Re: {LONGTERMINVESTORS} Re: ONGC
RAJESH DESAI
Revenues increased 24% to Rs 20,084.3 crore from Rs 16,199 crore and other income too rose by 24% to Rs 1,038.4 crore from Rs 839.5 crore during the same period.
Revenues from offshore segment jumped 14.3% YoY to Rs 13,387.30 crore and onshore segment rose by 47.62% to Rs 6,854.96.
Finance cost went up significantly to Rs 29.31 crore in the first quarter of financial year 2012-13 as against Rs 4.01 crore in a year ago period.
Earnings per share jumped to Rs 7.10 from Rs 4.79 year-on-year.
NSEI Block Deal: Oil and Natural Gas Corporation 218328 shares at 281.65 INR
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CA Mihir Desai
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CA. Rajesh Desai
RAJESH DESAI
Hess Corporation on Friday, 7 September 2012, announced that it has agreed to sell its 2.72% interest in the Azeri, Chirag and Guneshli fields (ACG) in Azerbaijan and its 2.36% interest in the associated BTC pipeline to ONGC Videsh (OVL) for $1 billion. The transaction, expected to close in the first quarter of 2013, is subject to Indian and other government and regulatory approvals, Hess Corporation said in a statement issued on Friday, 7 September 2012. The BP operated ACG fields, located in the Caspian Sea approximately 100 kilometers east of Baku, commenced production in 1997. "The sale of our interest in ACG is consistent with our strategy to divest mature and small working interest assets", said Greg Hill, President of Worldwide Exploration and Production for Hess.
Hess Corporation is a leading global independent energy company engaged in the exploration for and production of crude oil and natural gas, as well as in refining and in marketing refined petroleum products, natural gas and electricity.
The primary business of OVL is to prospect for oil and gas acreages abroad including acquisition of oil and gas fields, exploration, development, production, transportation and export of oil and gas. OVL is a wholly-owned subsidiary of ONGC.
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CA. Rajesh Desai
Rajesh Desai
Oil and Natural Gas Corporation (ONGC), is in discussions with Saudi Aramco of Saudi Arabia, Kuwait Investment Authority and Qatar Investment Authority for selling 25-30% stake in an Rs 21,396 crore mega petrochemical plant at Gujarat. Further, ONGC has ordered Ernst & Young to search for a strategic partner who could be a technology provider or a marketer of chemicals the plant will produce.
Basically, ONGC Petro additions (OPaL) is building a 1.1 million tonnes plant at Dahej in Gujarat. The plant, which was originally scheduled to be commissioned by December this year, running behind schedule, is now expected to come up sometime in 2015. While, ONGC holds 26% stake in OPaL, state gas utility GAIL India holds 15.5% in OPaL and Gujarat State Petroleum Corp (GPSC) another 5%. Meanwhile, state Bank of India, the lead banker to the project, has offered to take 3-5% of equity on closure of the debt syndication exercise.
Investors of ONGC did not quite like its acquisition plan in Mozambique , as the stock lost 2 percent. The oil and gas company's overseas investment arm ONGC Videsh (OVL) has signed a definitive agreement to acquire 10 percent participating interest in the Rovuma area in Mozambique for USD 2.64 billion from Anadarko.
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CA. Rajesh Desai
CA. Rajesh Desai