BUOYANT EARNINGS GROWTH: OIL & NATURAL GAS CORPORATION
Article Abstract:
Oil & Natural Gas Corporation (ONGC) accounts for more than 91 percent of the total oil produced and more than 94 percent of the total natural gas produced in India. ONGC's asset base is over Rs26,000 crore and it has posted an estimated net profit of Rs2,425 crore in 1997-98. ONGC is currently engaged in developing seven large projects at an estimated cost of Rs2,200 crore. Out of India's total recoverable oil reserves of around 22 billion tonnes, ONGC accounts for around 18 billion tonnes. Crude oil accounts for around 75 percent of ONGC's operational income. ONGC has a very high outstanding receivables position which has squeezed its working capital requirements. The expected repayment of Indian Oil Corporation (IOC) will enable ONGC to repay a part of its foreign currency loan of about Rs8,200 crore. ONGC incurs forex loss on this loan and its repayment will also reduce the interest burden on it. ONGC has been conferred the Navratna status and this will help it develop its overseas oil exploration efforts. ONGC Videsh Ltd has successfully discovered a new oil field in Vietnam and has bagged a contract to conduct exploratory work at Kazakhsthan. (tsm)
Comment:
Accounts for more than 91% of total oil produced & more than 94% of the total natural gas produced in India
Publication Name: Dalal Street Journal
Subject: Business, international
ISSN:
Year: 1998
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OIL INDIA FOR EXPLORATION VENTURES ABROAD
Article Abstract:
Oil India Ltd (OIL) proposes to participate in international hydrocarbon exploration projects. It has started efforts in this direction and is expected to firm up its plans soon. It also proposes to bid for the exploration block that will be offered under the New Exploration Licence Policy. During 1997-98, it produced 3.094 million tonnes of crude oil (against a target of 3.05 million tonnes). During this period, its total income was Rs1294.31 crore (Rs1162.52 crore) while the net profit was Rs284.64 crore (Rs220.14 crore). (ag)
Comment:
Proposes to participate in intnl hydrocarbon exploration projects & starts efforts in direction & expects to firm up plans soon
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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