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ONGC to form a subsidiary for gas business

ONGC to form a subsidiary for gas business
ONGC plans to begin natural gas production from the deepwater block KG-DWN-98/2 in about two to three months. ReutersPremium
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State-owned Oil and Natural Gas Corp (ONGC) today said that it will form subsidiary for its gas business.
In a regulatory filing ONGC stated, Board has approved creation of new wholly owned subsidiary company for focusing on Gas & LNG business value chain subject to necessary approvals.
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. 07 Apr 2021
The Company is being formed with the objective of sourcing, marketing and trading of natural gas, LNG business, Hydrogen enriched CNG(HCNG), gas to power business, bioenergy/bio-gas/bio methane/other bio fuels business, etc, it further added. ....

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ONGC net profit falls 67 per cent YoY on drop in oil, gas prices

ONGC net profit falls 67 per cent YoY on drop in oil, gas prices
PTI
New Delhi |
Updated on
February 13, 2021
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State-owned Oil and Natural Gas Corporation (ONGC) on Saturday reported over 67 per cent fall in the December quarter net profit on back of a drop in oil and gas prices.
Standalone net profit in October-December quarter at Rs 1,378 crore was 67.4 per cent lower than Rs 4,226 crore net profit in the same quarter of the previous year, the company said in a statement here.
The company realised USD 43.9 on every barrel of crude oil it produced and sold in the third quarter of the current fiscal, down from USD 58.24 a barrel it had realised in the same period a year back. ....

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