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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 : PM Narendra Modi dedicates Rs 5,700-crore ONGC project, ISPRL's oil reserve to the nation

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02/11/2019 | 02:41pm EDT

VIJAYAWADA: Giving a major push to the gas-based economy, Prime Minister Narendra Modi on Sunday dedicated ONGC S1 Vashishta Development Project at Krishna-Godavari basin in Andhra Pradesh to the nation.

The cost of the project is about `5,700 crore and it will contribute significantly to realising the PM's vision of reducing oil imports by 10 per cent by 2022. With India fast emerging as one of the largest economies, its share of global energy consumption is slated to escalate further with strong anticipated growth trajectory under the present government.

The Prime Minister also dedicated 1.33 MMT Visakhapatnam Strategic Petroleum Reserve (SPR) facility of Indian Strategic Petroleum Reserve Limited (ISPRL) to the nation. The cost of the project is `1,125 crore. It is the largest underground storage compartment in the country.

The prime Minister also laid the foundation stone for Bharat Petroleum Corporation Limited's (BPCL) Coastal Installation Project at Krishnapatnam. The estimated cost of the project, spread over 100 acres of land, is `580 crore. The project will be commissioned by November 2020. The fully automated state of the art coastal installation project will ensure security of petroleum products.

The zeal to care for the environment and advantage of the abundance of the large gas reserves in eastern offshore adjoining long coast of Andhra Pradesh offers tremendous value for true prosperity of India in general and the people of the State in particular. According to ONGC officials, the enhanced gas produced from these fields would contribute significantly towards not just industrial growth but also towards fulfilling goals of Prime Minister's welfare schemes such as Ujjwala, bringing relief to poor women. First of the tough deepsea forays of ONGC in the eastern offshore has been successfully over with the completion of S1-Vashishta Development Project.

S1 and Vashishta fields are free gas fields located 30-35 km off Amalapuram, Andhra Pradesh, in water depths ranging from 300-700 meters with in-place reserves of estimated 19.92 BCM of gas to be realised through four wells, connected through dual 14 pipelines tied back to the onshore terminal at Odalarevu. Onshore Terminal at Odalarevu has a capacity to process 6 MMSCMD gas with a provision for expansion up to 10 MMSCMD.

Integrated development of S1 Vashishta fields included the building of gas processing facilities at the onshore terminal, drilling, and completion of for deep water wells, engineering, procurement, installation and commissioning of dual 14 inch pipelines and umbilicals and other associated subsea structures to transport the gas from the ocean floor to the onshore terminal at Odalarevu.

(c) 2019, Express Network Pvt Ltd. All rights reserved. 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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NameTitle
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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