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A petrochemical capacity of 8.5-9 million tonnes by 2030 is being planned as ONGC is set to invest Rs 1 trillion to set up two petrochemical plants

ONGC plans to set up two petrochemical plants; to invest Rs 1 lakh crore

A petrochemical capacity of 8.5-9 million tonnes by 2030 is being planned as ONGC is set to invest Rs 1 lakh crore to set up two petrochemical plants

<h2>A petrochemical capacity of 8.5-9 million tonnes by 2030 is being planned as ONGC is set to invest Rs 1 lakh crore to set up two petrochemical plants</h2>

Petrochemical Plants:&nbsp;India's top oil and gas producer ONGC is planning to invest Rs 1 lakh crore to set up two petrochemical plants. The plants will convert crude oil directly into high-value chemical products as it prepares for energy transition
"We have plans to invest Rs 10,000 crore by 2028 or 2030 in two projects in two separate states," said D Adhikari, Executive Director and Chief of Joint Ventures &amp; Business Development, ONGC, on the investor call.
<h3>Transition from Fossil Fuel</h3>
The world is looking to transition from fossil fuels and companies across the globe are looking at new avenues to use crude oil. Companies like ONGC pump out crude oil from below seabed and underground reservoirs. It is then processed in oil refineries to produce petrol, diesel and jet fuel.
The petrochemicals are used in the manufacturing of detergents, fibres (polyester, nylon, acrylic etc.), polythene and other man-made plastics.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/economy/5-billion-deep-sea-project-ongc-to-start-oil-production-in-krishna-godavari-basin-1699872284612">$5 Billion Deep-Sea Project: ONGC to start oil production in Krishna Godavari basin</a>
ONGC is planning to raise petrochemical plant capacity to 8.5-9 million tonnes by 2030. While one project is expected to be fully owned by ONGC the other one will be a joint venture.&nbsp;
ONGC's Finance Director Pomila Jaspal also said the firm is looking to build separate oil-to-chemical (O2C) projects. ONGC already has two subsidiaries -- Mangalore Refinery and Petrochemicals Limited (MRPL) and ONGC Petro-Additions Limited (OPaL) that run petrochemical units at Mangalore in Karnataka and Dahej in Gujarat, respectively

The first consignment of crude oil which will be produced from 3 to 4 wells will be sent to subsidiary Mangalore Refinery and Petrochemicals for testing

$5 Billion Deep-Sea Project: ONGC to start oil production in Krishna Godavari basin

<h2>The first consignment of crude oil which will be produced from 3 to 4 wells will be sent to subsidiary Mangalore Refinery and Petrochemicals for testing</h2>

