The government has authorised an infusion of up to Rs 10,501 crore in additional equity capital into Oil and Natural Gas Corporation Petro Additions Ltd., according to a recent filing by ONGC.
The approval also encompasses the conversion of compulsorily convertible debts worth Rs 7,778 crore into equity and a balance payment of Rs 86 crore for share warrants. This brings the total financial commitment to Rs 18,365 crore.
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As a result of this infusion, OPaL will transition into a subsidiary of ONGC, with ONGC holding a 95.69% equity stake in the company.
ONGC has been authorised to allocate 50% of the annual gas production from new wells or well interventions in its nomination fields—or up to 3.2 million standard cubic meters per day of domestic natural gas, whichever is lower—to OPaL.
This will be provided at a price up to 20% above the Administered Pricing Mechanism price. Currently, the APM price of natural gas per MMBTU is set at 10% of the Indian crude basket price per barrel of oil.
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