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    ONGC   INE213A01029

OIL AND NATURAL GAS CORPORATION LIMITED

(ONGC)
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Delayed NSE India Stock Exchange  -  06:25 2022-12-05 am EST
143.75 INR   +2.02%
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Oil and Natural Gas : ONGC signs 6 Contracts for Discovered Small Fields in Offshore during DSF-III, 2 Contracts under CBM bid round-2021

09/10/2022 | 10:50am EST

Oil and Natural Gas Corporation (ONGC) has signed 6 contracts for Discovered Small Fields (DSF) in the Offshore under DSF-III bid round, with 3 each for fields in the Arabian Sea and Bay of Bengal. These include 4 contract areas as sole bidder and 2 contract areas in partnership with Indian Oil Corporation Limited (IOCL).

The Energy Maharatna also signed 2 Contracts for Fields under Special CBM Bid round-2021 blocks in Jharkhand and Madhya Pradesh.

In the Special CBM bid round-2021 under OALP, as per provisions of the RSC, a total estimated expenditure commitment is indicated by the Contractor to the Government of India. For the 2 CBM blocks awarded to ONGC, the total investment commitment is to the tune of USD 5.94 million.

In the 6 DSF-III blocks awarded to ONGC (2 under JV with IOC) an investment of USD 1894.5 million is planned towards development in the blocks.

The contracts were exchanged in the presence of Hon'ble Minister of Petroleum & Natural Gas Shri Hardeep Singh Puri, by ONGC CMD Rajesh Kumar Srivastava on 9 September 2022 in New Delhi. ONGC Director (Offshore) Pankaj Kumar was also present.

Joint Secretary (Refineries) Sunil Kumar and ONGC CMD RK Srivastava (right) exchanging the signed contracts

The DSF-III bid round 2021 was launched by Government of India on 10 June 2021. A total of 75 fields (Nomination & PSC Regime) under the Discovered Small Field Policy were clubbed in 32 Contract Areas (11 Onland and 21 Offshore) for offer under DSF-III. ONGC participated in the bidding and subsequently won 6 contract areas. These include 4 contract areas as sole bidder and 2 contract areas in partnership with Indian Oil Corporation Limited (IOCL).

The CBM special bid round 2021 was launched by Government on 22 September 2021 and concluded on 31 May 2022 with a total of 15 blocks under offer. ONGC participated in the bidding of 2 blocks and won 2 blocks one each in Jharkhand and Madhya Pradesh.

Issued By:
Oil and Natural Gas Corporation Ltd
Corporate Communications, New Delhi
Phone: +91-11-26754013
Mail: ongcdelhicc@ongc.co.in

Disclaimer

ONGC - Oil & Natural Gas Corporation Limited published this content on 10 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 September 2022 14:49:04 UTC.


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Financials
Sales 2023 6 656 B 81 368 M 81 368 M
Net income 2023 470 B 5 751 M 5 751 M
Net Debt 2023 865 B 10 576 M 10 576 M
P/E ratio 2023 3,83x
Yield 2023 10,7%
Capitalization 1 808 B 22 109 M 22 109 M
EV / Sales 2023 0,40x
EV / Sales 2024 0,42x
Nbr of Employees 27 165
Free-Float 30,8%
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Number of Analysts 24
Last Close Price 143,75 INR
Average target price 174,28 INR
Spread / Average Target 21,2%
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Managers and Directors
Rajesh Kumar Srivastava Chairman & Managing Director
Pomila Jaspal Chief Financial Officer & Finance Director
Om Prakash Singh Director, Director-Technical & Field Services
Rajni Kant Secretary & Compliance Officer
V. Ajit Kumar Raju Independent Director
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