ONGC falls 1% as Brent crude plunges 4%

Upstream companies like ONGC, typically involved in the exploration and production of oil, are at the receiving end when oil prices tumble.

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Shares of Oil and Natural Gas Corporation Ltd (ONGC) fell 1.3 percent to Rs 157 on June 23 after Brent crude declined 4 percent overnight.

Upstream companies like ONGC, involved in the exploration and production of oil, stand to lose when oil prices tumble. This is because oil prices have a direct impact on the margins and profitability of such exploration companies.

On June 22, ONGC successfully linked the Panna Process Platform with a subsea pipeline, a part of ONGC’s Bassein & Satellite (B&S) Asset.

The linkage will help the public sector undertaking save (PSU) $43,000 cost per day, previously incurred while transporting crude oil through ships.

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The company said that the submarine pipeline connection will minimise the production downtime associated with tanker changeovers and eliminates demurrage charges during adverse weather conditions.

The Panna segment includes the laying of two segments of 37.50 km of submarine pipeline and the installation of three Main Oil Line Pumps (MOL) and three booster pumps.

“This remarkable feat is a triumph for ONGC and underscores its commitment to technological advancement and ushering in operational excellence in the oil and gas industry to raise output and further secure India’s energy interest”, the PSU said in a press release on June 22.

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