ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corp, has retained services of Trafigura Ltd of London to trade its share of 60,000 barrels per day of crude oil from the Greater Nile Oil Project in Sudan in the international markets.
State-owned Oil and Natural Gas Corp is in talks to buyout US oil and gas producer Pogo Producing Co's stake in an offshore Thailand field.
The US Government Accountability Office, in a recently released report, moved ONGC Videsh Ltd, the overseas arm of state explorer Oil and Natural Gas Corporation, and three others, including Petronet LNG Ltd, out of the list.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, will give Sudan 5 per cent of its stake in two prized oil blocks in the African nation for free, as a quid pro quo for Khartom accommodating it in another producing oil field.
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp, has acquired stake in two oil blocks in Sudan for $136 million.
The government on Tuesday said that it was in talks with CNPC of China and Petronas of Malaysia for buying their share of 8.4 million tonnes per annum of crude oil in a Sudan oil field where state oil firm ONGC Videsh Ltd has taken 25 per cent stake.
In November they had raised $2.19 billion from abroad, according to the Reserve Bank data released on Friday.
Reliance Industries Ltd, the nation's most valuable company, on Thursday said it has raised $4 billion (around Rs 30,000 crore) in debt through the largest ever foreign currency bond issuance by an Indian entity. The oil-to-telecom conglomerate plans to use the proceeds of the three tranche issues to retire existing borrowings. The issue was "nearly 3 times oversubscribed with a peak order book aggregating around $11.5 billion," the company said in a statement. This is the largest ever foreign currency bond transaction in India, eclipsing ONGC Videsh Ltd's $2.2 billion US dollar bonds issue of 2014.
Indian Oil Corporation (IOC), the nation's largest oil firm, has renewed a deal to buy up to 2 million tonnes of crude oil in 2022 from Russia's Rosneft, the Russian oil producer said. IOC had in February 2020 signed a deal with Rosneft Oil Company to import up to 2 million tonnes of oil via the port of Novorossiysk. In 2021, the deal envisaged supply of up to 1.7 million tonnes of crude oil but IOC bought just on parcel or shipload as the cost of transporting the oil made it uneconomical, when compared to alternatives. For 2022, the deal is for the supply of up to 2 million tonnes of oil from the Black Sea port of Novorossiysk.
As many as 58 companies raised money from automatic route and 8 firms raised via approval route.
Old timers in Oil and Natural Gas Corporation (ONGC) still remember how in early 2000 its overseas subsidiary, ONGC Videsh Ltd (OVL), was on the verge of closure. Though OVL was set up in 1965, the only discovery the company had made till then was in Vietnam offshore, with more investment needed to monetise it. In 2001, when OVL started looking for new blocks abroad, the company's previous acquisition was 13 years old.
ONGC Videsh Ltd (OVL) on Wednesday said its $5 billion bid to buy a stake in Kazakhastan's biggest oilfield has been blocked by the central Asian nation.
In all, 25 Chairman-cum-Managing Director (CMD) posts, 8 MD posts and 2 Chairman posts are lying vacant, according to a written reply by Minister of State for Heavy Industries and Public Enterprises P Radhakrishnan in the Lok Sabha.
D K Sarraf replaces Vasudeva, who turned 60 on Tuesday and is due to superannuate on Friday.
Petroceltic is headquartered in Dublin with offices in Edinburgh, London, Algiers, Varna, Cairo and Rome.
OVL, along with Oil India Ltd, had in June agreed to buy Videocon Group's 10 per cent in the same block for $2.48 billion.
A preliminary deal for sale of 49 per cent in Essar Oil to Rosneft was signed between the companies in July 2015.
Besides PESB selected chairman designate B Ashok (currently Executive Director retail sales in IOC) having no board experience, the case for extending Butola's service is more compelling because all the other six directors on board of the nation's largest oil firm are retiring in next one year.
The Appointments Committee of the Cabinet approved appointment of Sarraf, who at present is Managing Director of ONGC's overseas arm, ONGC Videsh Ltd.
At present, there is no direct air connectivity between India and Myanmar.
ONGC's chairman and managing director Sudhir Vasudeva tells Business Standard that any price for natural gas that is more than $4.2 a unit is good for the company.
The Public Enterprises Selection Board, which is the government head-hunter, interviewed seven candidates for the post, which fell vacant after Dinesh K Sarraf was elevated as Chairman and Managing Director of ONGC.
They have been named for their stake in the Farsi offshore block.
Teheran bargains on OilMin plan for more rupee payment via increased import; wants investment deal on gas block.
OVL, the overseas arm of state-run explorer Oil & Natural Gas Corporation, and Oil India Limited agreed in June last year to jointly buy Videocon's 10 per cent interest in the Rovuma Area 1 for $2.475 billion.
OVL, the overseas investment arm of state-run explorer Oil and Natural Gas Corporation, holds 40 per cent stake in the San Cristobal oil project in Venezuela.
Lines up a $1-billion capital expenditure plan for exploration purposes abroad.
OVL had bid for two of the 10 shallow-water blocks that Myanmar had auctioned in December but drew a blank when the fields were awarded on March 26.
Pradhan said a team of officials of state-run Indian Oil Corporation had visited Vietnam and explored some business ventures
ONGC Videsh Ltd and Oil India Ltd will buy Videocon Industries' 10 per cent stake in a giant Mozambique gas field for $2.475 billion.
At present, in Myanmar, GAIL and IndianOil have a minority stake in a gas pipeline which goes to China, through South East Asia Gas Pipeline Company.
Markets ended lower amid volatile trade with Sun Pharma leading the decline.
Pharma shares extended losses after the government's ban on combination drugs.
The reserves in Farzad-B are almost thrice the largest gas field in India.
Indian oil and gas exploration companies work in silos.
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