Oil and Natural Gas Corporation (ONGC) is expected to increase its upstream capital expenditure by 10% next year and intensify its exploration activities, taking advantage of the current depressed global energy market.(File Photo)
Oil and Natural Gas Corporation (ONGC) is expected to increase its upstream capital expenditure by 10% next year and intensify its exploration activities, taking advantage of the current depressed global energy market.(File Photo)

ONGC to intensify exploration activities, secures more rigs

Oil and Natural Gas Corporation (ONGC) is expected to increase its upstream capital expenditure by 10% next year and intensify its exploration activities, taking advantage of the current depressed global energy market.
By HT Correspondent | PTI, Singapore
UPDATED ON OCT 28, 2015 09:11 AM IST

Oil and Natural Gas Corporation (ONGC) is expected to increase its upstream capital expenditure by 10% next year and intensify its exploration activities, taking advantage of the current depressed global energy market.

“We want to intensify our exploration activities,” said Sahshi Shanker, director of technology and field services at ONGC.

“We are securing more and more rigs,” Shanker said at the annual Platts Top 250 Global Energy Company Rankings.

Rig rates are down by 30-40 per cent on the year and other exploration services rates are down by 40-50%, he said.

Industry sources at the gala event said more and more rigs were being laid off while services companies seeking new contracts at discounted rates.

According to Shanker ONGC is increasing its 2016 capital expenditure to about Rs 36,000 crores, up by about 10 per cent from the current Rs 33,000 crore.

He pointed out that value of any exploration and production company increases through exploration activities. ONGC’s intensified exploration is for the long-term growth.

Meanwhile, 14 Indian energy companies were listed in the 2015 Platts Top 250 Global Energy Company Rankings, a financial performance roster of publicly traded companies with assets greater than US $5 billion.

With the first-time showing of National Hydroelectric Power Corporation LTD (NHPC) in the Top 250 Rankings, India scored a personal best in representation, with 14 energy companies on 2015 list, versus 13 a year ago.

India’s top three energy companies in the 2015 list were Reliance Industries at 14th position, ONGC at 17 and Coal India at 38. Last year, these three corporations were positioned at 22, 21 and 47 in global rankings which are based on assets, revenues, profits and return on invested capital for the prior fiscal year.

Coal India was rated as the largest pure coal mining company in the world.

Others in the list were Bharat Petroleum Corp Ltd, Indian Oil Corp Ltd, GAIL (India) Ltd, Power Grid Corp of India Ltd, Hindustan Petroleum Corp Ltd, Cairn India Ltd, Essar Oil Ltd, Reliance Infrastructure Ltd, NTPC Ltd and Oil India Ltd.

SHARE THIS ARTICLE ON
app
Close
As per the RBI Act, 1934, the Centre, in consultation with RBI, has to finalize the inflation target for the next five years starting 1 April and also get it passed by Parliament. ( Ramesh Pathania/Mint Archives)
As per the RBI Act, 1934, the Centre, in consultation with RBI, has to finalize the inflation target for the next five years starting 1 April and also get it passed by Parliament. ( Ramesh Pathania/Mint Archives)

Govt mulls 5% inflation goal to give RBI room to trim rates

By Rajeev Jayaswal, Hindustan Times, New Delhi
PUBLISHED ON JAN 28, 2021 02:18 AM IST
  • The proposal will be announced along with other fiscal measures in the Budget for FY22 aimed at reviving growth, two persons aware of the development said.
Close
Gopinath, in response to a question on the new farm laws, said: “These particular farm laws were in the area of marketing."(File photo)
Gopinath, in response to a question on the new farm laws, said: “These particular farm laws were in the area of marketing."(File photo)

India’s new agri laws have potential to raise farm income: IMF's Gita Gopinath

PTI, Washington
PUBLISHED ON JAN 27, 2021 11:24 PM IST
There are multiple areas where the reforms are needed, including infrastructure, the Chief Economist of the Washington-based global financial institution said on Tuesday.
Close
A total of 56.01 per cent children were found to have no access to smartphones, the study said.(Unsplash)
A total of 56.01 per cent children were found to have no access to smartphones, the study said.(Unsplash)

Chinese smartphone brands expanded India market share in 2020: Report

Reuters
PUBLISHED ON JAN 27, 2021 08:25 PM IST
Chinese brands commanded 75% of India's smartphone market last year, up from 71% in 2019 and the highest since at least 2014.
Close
Goyal said that the strong growth of startups could transform India from a screwdriver economy to technology-driven economy.(PTI File Photo)
Goyal said that the strong growth of startups could transform India from a screwdriver economy to technology-driven economy.(PTI File Photo)

Business should dedicate portion of their wealth to fund startups: Goyal

PTI
PUBLISHED ON JAN 27, 2021 07:07 PM IST
He suggested that business persons can come together and pool their resources, "may be an initial 10,000 crore fund," which is domestically driven and professionally managed, with no role of government in it.
Close
FDI is a major driver of economic growth and an important source of non-debt finance for the economic development of India.(Reuters)
FDI is a major driver of economic growth and an important source of non-debt finance for the economic development of India.(Reuters)

FDI into India up 37 percent to USD 43.85 billion during April-November 2020

PTI, New Delhi
PUBLISHED ON JAN 27, 2021 06:32 PM IST
Total FDI inflows during the eight-month period of the current fiscal grew by 22 per cent to USD 58.37 billion.
Close
In the four straight sessions, the benchmark has fallen by 2,382.19 points or 4.78 per cent.(PTI)
In the four straight sessions, the benchmark has fallen by 2,382.19 points or 4.78 per cent.(PTI)

