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MarketScreener Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Oil and Natural Gas Corporation Ltd    ONGC   INE213A01029

OIL AND NATURAL GAS CORPORATION LTD

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Oil and Natural Gas : India asks firms to expedite shale gas discovery efforts

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02/11/2019 | 04:20pm EDT

India is looking to expedite discovery efforts to establish the country’s shale oil and gas potential and has asked companies to submit a plan, two industry sources said yesterday. In late 2013, India gave rights to Oil and Natural Gas Corp Ltd to explore for shale oil and gas reserves. However, after years of exploratory reserves, it has failed to find significant resources.

In January, India’s oil and gas regulator Directorate General of Hydrocarbons (DGH) held a meeting with representatives from various private and government companies to urge them to pursue shale resources in the oil and gas blocks already held by them, a source at the regulator said. India imports almost half of its annual natural gas consumption. Prime Minister Narendra Modi wants India to be a gasbased economy and increase the share of gas in the country’s energy mix to 15 per cent by 2030 from 6.5pc now.

All coal bed methane (CBM) developers were invited to the meeting in January, the executive said. “A joint group plan is also being explored which will act as a platform of knowledge and infrastructure sharing which could help in expediting shale development,” according to the executive. Currently CBM gas is produced by three companies in India - Mukesh Ambani-owned Reliance Industries Ltd, Ruia brothers owned Essar Oil & Gas Exploration and Production Ltd and Great Eastern Energy Corp Ltd.

CBM is a kind of natural gas which is found in coal deposits. State-owned Oil and Natural Gas Corp Ltd also has CBM blocks. Currently the most promising region of shale deposits is around the eastern part of India called as Damodar Valley basin, where the first exploration for shale is expected to start.

(c) 2019 News of Bahrain Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (INR)
Sales 2019 4 445 B
EBIT 2019 503 B
Net income 2019 327 B
Debt 2019 734 B
Yield 2019 5,24%
P/E ratio 2019 6,40
P/E ratio 2020 6,59
EV / Sales 2019 0,63x
EV / Sales 2020 0,62x
Capitalization 2 060 B
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Number of Analysts 30
Average target price 202  INR
Spread / Average Target 23%
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Shashi Shanker Chairman & Managing Director
Subhash Kumar CFO, Finance Director & Executive Director
Navin Chandra Pandey Director-Technical & Field Services
Ajay Kumar Dwivedi Executive Director & Exploration Director
Shireesh Balwant Kedare Independent Director
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