|Bid||114.80 x 0|
|Ask||114.90 x 0|
|Day's range||114.50 - 118.40|
|52-week range||51.80 - 118.40|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||33.49|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
India, the world's fourth biggest importer of liquefied natural gas, wants to boost local gas output as Prime Minister Narendra has set a target to raise the share of the cleaner fuel in the country's energy mix to 15% by 2030 from the current 6%. Most of the future gas production is expected from the Krishna Godavari basin, where ONGC and Reliance Industries operate blocks.
India's oil minister Dharmendra Pradhan asked exploration companies to consider farming out their acreages to global players with advanced technology to expedite development and raise oil and gas output. India, the world's third biggest oil importer and consumer, depends on foreign purchases for over 80% of its oil needs. "The government will grant petroleum mining lease rights but the companies should consider a farm-out (of a stake) to get global technology players," Pradhan said in Hindi.
India's top explorer Oil and Natural Gas Corp is unlikely to buy overseas oil and gas assets at current prices of about $45 a barrel, its finance chief said on Wednesday. Its overseas investment arm ONGC Videsh (OVL) has already seen a decline in profit, as some of its acquisitions, such as Imperial Energy in Russia, were made when global oil prices were above $100 a barrel. OVL has a debt of 420 billion Indian rupees ($5.74 billion), with its long term borrowings backed by ONGC.