.90 per cent YoY and 21.70 per cent QoQ rise in net profit during the quarter. It sees 6 per cent YoY and 9.50 per cent QoQ rise in net sales in June quarter.

"We expect 18 per cent QoQ rise in ONGC's EBITDA led by higher crude realisation at $69 per barrel and increase in domestic gas price $4.1 per million BTU.

ONGCian Lovlina Borgohain Sparkles in Umakhanov Memorial Boxing; Sacks Gold Decoration

In a matter of extraordinary pride, ONGC Scholarship Boxer Lovlina Borgohain secured the Gold Medal in Umakhanov Memorial International Boxing Tournament, held at Kaspersky (Russia) from 29 July to 4 August, 2019.

Lovlina Borgohain, who took part in the 60 kg Ladies Class, packed away the wonder by beating Italian fighter Assunta Canfora, with score 3-2 in the last session.

Lovlina likewise got chose for the imminent Ladies' Reality Boxing Title. Having a place from the Golaghat area of Assam, her profession's greatest break came when she was chosen to take an interest in the District Games, 2018.

She is on Grant in ONGC since 1 November, 2018.

ONGC family wishes her everything the absolute best in the coming competition and expectation she gets more trees for the nation and ONGC.

ONGC awards lump sum turnkey projects over Rs 10,000 crores to domestic vendors

ONGC has stepped up its drive for localization of procurement to promote Make in India campaign of the government. ONGC has registered a 6 per cent growth in the material purchase from domestic vendors in fiscal 2018-19 over 2017-18. Lump sum turnkey (LSTK) projects worth over Rs 10,000 crores have been awarded to domestic vendors, logging a growth of 12.71 per cent.

Currently, the domestic content in ONGC’s works and projects is around 70 per cent. This procurement policy has resulted in the saving of precious foreign exchange. This approach has also catalyzed the domestic E&P industry to gain strength and export goods worth USD 1.5 million in E&P oil & gas industry.

ONGC is a pioneer in the initiative of Import Substitution. The national oil company’s Indigenization drive began a number of decades earlier, to develop Indian vendors to supply critical oil-field goods and services, to reduce dependence on imports when national foreign exchange position was precarious. ONGC has developed a number of Indian vendors through its indigenization effort. Some of these developed vendors are now international players. The indigenization effort of ONGC, commonly carried out thought its INDEG group, is fuelling the government’s ‘Make in India’ Campaign.

The Ministry of Petroleum and Natural Gas (MoPNG) constituted a Steering Committee in October 2014 to roll out the “Make in India” campaign in the oil and gas industry. Accordingly, ONGC has taken up the INDEG-Make in India aggressively in the last three years.

Further, to promote entrepreneurship in the young Indian minds, energy Maharatna ONGC  launched Rs 100 crore Start-up funds on its 60th foundation day on 14 August 2016. This initiative, launched as ‘ONGC Start-up’, is in line with the Government of India’s mission ‘Start-up India’. This is also ONGC’s one of the vital initiative that comes under its flagship program, INDEG-Make in India.