Oil Production: State-controlled Oil and Natural Gas Corporation (ONGC) will kick off oil production from its much-delayed flagship deepsea project in Krishna Godavari basin in Bay of Bengal this month, helping reverse years of decline in output, a senior company official said.
"We plan to start producing from the Cluster-2 project in KG-DWN-98/2 block this month and slowly ramp up," ONGC Director (Production) Pankaj Kumar told PTI here.
<h3>Deep-Sea Project</h3>
A floating production unit, called FPSO, which will be used to produce oil, is already in the block. After several missed deadlines, ONGC has told Shapoorji Pallonji Oil &amp; Gas (SPOG) that its floating production, storage and offloading vessel (FPSO) Armada Sterling-V should prepare to receive the first oil this month.
Also Read: <a href="https://www.editorji.com/business-news/economy/rbi-may-hike-interest-rates-if-oil-prices-touch-110-per-barrel-morgan-stanley-1699273826054">RBI may hike interest rates if oil prices touch $110 per barrel: Morgan Stanley</a>
Oil production from Cluster-2 should have begun by November 2021, but was delayed because of the pandemic.
Kumar said ONGC plans to start producing from 3 to 4 wells initially and slowly connect others. "Initial production could be 8,000 to 9,000 barrels per day." KG deepsea is treacherous terrain and ONGC is mindful of not repeating mistakes of neighbouring KG-D6 block of Reliance Industries.
While gas production is not so complex in the area, sand and water ingress in wells may happen if oil valves are opened too fast. The trick is to drill more wells and produce at the optimal quantities, not rushing in to produce bigger volumes, an official explained.
Kumar said ONGC will ship the first consignment of crude oil to subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL).
The crude will be tested and yields will determine its grade and pricing, he said.
ONGC has hired Armada Sterling-V, owned 70 per cent by SPOG and 30 per cent by Malaysia's Bumi Armada, for producing oil from below seabed.
The FPSO has been waiting to receive oil since January 2, 2023, after she was hooked up on December 27, 2022. ONGC previously set May 2023, as the first Cluster-2 oil deadline, extended to August 2023, September 2023, and finally, October 2023.
"These are extremely complex reservoirs and we need to be sure about everything before we start production," Kumar said.
The five M field wells, identified for the initial oil flow, sit in water depths of about 400 meters. Flexible hoses will connect the M field wells to the FPSO. Later, the A and P1 oilfield wells will be connected.
In all, 13 wells yielding oil and oil with associated gas will eventually be connected to Armada Sterling-V. Peak oil of 45,000 barrels per day is expected sometime in 2024-25. At peak, a tanker will berth alongside FPSO every two weeks to transport oil to a refinery where it will be turned into fuels like petrol and diesel.
Kumar said some 2 mmscmd of gas would also flow with oil but actual gas output will start in May 2024, when 7-8 mmscmd production is expected.
For that to happen, contractor McDermott needs to install the much-delayed Control and Process Platform (CPP) with Living Quarters and Upstream Platform (LQUP), which Malaysia's Sapura ENergy is manufacturing.
The giant structure is ready to sail from Malaysia and should be in Indian waters early next year. Gas production would start in the middle of 2024.
The production estimates are, however, much lower than what was originally projected. When the project was conceived in April 2018, ONGC had said the estimated capital expenditure would be USD 5.07 billion and operational expenditure would be USD 5.12 billion over a field life of 16 years.
Kumar said the company hopes to arrest the decline in crude oil production in the next fiscal, while natural gas output is likely to see a rise.
ONGC's KG-DWN-98/2 or KG-D5 block, which sits next to Reliance Industries' KG-D6 block in the KG basin, has a number of discoveries that have been clubbed into clusters.
It is situated offshore the Godavari river delta in the Bay of Bengal. It is located 35-km off the coast of Andhra Pradesh in water depths ranging from 300-3,200 metres. The discoveries in the block are divided into three clusters -- Cluster-1, 2 and 3. Cluster 2 is being put to production first.
The Cluster 2 field is divided into two blocks namely 2A and 2B, which as per the original investment decision were expected to produce 23.52 million metric tonnes of oil and 50.70 billion cubic metres (bcm) of gas over the life of the field.
Cluster 2A was estimated to contain reserves of 94.26 million tonnes of crude oil and 21.75 bcm of associated gas, while Cluster 2B is estimated to host 51.98 bcm of gas reserves.
Cluster 2A was anticipated to produce 77,305 barrels of oil per day (bopd) and associated gas at a rate of 3.81 million metric standard cubic metres per day (mmscmd) over 15 years.
Cluster 2B is expected to produce free gas of 12.75 mmscmd from eight wells and has a 16-year life. But now the output estimate is lower - 45,000 bpd of oil and up to 2.5 mmscmd from Cluster 2A and around 9 mmscmd from Cluster 2B.&nbsp;

The company is planning to scale up electricity generation from renewable sources from 189 MW to 1 GW by 2030. It already has 5 GW of project planned in Rajasthan

ONGC to invest Rs 1 lakh cr in green energy, targets net zero emission by 2038

The company is planning to scale up electricity generation from renewable sources from 189 MW to 1 GW by 2030. It already has 5 GW of projects planned in Rajasthan

India's top oil and gas producer ONGC will invest Rs 1 lakh crore by 2030 on energy transition projects as it targets net zero carbon emissions by 2038, its chairman Arun Kumar Singh said on Monday.
The firm joins fellow state-owned oil and gas firms Indian Oil (IOC), Hindustan Petroleum (HPCL), GAIL and Bharat Petroleum (BPCL) in preparing roadmaps for net zero emissions as part of the nation's commitment to deal with the climate challenge.
Net-zero for a company means achieving a balance between the quantum of greenhouse gases it places into atmosphere and the amount it takes out.
"We have done our internal workings and are now confident that we can achieve net-zero for Scope-1 and Scope-2 emissions by 2038," Singh told reporters here.
The company is planning to scale up electricity generation from renewable sources from 189 MW to 1 GW by 2030. It already has 5 GW of project planned in Rajasthan and is scouting for a similar capacity, he said adding ONGC would also look at offshore wind farms.
It is also looking at setting up a 1 million tonne per annum green ammonia plant at Mangalore.
"Overall, the investments will be of the order of Rs 1 lakh crore," he said.
The company reversed the declining trend of oil and gas production in 2022-23 and is now looking at raising output with projects both on the east and west coast.
ONGC produced 19.584 million tonne (MT) of oil in 2022-23, up from 19.545 MT of previous year. The output is likely to rise to 21.263 MT in the current fiscal (April 2023 to March 2024), to 21.525 MT in 2024-25 and 22.389 MT in the following fiscal.
Natural gas output is slated to rise from 20.636 billion cubic meters (bcm) in 2022-23 to 23.621 bcm in 2023-24, 26.08 bcm in the following year and 27.16 bcm in 2025-26.
This rise in output is due to projects the firm is implementing on both the east and west coast to raise productivity from current fields and bringing new discoveries into production.
As much as Rs 61,200 crore is being invested in 14 development and nine infrastructure projects including KG gas field and rejuvenation of existing producing fields like Mumbai High North and Heera.
Singh said ONGC has planned a capital expenditure of Rs 30,125 crore in 2023-24, almost same as Rs 30,208 crore spent in the previous fiscal year.
The company, which has 1.62 lakh square kilometer of acreage, is looking to take the acreage to 5 lakh square kilometer by acquiring one lakh square km every year, spending Rs 10,000 crore annually on exploration.&nbsp;

The government on Friday announced an increase in taxes on the export of petrol, diesel, and aviation turbine fuel (ATF). The centre has also mandated exporters to meet the requirements of the domestic market first. The government has levied a&nbsp;₹6 per litre tax on exports of petrol and ATF and&nbsp;₹13 per litre on exports of diesel.This has a big impact on Mukesh Ambani backed Reliace Industries and state-owned ONGC who are the largest crude&nbsp; exporters for India.The government also slapped a ₹23,230 per tonne additional tax on domestically produced crude oil to take away windfall gains accruing to producers from high international oil prices.
The tax on exports follows oil refiners, particularly the private sector, reaping huge gains from exporting fuel to markets such as Europe and the US.
The tax on domestically produced crude oil follows local producers reaping windfall gains from the surge in international oil prices.

Breaking News: Govt raises taxes on export of ATF, diesel and petrol

The government on Friday announced an increase in taxes on the export of petrol, diesel, and aviation turbine fuel (ATF).

Taxing times for Mukesh Ambani

The tax on exports follows oil refiners, particularly the private sector, reaping huge gains from exporting fuel

The government on Friday announced an increase in taxes on the export of petrol, diesel, and aviation turbine fuel (ATF). The centre has also mandated exporters to meet the requirements of the domestic market first. The government has levied a&nbsp;₹6 per litre tax on exports of petrol and ATF and&nbsp;₹13 per litre on exports of diesel. This has a big impact on Mukesh Ambani backed Reliace Industries and state-owned ONGC who are the largest crude&nbsp; exporters for India. The government also slapped a ₹23,230 per tonne additional tax on domestically produced crude oil to take away windfall gains accruing to producers from high international oil prices.
The tax on exports follows oil refiners, particularly the private sector, reaping huge gains from exporting fuel to markets such as Europe and the US.
The tax on domestically produced crude oil follows local producers reaping windfall gains from the surge in international oil prices.

ONGC Chopper Crash Latest News: A helicopter carrying 7 passengers & 2 pilots made an emergency landing in the Arabian Sea near ONGC rig Sagar Kiran in Mumbai High as per a tweet put out by state run ONGC. Resucue operations were underway as per ONGC who also notified that 6 ONGC personnel were onboard. 

ONGC chopper carrying 7 passengers and 2 pilots crashes near oil rig

The circumstances that led to the emergency landing were not immediately clea

ONGC chopper crash

Four critical survivors were evacuated to Juhu by Navy helicopters for management at ONGC hospital.

ONGC Chopper Crash Latest News: A helicopter carrying 7 passengers &amp; 2 pilots made an emergency landing in the Arabian Sea near ONGC rig Sagar Kiran in Mumbai High as per a tweet put out by state run ONGC. As per the latest available information all 9 have been rescued.&nbsp; Four survivors picked by Offshore Supply Ship Malviya 16, one by boat of Sagar Kiran oil rig &amp; two each by Indian Navy ALH &amp; Seaking helicopters. Four critical survivors were evacuated to Juhu by Navy helicopters for management at ONGC hospital As per reports Coast Guard ship at sea was diverted to reach datum, another ship sailed out from Mumbai with dispatch to join rescue operations. The helicopter, which had six ONGC personnel onboard, and one belonging to a contractor working for the company, was forced to land using the floaters that are attached to such choppers that carry personnel and material from shore to offshore installations. The circumstances that led to the emergency landing were not immediately clear.&nbsp;- With inputs from PTI

Despite crude and gas prices continuing to surge oil major ONGC collapsed more than five percent in trade on Friday. The big question on investors' minds is, will Finance Minister Sitharaman take a cue from the U.K. Finance Minister Rishi Sunak? 
So, what is weighing heavy?
The market is speculating that the government could put 'windfall tax' on oil companies in order to offset revenue loss due to recent excise duty cuts.
Britain recently announced a 25 percent windfall tax on oil and gas producers’ profits as crude prices have surged 50 percent so far in 2022.
This has led to Indian investors being worried as they expect a similar move in the country.
What is windfall tax? A windfall tax is a levy imposed on a company or a group of companies by the government, targeting excess and unexpected profits. In the case of oil and gas companies, it is because of the massive gains they have made due to a surge in crude prices.

Windfall Tax: What is it; why it has led to ONGC falling 5%

Despite crude and gas prices continuing to surge oil major ONGC collapsed more than five percent in trade on Friday. The big question on investors' minds is, will Finance Minister Sitharaman take a cue from the U.K. Finance Minister Rishi Sunak? 

Windfall Tax Explained: Why ONGC fell 5% when the tax was imposed in UK

Britain recently announced a 25 percent windfall&nbsp;tax&nbsp;on oil and gas producers&rsquo; profits as crude prices have surged 50 percent so far in 2022.

Despite crude and gas prices continuing to surge oil major ONGC collapsed more than&nbsp;five percent in trade on Friday. The big question on investors' minds is, will Finance Minister&nbsp;Sitharaman take a cue from the U.K. Finance Minister Rishi&nbsp;Sunak?&nbsp;
So, what is weighing heavy?
The market is speculating that the government could put 'windfall tax' on oil companies in order to offset revenue loss due to recent excise duty cuts.
Britain recently announced a 25 percent windfall&nbsp;tax&nbsp;on oil and gas producers&rsquo; profits as crude prices have surged 50 percent so far in 2022.
This has led to Indian investors being worried as they expect a similar move in the country.
What is windfall tax? A windfall tax is a levy imposed on a company or a group of companies by the government, targeting excess and unexpected profits. In the case of oil and gas companies, it is because of the massive gains they have made due to a surge in crude prices.

Alka Mittal, currently the director of human resources at energy major ONGC, has been given the additional charge of chairman and managing director.

Alka Mittal becomes the first woman to head ONGC 

Alka Mittal joined ONGC in as a Graduate Trainee in 1985. She will hold the post of CMD for six months or until a regular appointment for the position is announced, whichever is earlier.

