Dilip Cherian | Winds of change: ONGC to scout renewables now

The government appointed Arun Kumar Singh, who had earlier headed BPCL, as the chairperson of ONGC.

ONGC reports highest net profit of ₹40,306 cr; becomes India's 2nd most profitable firm

ONGC displaced Tata Steel for the No.2 spot. Tata Steel on May 3 reported a standalone net profit of Rs 33,011.18 crore

About 9 percent of the company's natural gas output was impacted by inability of customers to take supplies due to coronavirus lockdown

While the gas price is way below the cost of production, high tax incidence is resulting in cash losses even on crude oil output

The company wants a price of over USD 6 per mmBtu to help it produce the gas without suffering any losses.

Reliance was the biggest contributor to gains on the NSE Nifty, closing nearly 1 per cent higher as oil prices dropped overnight.

Indian firms led by ONGC Videsh have been negotiating with Iran for development rights of Farzad B gas field.

ONGC's new Chairman Shashi Shanker convened the company's 299th board meeting at a platform on Mumbai High field on Saturday.

Iran wants a high price of the natural gas, making the investment practically unviable.

ONGC has already secured shareholder nod to raise up to Rs 25,000 crore debt.