Investors' wealth plunge over 8 lakh crore in 4 days

PTI, New Delhi
PUBLISHED ON JAN 27, 2021 06:25 PM IST
In the broader market, the smallcap and midcap indices fell up to 1.38 per cent.
Close
“CBDT issues refunds of over Rs. 1,81,336 crore to more than 1.74 crore taxpayers between 1st April, 2020 to 25th January, 2021,” the department tweeted. (Representative Image)(Mint Photo)
“CBDT issues refunds of over Rs. 1,81,336 crore to more than 1.74 crore taxpayers between 1st April, 2020 to 25th January, 2021,” the department tweeted. (Representative Image)(Mint Photo)

Income Tax refunds worth 1.81 lakh cr issued so far in FY21

PTI
PUBLISHED ON JAN 27, 2021 06:21 PM IST
Of this, personal income tax refunds of 62,231 crore have been issued to over 1.71 crore taxpayers and corporate tax refunds of 1.19 lakh crore have been issued in 2.12 lakh cases.
Close
Indigo Paints is the fifth-largest company in the paint industry in terms of the revenue from operations for fiscal year 2020.(iStock)
Indigo Paints is the fifth-largest company in the paint industry in terms of the revenue from operations for fiscal year 2020.(iStock)

Indigo Paints IPO allotment to be announced on January 28

By hindustantimes.com | Edited by Mallika Soni
PUBLISHED ON JAN 27, 2021 06:17 PM IST
The IPO which is worth 1170 crore included fresh issue of shares worth 300 crore and offer-for-sale (OFS) of up to 58.40 lakh equity shares by private equity firm Sequoia Capital and promoter Hemant Jalan.
Close
A man wearing a protective mask, amid the coronavirus disease (COVID-19) outbreak, stands in front of an electric board showing Nikkei index outside a brokerage in Tokyo, Japan January 21, 2021. REUTERS/Kim Kyung-Hoon(REUTERS)
A man wearing a protective mask, amid the coronavirus disease (COVID-19) outbreak, stands in front of an electric board showing Nikkei index outside a brokerage in Tokyo, Japan January 21, 2021. REUTERS/Kim Kyung-Hoon(REUTERS)

World shares turn lower on pandemic concerns, ahead of Fed

AP
PUBLISHED ON JAN 27, 2021 06:04 PM IST
Markets have meandered since last week as investors weighed solid corporate earnings results against renewed worries that troubles with Covid-19 vaccine rollouts and the spread of new variants of coronavirus might delay a recovery from the pandemic.
Close
The Bombay HC has ruled that private entities such as Facebook, Twitter and Instagram should not carry political ads 48 hours before voting in general elections.(Reuters File /)
The Bombay HC has ruled that private entities such as Facebook, Twitter and Instagram should not carry political ads 48 hours before voting in general elections.(Reuters File /)

Facebook investors shrug off election woes, look for 'social commerce' payday

Reuters
PUBLISHED ON JAN 27, 2021 05:48 PM IST
The world's biggest social media company is poised to reap a windfall from that gambit, analysts say, bolstered by a return in ad growth rates to pre-Covid levels and a holiday shopping boost from its new "social commerce" features.
Close
A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India.(Reuters)
A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India.(Reuters)

Rupee settles 2 paise higher at 72.92 against US dollar

PTI
PUBLISHED ON JAN 27, 2021 04:35 PM IST
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.25 per cent to 90.39.
Close
The benchmark S&P BSE Sensex gained 0.6% to 49,177.99 by 0353 GMT.(Mint file photo)
The benchmark S&P BSE Sensex gained 0.6% to 49,177.99 by 0353 GMT.(Mint file photo)

Indices close in red: Sensex falls 937 points, Nifty below 14,000

By hindustantimes.com
UPDATED ON JAN 27, 2021 04:22 PM IST
Sensex sheds 937 points; Nifty ends below 14,000 dragged by banks, metal stocks
Close
Under an adverse economic scenario considered by the IMF, the world’s banks would fall $420 billion below regulatory capital requirements.(Reuters file photo)
Under an adverse economic scenario considered by the IMF, the world’s banks would fall $420 billion below regulatory capital requirements.(Reuters file photo)

IMF favours extension of pandemic support, thrust on infra investment in Budget

PTI
PUBLISHED ON JAN 27, 2021 03:32 PM IST
On Tuesday, the IMF projected an impressive 11.5% growth rate for India in 2021. While this is attributable to the stronger than expected recovery, Gopinath said India still has some distance to go.
Close
European Union (EU) flags outside the Berlaymont building in Brussels, Belgium.(Bloomberg)
European Union (EU) flags outside the Berlaymont building in Brussels, Belgium.(Bloomberg)

European economy lags behind China and US on pandemic recovery

Bloomberg
PUBLISHED ON JAN 27, 2021 03:23 PM IST
  • That was the upshot of the International Monetary Fund’s forecasts on Tuesday, which downgraded the growth outlook for 2021 across Europe and underscored a generally poorer performance compared with China and the US.
Close
The European Commission in its 2014 decision said Goldman Sachs, as the parent company, had decisive influence over Prysmian. A lower EU tribunal in 2018 backed its argument.(REUTERS)
The European Commission in its 2014 decision said Goldman Sachs, as the parent company, had decisive influence over Prysmian. A lower EU tribunal in 2018 backed its argument.(REUTERS)

Goldman Sachs loses legal fight against EU cartel fine

Reuters
PUBLISHED ON JAN 27, 2021 03:15 PM IST
Its penalty included a joint fine of 37.3 million euros with Goldman Sachs, which had acquired the Italian company via one of its private equity funds in 2005 but has since sold its holding.
Close
SHARE
Story Saved
OPEN APP