ONGC is likely to pay Rs 17,000 cr to subsidise products by the end of this fiscal.
R S Sharma,the new ONGC chief, has set his sight on reversing the decline in production from ageing fields and cutting rising expenditure.
The retrospective tax controversy was highlighted by Vodafone, but Cairn Plc's continuing problems point to the impact this law has had on FDI in India's oil and gas sector.
Vodafone and Bharti have pointed out that, for data, their revenue realisation should be at Rs 30-35 per GB for them to cover their costs as opposed to the current figure of over Rs 11 per GB. But Jio has suggested a gradual increase to Rs 15 per GB and then maybe to Rs 20 per GB after six to nine months.
The gas major "plans to invest Rs 76,000 crore (Rs 760 billion) domestically and Rs 46,000 crore (Rs 460 billion) overseas" during five-year plan ending 2012, its Chairman and Managing Director R. S. Sharma told reporters in Mumbai. The company earns a cash profit of Rs 2,000 crore (Rs 20 billion) per month and domestic investments will be made through internal accruals.
Oil and Natural Gas Corporation said on Wednesday it will begin production from its ultra deep sea gas discovery in the Krishna-Godavari basin off the east coast by 2012-13.
Oil and Natural Gas Corporation will restart its flood-hit Hazira gas plant in Gujarat on August 19, two-days ahead of schedule to avert a fuel supply crisis particularly for CNG operations in New Delhi.
Production at India's largest gas fields Bassein and Panna/Mukta and Tapti in Mumbai offshore has been stopped, following flooding of Oil and Natural Gas Corp's processing plant at Hazira in Gujarat.
R S Sharma, whose appointment as head of ONGC was culled earlier this week, has decided not to quit as acting chairman and managing director and will hold the top post till the government appoints a full-time head.
State-run Oil and Natural Gas Corp has demanded a 12.5 per cent hike in price of natural gas it produces from fields given to it on nomination basis as it was incurring losses at the present permal units.
ONGC Chairman and Managing Director R S Sharma on July 30 wrote to Petroleum Secretary M S Srinivasan seeking immediate hike in price of gas it sells under regulated regime as it was incurring Rs 700 crore (Rs 7 billion) loss on the business.
ONGC confirmed on discovering natural gas in KG basin off the Andhra Pradesh coast and Mahanadi basin off Orissa coast, but said the find in KG basin posts 'technological challenges' and it was on looking for a strategic partner.
State-run Oil and Natural Gas Corporation on Monday said it has resolved differences with Cairn India Ltd for building a $340-million pipeline to take crude oil found in Barmer district of Rajasthan to Gujarat.
ONGC has been making an annual loss of about Rs 700 crore (Rs 7 billion) on sale of gas at administered prices and hoped the government will soon decide on hiking the fuel price. the present price of Rs 3.2 per cubic meters that ONGC gets for gas produced from fields given to it on nomination basis, was not sustainable. Price of about 80% of gas produced by ONGC is regulated by the Govt. PetroMin had recommended 16% increase in price of gas produced by ONGC and Oil India.
Oil and Natural Gas Corporation will seek concession from Andhra Pradesh government for setting up a 15 million tonne refinery at a cost of Rs 19,000 to Rs 20,000 crore (Rs 190 to Rs 200 billion) at Kakinada.
Oil and Natural Gas Corporation has blamed oil regulator V K Sibal of causing a crash in the company's shares by publicly rejecting a gas discovery contrary to upholding private sector claims in identical circumstances.
The Special Investigating Team has been waiting to question him in connection with the fake stamps racket.
The post fell vacant after the government refused Subir Raha an extension at the helm of the company after his first five-year term expired in May.\n\n
State-owned Oil and Natural Gas Corp plans to invest over Rs 130,000 crore (Rs 1300 billion) during 11th Plan Period (2007-12) in domestic oil and gas hunt, overseas acquisition and expansion of Mangalore refinery.
Among those chargesheeted were former Mumbai police commissioner R S Sharma and deputy commissioner Pradeep Sawant.
Based on current pricing, the monthly TV bill can go up by 25 per cent from Rs 230-240 to around Rs 300 per month for viewers who opt for the top 10 channels, but will come down for those who opt up to top 5 channels, Crisil senior director Sachin Gupta has said.
Oil and Natural Gas Corporation said on Tuesday it was making an annual loss of Rs 700 crore (Rs 7 billion) on sale of gas at administered prices even as Reliance Industries stated it followed a transparent process to discover the price of gas.
Subhash Malhotra had given a clean chit to former Mumbai police commissioner R S Sharma in the stamp scam.
"We have not yet lost hope and rescue operations are on. But we fear 4 to 5 people may be dead," ONGC Chairman and Managing Director R S Sharma said.
The Prime Minister's office is understood to have declined an extension to Subir Raha, the high profile chairman of Oil and Natural Gas Corporation.
Riyaz Siddiqui and Rajkumar Sharma are wanted in cases of murder, attempt to murder and other offences.
The former Mumbai police commissioner argued he has been wrongly booked under the stringent law.
Oil and Natural Gas Corporation has been awarded 'Best Deals of the Year 2004' trophy by Asiamoney, Asia's leading capital markets publication.
Deputy Chief Minister Chhagan Bhujbal, Home Secretary U K Upadhyaya, Chief Secretary Ajit Nimbalkar, Director General of Police O P Bali and Commissioner R S Sharma are expected to attend the meeting.
R S Sharma had been arrested for his alleged involvement in the fake stamp paper scam.
Public sector Oil and Natural Gas Corporation on Monday said it had earned its highest ever net profit of Rs 14,431 crore (Rs 144.31 billion) in 2005-06, up 11 per cent from Rs 12,983 crore (Rs 129.83 billion) in the previous year.
The former Mumbai police commissioner has challenged his arrest under the Maharashtra Control of Organised Crime Act.
Journalist Ketan Tirodkar had filed a complaint with Police Commissioner R S Sharma disclosing illegal acts committed by police officers in connivance with the underworld.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances