The government-owned Oil and Natural Gas Corporation, Cairn India's partner in the Barmer block in Rajasthan, is closely scrutinising the stake sale in Cairn India by Cairn Energy.
In an interview with Ajay Modi & Jyoti Mukul, ONGC chairman R S Sharma says uncertainties continue in the business even after decontrol of petrol prices.
Chairman and managing director R S Sharma said, "Our oil production, after a ten-year flat growth, is projected to increase by about three million tonnes (annually) in the next two-three years and gas production from 62 million cubic metres per day is expected to cross 100 million cubic metres per day in the next five-six years."
An all-out war has been raging on Twitter since Saturday after Trai chief R S Sharma shared his Aadhaar number publicly, challenging anyone to show how mere knowledge of the number can be misused to harm him. While some claimed to have got access to his bank account number and email, Sharma refuted the claims saying they were untrue.
At present, to be eligible for the job of chairman, a person from within the company should not be even a day older than 58 years.
The National Thermal Power Corporation would shortly undertake work for site selection to set up nuclear power projects in Madhya Pradesh and other states.
ONGC, which is 30 per cent partner in Cairn India- operated Rajasthan oilfields, is obliged to pay royalty on entire crude oil produce from the blocks, even though its share is just 30 per cent.
State-owned Oil and Natural Gas Corp on Thursday said its natural gas output will rise by over 58 per cent to 100 million cubic metres a day by 2015-16 after it puts its eastern offshore fields into production.
ONGC, which is a 30 per cent partner with Cairn India in the giant Rajasthan oil field, had claimed that it had preemption or right of first refusal in Cairn India assets, like the Rajasthan block.
Apparently making amends to past slip-ups, UK's Cairn Energy on Thursday courted the government and ONGC to clear-up "misgivings" on sale of majority stake in its Indian arm to Vedanta Resources.
State-owned NTPC is likely to pick up stake in two coal mines in Indonesia, a move that would help the company secure its raw material requirement.
Oil and Natural Gas Corp (ONGC) is in talks with super majors like ExxonMobil to replace Norway's Statoil and Petrobras of Brazil who have decided to quit its KG basin gas block.
Of this amount, over Rs 16,000 crore (Rs 160 billion) is being invested to improve output from seven fields, he told company's shareholders.
State-run utility NTPC plans to more than double its power generation capacity by 2017 from the current 30,000 MW, diversifying further into renewable and nuclear energy.
India's largest power company NTPC plans to invest a massive Rs 2,25,000 crore (Rs 2.25 trillion) in the next seven years in capacity expansion to become a 75,000-MW entity, company's chairman and managing director R S Sharma said on Tuesday.
In wake of the recent subversive activities in the country, ONGC -- under the leadership of Chairman R S Sharma -- reviewed the security aspects of the company, including those in its offshore operations at a high level meeting held at New Delhi on Tuesday.
Petroleum Minister Murli Deora and Chairman of Oil and Natural Gas Corporation R S Sharma are planning a visit to Russia in the first week of next month, hoping the Russian government would give its assent for the proposed acquisition of UK-listed Imperial Energy.
The petroleum ministry on Wednesday pledged support to power firm NTPC in its legal battle to get natural gas from Mukesh Ambani-led RIL at a price committed in 2004 and said the public sector unit's interests will not be compromised.
India's practice session on the eve of their first Twenty20 match against Australia was called off due to intermittent showers in Ranchi on Friday.
NTPC Ltd on Thursday said it was taking legal opinion on the impact of a court battle between Ambani brothers group firms over gas supply and a related government petition on its ongoing case with Mukesh Ambani-led RIL.
PSUs are asking for tax holiday for oil exploration and production activities to continue. The latest Budget imposes a Sunset clause for 100 per cent tax exemption for refining of mineral oil.
Mumbai High during normal days produces 2,42,000 barrel per day (bpd) of crude oil while another 70,000 bpd is contributed by Heera and Neelam fields. The rest comes from South Bassein field, all lying off the west coast. Natural gas production from these fields had fallen to almost nil, impacting supply to industry and city gas operations in Mumbai.
OVL in 2007-08 recorded highest ever oil and gas production from its overseas assets. Crude oil production was up 18 per cent to 6.811 million tons, while gas output was marginally lower at 1.962 billion cubic meters. It earned a net profit of Rs 2,397 crore (Rs 23.97 billion).
The ONGC-Hinduja combine would meet Iranian the authorities around mid-April to finalise 'participating agreement' for the development of Phase-12 of the giant South Pars gas field and South Azadegan oilfield, ONGC Chairman and Managing Director R S Sharma told reporters in New Delhi on Wednesday. The consortia was in Tehran earlier this month to do technical due diligence for the two fields but ended up being shown old data for the Phase-12 and no data of South Azadegan.
Oil and Natural Gas Corporation has taken control of Imperial Energy after 96.8 per cent shareholders accept its takeover offer.
DG Shipping had in May banned operations of all vessels that are more than 25 years old. ONGC has more than 100 vessels operating off the East and West coast providing supporting services to oil and gas production. A Reliance Industries executive said the company faced a similar fate for its 40-plus vessels working on bringing the gas field in Krishna Godavari basin to production.
Abolition of import duty on naphtha under the government's stimulus package has come as a much-awaited breather for power projects running on dual-fuel.
The Rs 31,000-crore refinery and petrochemical plant being planned by Oil and Natural Gas Corporation in Kakinada in Andhra Pradesh is likely to have a new partner -- the Bangalore-based GMR group. GMR is the latest to join the long line of suitors, including the Hinduja group, Reliance Industries and Essar Oil, for the refinery.
Global consulting firm Hay Group and Fortune Global Survey 2007 have adjudged state-run Oil and Natural Gas Corporation as one of the World's Most Admired Companies.
Oil producer ONGC on Friday said the fall in international oil prices would not change the company's bid for acquisition of UK-listed Imperial Energy.
22 companies won bids for the 31 contracts on offer; 15 were new entrants to the oil and gas business. Three years on, none of them have started production.
Jio says it has completed mobile number portability testing and is certified MNP-compliant
Asked about the plans during the 11th Five Year Plan (2007-2012), which has been pegged at adding 22,000 MW power generation capacity, Sharma said all the projects were on track and running as per schedule. The company, which plans to focus on hydro power generation, would produce its first unit of electricity next year, he said, adding the company has set a target to add 7,000 MW of electricity to its total capacity only through hydro by the end of 2012.
OSOA, which comprises 15,000 officers from ONGC, OIL, IOCL, HPCL and BPCL amongst others, has called for an indefinite strike from Tuesday demanding salary revision and release of ad hoc payment.
Oil and Natural Gas Corporation will begin production from its Krishna Godavari gas discovery from 2012 and it has tied up with GAIL for transporting the fuel to the consumers.
Low-to-negative margins on sale of petroleum products have forced some companies to scrap their retail expansion plan, while others have chosen to go slow.
An all-out war had erupted on Twitter on Saturday after TRAI chief gave out his Aadhaar number, challenging anyone to show how mere knowledge of the number can be misused to harm him, triggering a deluge of tweets that claimed to disclose his personal details -- from PAN to mobile number.
R S Sharma was discharged for lack of evidence.
ONGC holds 26 per cent stake in ONGC Petro-additions Ltd, while state run GAIL has 19 per cent and GSPC has five per cent.
Officers of Oil and Natural Gas Corporation have withdrawn their proposed two-day strike from tomorrow after the company chairman R S Sharma appealed to them not to affect production.
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