ONGC signs six contracts DSF-III round

12 Sep 2022 , 09:33 AM

Out of which, the company has won four contracts as sole bidder and remaining two contracts in partnership with Indian Oil Corporation (IOCL). The company also signed two contracts for fields under special CBM bid round-2021 blocks in Jharkhand and Madhya Pradesh. For the two CBM blocks awarded to ONGC, the total investment commitment is to the tune of $5.94 million. In the six DSF-III blocks awarded to ONGC (two under JV with IOC) an investment of $1894.5 million is planned towards development in the blocks, said the company. Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held 58.91% stake in ONGC as of June 2022. The company reported a standalone net profit of Rs 15,206 crore in Q1 FY23, steeply higher than Rs 4,335 crore recorded in Q1 FY22. Net revenue increased 83.8% YoY to Rs 42320.72 crore during the quarter. Shares of ONGC rose 0.15% to Rs 134.15 on the BSE. Powered by Capital Market – Live News