Meet Alka Mittal, First woman chief of ONGC

Alka&nbsp;Mittal, who is the senior-most director of&nbsp;ONGC has been given the additional charge of Chairman and Managing Director&nbsp;of the company.

Alka Mittal, currently the director of human resources&nbsp;at energy major&nbsp;Oil and Natural Gas Company&nbsp;(ONGC), has been given the additional charge of chairman and managing director.
This makes <a href="https://www.editorji.com/business-news/alka-mittal-becomes-the-first-woman-to-head-ongc-1641262814295" target="_blank">Alka&nbsp;Mittal</a>&nbsp;the first woman to head India's most valuable PSU, incidentally she was also the first woman to hold the charge of a full-time director in ONGC&rsquo;s history.
Alka&nbsp;Mittal&nbsp;joined ONGC&nbsp;in&nbsp;as a Graduate Trainee in 1985. She will hold the post of CMD for six months or until a regular appointment for the position is announced, whichever is earlier.
Also watch|&nbsp;<a href="https://www.editorji.com/business-news/mamaearth-is-now-worth-a-billion-dollars-meet-the-first-unicorn-of-2022-and-its-already-profitable-1641208065830" target="_blank">Mamaearth is now worth a billion dollars! Meet the first unicorn of 2022 and its already profitable</a> <a href="https://www.editorji.com/story/ongc-reports-50-fall-in-net-profit-1581922724918" target="_blank">ONGC </a>has not had a full-time chairman and managing director since former chief Shashi Shanker retired on March 31, 2021. Mittal&nbsp;is the senior-most director at ONGC&nbsp;and the announcement of her additional charge was made by the company .

The NCP has demanded action against the ONGC&nbsp;officials who did not act swiftly to evacuate personnel from a barge that went adrift in cyclone Tauktae before sinking in the Arabian sea off Mumbai's coast. At least 37 men have died and 38 are still missing, while 186 have been rescued.
Maharashtra Minister and NCP spokesperson Nawab Malik said the Petroleum and Natural Gas Ministry, too, must be held answerable for the tragic episode.
In series of tweets, the minister asked questioned the ONGC for failing to evacuate its workers even after cyclone warning was sounded. 
The minister said due to the ONGC's failure, lives of innocent workers were put in danger.
Three barges and an oil rig with 695 personnel on board went adrift on Monday.
&nbsp;

'Why didn't they act?': NCP attacks ONGC for barge tragedy

The NCP has demanded action against the ONGC&nbsp;officials who did not act swiftly to evacuate personnel from a barge that went adrift in cyclone Tauktae&nbsp;and then sank

The NCP has demanded action against the ONGC&nbsp;officials who did not act swiftly to evacuate personnel from a barge that went adrift in cyclone Tauktae before sinking in the Arabian sea off Mumbai's coast. At least 37 men have died and 38 are still missing, while 186 have been rescued.
Maharashtra Minister and NCP spokesperson Nawab Malik said the Petroleum and Natural Gas Ministry, too, must be held answerable for the tragic episode.
In series of tweets, the minister asked questioned the ONGC for failing to evacuate its workers even after cyclone warning was sounded.
The minister said due to the ONGC's failure, lives of innocent workers were put in danger.
Three barges and an oil rig with 695 personnel on board went adrift on Monday.
&nbsp;

The NCP has demanded action against the ONGC&nbsp;officials who did not act swiftly to evacuate personnel from a barge that went adrift in cyclone Tauktae before sinking in the Arabian sea off Mumbai's coast. At least 37 men have died and 38 are still missing, while 186 have been rescued.
Maharashtra Minister and NCP spokesperson Nawab Malik said the Petroleum and Natural Gas Ministry, too, must be held answerable for the tragic episode.
In series of tweets, the minister asked questioned the ONGC for failing to evacuate its workers even after cyclone warning was sounded. 
The minister said due to the ONGC's failure, lives of innocent workers were put in danger.
Three barges and an oil rig with 695 personnel on board went adrift on Monday.
&nbsp;

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