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'Equity oil, rather than exploration, at core of overseas strategy now'
Financial Express Pune|December 13, 2024
WE ARE LOOKING INTO COST OPTIMISATION, MAXIMISING PROFITS, AND IMPROVING PROJECT TIMELINES
- Sushma Rawat, director (exploration), tells Arunima Bharadwaj

With crude oil prices near the lower range, state-run ONGC is looking at cost optimization and profit maximization. It is targeting 40 million tonnes of oil equivalent (mmtoe) of indigenous oil and gas output in the medium term, with production expected to start in a clutch of new fields.

What are the company's plans regarding growth in its exploration & production of oil and gas?

After a slowdown during Covid, we have started refocusing on acreage acquisition as well as trying to increase exploratory drilling and data acquisition. Just last year, we acquired over 32,000 SKM new acreages, taking the total to around 180,000 SKM.

In terms of data acquisition, we are conducting non-seismic as well as seismic surveys. Coming offshore, we have both shallow water as well as deepwater and ultra-deepwater blocks coming up. In the last two years, we had several workshops, joint technical studies on potential exploration areas with firms such as ExxonMobil, Chevron, TotalEnergies, etc. Coming to the drilling aspect, we have 113 of our own rigs and last year we did over 100 wells in exploration. For this fiscal, we are targeting to reverse the production drop and achieve over 40 mmtoe of indigenous production and drilling around 550 wells.

How do you plan to reverse the output decline from mature fields?

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Financial Express Pune

EU escalates pressure on Apple to open up features to rival firms

The EU's European Commission has pressed Apple Inc. to further open up the iPhone operating system to rivals, prompting the company to complain about requests from Meta Platforms Inc. that it says will undermine privacy.

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1 min  |
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Financial Express Pune

Bollywood's investments in startups decrease sharply to $3.6 mn in 2024

INVESTMENTS BY BOLLYWOOD celebrities in startups came down sharply in the current calendar year to $3.6 million against $28.5 million last year, data shared by Tracxn showed.

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Financial Express Pune

EU escalates pressure on Apple to open up features to rival firms

CHANGING DYNAMICS OF WEARABLES INDUSTRY

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December 20, 2024
Financial Express Pune

India-Pak ICC matches at neutral venues

THE DEADLOCK OVER the hosting of next year's Champions Trophy finally ended on Thursday when the ICC announced that India will play their matches of the 50-over event at a neutral venue instead of host country Pakistan, which will get a similar arrangement for tournaments to be held in India till 2027.

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1 min  |
December 20, 2024
Financial Express Pune

Mumbai and Dubai top travel searches: Report

MUMBAI AND DUBAI emerged top searches for travel destinations and visa-free travel like Almaty and Kenya became traveller favourites in 2024, fintech firm One97 Communications - owner of Paytm brand said on Thursday.

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1 min  |
December 20, 2024
Financial Express Pune

State-run firms commit big investments in Bihar

The Bihar Business Connect 2024 summit evinced huge corporate response on Thursday with some top state-run firms making major investment announcements, including the plan to establish a maiden nuclear power project in the state.

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1 min  |
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Financial Express Pune

Hyundai to equip product range with Amaron batteries

HYUNDAI MOTOR INDIA on Thursday said it will equip its domestic product line-up with Amaron's battery technology.

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1 min  |
December 20, 2024
Financial Express Pune

HDFC Securities sets Nifty target at 26,482 for 2025

HDFC SECURITIES EXPECTS 2025 to be a difficult year amid high valuations, with the benchmark Nifty 50 index likely to rise up to 26,482 points.

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1 min  |
December 20, 2024
Financial Express Pune

India's job market poised for 9% growth in 2025

HIRING ACTIVITIES IN 2025 are likely to witness a 9% growth in the country driven by sectors, including IT, retail, telecommunications and banking, financial services, and insurance (BFSI) sectors, a report said on Thursday.

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1 min  |
December 20, 2024
Financial Express Pune

Book Rahul Gandhi for assault: BJP to police

THE SHOWDOWN ON the premises of Parliament on Thursday reached police within hours with the BJP accusing Rahul Gandhi, Leader of Opposition in Lok Sabha, of \"physical assault\" and \"incitement\" while the Congress, in a counter-complaint, alleged that BJP MPs caused injuries to Mallikarjun Kharge, Leader of Opposition in Rajya Sabha, by pushing him to the ground.

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December 20, 2024

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