ONGC chairman Shashi Shanker conveyed that the national explorer was “already in the red” after buying out Hindustan Petroleum Corp and bailing out Gujarat State Petroleum Corp in fiscal 2017-18.
Even as GDP growth figures issued by the Central Statistics Office Thursday showed that the ongoing recovery strengthened in the last quarter of 2017-18, there are concerns over whether the rebound can be sustained amid surging oil prices.
Fuel price: An official said ONGC’s contribution could pare the required price increase in petrol and diesel by one-third with an additional marginal relief provided by reducing the dealers’ commission by 18 paise per litre on diesel and 23 paise per litre on petrol.
On the issue of price deregulation, Moody’s says the government is unlikely to reverse fuel pricing deregulation because it remains committed to reforms.
ONGC recruitment 2018: Only those candidates who have cleared GATE can apply for these posts. Those who wish to apply can do so at the official website – ongcindia.com.
ONGC GATE recruitment 2018: The selected candidates will get a monthly salary of Rs 24,900 to Rs 50,500 with an increment of 3 per cent per year.
“Lot of companies world over have a policy of not allowing more than two senior executives flying together. We are also thinking of putting the same policy in operation for our offshore operations,” a senior ONGC executive said.
Referring to Pawan Hans helicopters as “flying coffins”, employees of the Oil and Natural Gas Corporation (ONGC) have expressed their fears about flying to and from offshore sites on board the state-owned helicopter service.
While the technology is a proven concept in the West specially the US and Canada, ONGC’s project would be the first large scale CO2-injected project in Asia.
Cochin Shipyard fire: The ship is owned by the Oil and Natural Gas Corporation (ONGC) and had been docked at the yard for maintenance work.
The acquisition would create India’s first integrated oil company. This would be ONGC’s biggest acquisition and second buyout this fiscal after its Rs 7,738 crore acquisition of 80 per cent stake in Gujarat State Petroleum Corp’s KG basin gas block.
ONGC CMD Shashi Shanker added the company has lined up lenders who are willing to lend a combined Rs 50,000 crore “at reasonable rates.”
ONGC will pay the government Rs 473.97 per share, a premium of over 10 per cent of the 60-days weighted average of HPCL’s scrip
The Bombay High operated by the national energy major ONGC is the largest oil and gas fields in the country and Pawan Hans helicopters routinely ferry ONGC employees and officers to these oil installations that are situated 160 km from city coastline.
ONGC officials said the company has begun reviewing offshore logistics to make them “more safe and secure”.