Oil and Natural Gas Corporation: History, Latest Updates, Milestones, Subsidiaries and Share Price

INTRODUCTION

The Oil & Natural Gas Corporation Ltd. (ONGC), operates as India's largest petroleum exploration and production entity, responsible for over 84 percent of the country's oil and gas production. The company boasts ownership and operation of over 11,000 kilometers of pipelines in India, including 3,200 kilometers of sub-sea pipelines. Additionally, it has established six billion metric tons of in-place hydrocarbon reserves through over 300 discoveries of oil and gas. ONGC claims to have cumulatively produced 685 million metric tons of crude and 375 billion cubic meters of natural gas from 115 fields. 

With a market capitalization exceeding INR 1 trillion, ONGC stands as India's most valuable company. It transitioned into a limited company in 1994 during a partial deregulation of the Indian oil sector. Subsequently, in 1999, the government divested partial interest in ONGC to Indian Oil Corporation and the Gas Authority of India Ltd. By 2007, the Indian government owned 84.11 percent of ONGC. Currently, investors keenly observe ONGC share market price to gauge the company's performance and market sentiment.

Oil and Natural Gas Corporation Moves in 2024:

Oil and Natural Gas Corporation reported consolidated quarterly numbers:

• Net Sales reached Rs. 165,569.06 crore in December 2023, down 2.15% from Rs. 169,212.63 crore in December 2022, reflecting the performance of the ONGC share price

• Quarterly Net Profit decreased to Rs. 10,356.44 crore in December 2023, down 9.86% from Rs. 11,488.99 crore in December 2022, impacting the ONGC ltd share price

• EBITDA showed an increase to Rs. 24,083.09 crore in December 2023, up 1.62% from Rs. 23,699.48 crore in December 2022, indicating positive movement in the oil and natural gas corporation share price.

• EPS declined to Rs. 8.23 in December 2023 from Rs. 9.13 in December 2022, underscoring the performance of the oil and natural gas corporation share price.

The Oil and Natural Gas Corporation share price closed at 276.60 on February 20, 2024 (NSE), showing a return of 57.11% over the last 6 months and 78.62% over the last 12 months.

Evolution of Oil and Natural Gas Corporation: From Past to Present:

Past:

• Before independence, minimal oil exploration was conducted by companies like Assam Oil Company and Attock Oil Company.

• After independence, the Indian government acknowledged the strategic significance of oil and gas for industrial development and defense.

• In 1955, the Oil and Natural Gas Directorate was established to develop oil and gas resources across India.

• The Directorate marked the beginning of India's journey towards self-reliance in the oil and gas sector.

Present:

• ONGC Videsh Limited (OVL), ONGC's subsidiary, has expanded its operations globally through acquisitions and investments in projects like the Greater Nile Oil project and Mozambican gas field.

• Domestically, ONGC continues to invest in projects such as the Bassein development project and exploration in the Krishna Godavari Basin.

• Despite challenges like declining oil production, ONGC remains committed to innovation and sustainability in the evolving energy landscape,potentially affecting Oil and Natural Gas Corporation share price.

 

Timeline of Oil and Natural Gas Corporation:

 

Inside Oil and Natural Gas Corporation: Exploring Subsidiary Ventures 

Oil and Natural Gas Corporation Ltd

Corporate actions: Second Interim Dividend Announcement: The company has declared a second interim dividend of Rs 4.00 per share, totaling a payout of Rs 5,032 crore

Main News: ONGC, IOC, and other oil PSUs plan to invest Rs.1.2 trillion in the next fiscal year for energy infrastructure.

Latest News: State-owned Oil and Natural Gas Corporation (ONGC) saw a nearly 10% year-on-year drop in its consolidated net profit to ?10,356 crore in Q3 FY24, attributed to a decrease in realizations.

 

Hindustan Petroleum Corporation Limited (HPCL) 

Latest News: IOC, BPCL, and HPCL collectively reported a net profit of Rs.69,000 crore during April-December FY24, surpassing their pre-oil crisis annual earnings of Rs. 39,356 crore, as per regulatory filings.

 

ONGC Videsh Limited

Latest News: As of Feb 2024 OVL expected to increase crude oil imports from Venezuela.

 

Mangalore Refinery and Petrochemicals Limited (MRPL) 

Latest News: In January 2024, MRPL posted a net profit of Rs. 387 crore in Q3 of FY 2023-24, a stark improvement from the Rs. 188 crore net loss in Q3 of FY 2022-23. 

 

Imperial Energy Corporation

Latest News: In February 2024, ONGC announced that its subsidiary Imperial Energy Ltd (IEL) will merge five of its step-down subsidiaries - IECL, IENL, RHL, BHL, and SAIL - with itself. ONGC, through IEL, has seven step-down subsidiaries in Cyprus. This merger will reduce the total number of step-down subsidiaries to three.

 

Dahej Sez Ltd

The board of Rallis India has given approval for expanding the capacity of the current Pendimethalin Plant at its Dahej SEZ unit.

 

Current Oil and Natural Gas Corporation Share Price NSE/BSE : 

Achievements and Milestones:

CONCLUSION

With a strong network of subsidiaries and a track record of significant acquisitions, ONGC stands as a key player in ensuring the stability of India's energy sector. As a vital provider of natural gas and crude oil, the company plays a crucial role in fulfilling the country's energy requirements. ONGC's continuous dedication to exploration and production underscores its position as a dependable supplier for India's energy needs, contributing to the nation's growth and sustainability in the energy sector.

Investors tracking Oil and Natural Gas Corporation Share Price can stay informed through relevant financial channels. The company's ongoing endeavors to bolster and broaden its operations underscore its fundamental position in the industry and its dedication to the nation's advancement.

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Frequently Asked Questions:

1. What factors influence Oil and Natural Gas Corporation Share Price?

The Oil and Natural Gas Corporation (ONGC) share price can be influenced by factors such as fluctuations in oil and gas prices, global economic conditions, the company's exploration and production performance, regulatory changes, geopolitical events, financial performance, market sentiment, technological advancements, and currency exchange rates.

2. Where can I find real-time updates on the Oil and Natural Gas Corporation Share Price?

Check out the current Oil and Natural Gas Corporation Share Price today and real-time updates on stock prices on Enrich Money's stock analysis page here.

3. Is the Oil and Natural Gas Corporation Share Price good for dividends?

The Oil and Natural Gas Corporation Share Price offers a dividend yield of over 6% per share. Its dividend history indicates promising returns for investors.

4. What is the projected Oil and Natural Gas Corporation share price in 2025?

The anticipated Oil and Natural Gas Corporation share price target in 2025 is estimated to be Rs. 338.01 initially. Given favorable market conditions, the mid-year ONGC share market price target could potentially reach Rs. 335.71.

5. What is the market cap of Oil and Natural Gas Corporation shares?

The market capitalization of Oil and Natural Gas Corporation Share Price is Rs 3,43,378 crore.

6. What has been the highest Oil and Natural Gas Corporation stock price in the last 52 weeks?

52 Week's highest oil & natural gas corp ltd share price is Rs 281.15, while Oil and Natural Gas Corporation share price 52 week's low is Rs 146.50

 

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