After weeks of delay, Oil Minister S Jaipal Reddy has agreed to clear appointment of two independent directors on board of Oil and Natural Gas Corp (ONGC), a requirement that was must for the state-owned firm's public offering next month.
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.
Aiming to become a $100 billion integrated oil and gas major in 5 years, state-run Oil and Natural Gas Corp has proposed setting up of 7 non-government firms to manage its marketing, well drilling, LNG, logistics, shipping and petrochemical businesse
The revised sale documents for public float of 10 per cent government equity in state-owned oil company Oil and Natural Gas Corp is expected to be filed with market regulator Securities and Exchange Board of India, next week.
Buoyed by the proposed public offerings in six companies, including Oil and Natural Gas Corp and Gas Authority of India Ltd, the government on Tuesday set an ambitious target of mobilising Rs 16,000 crore
The Securities and Exchange Board of India is ready to relax some of the public issue norms to facilitate divestment of government stake in public sector undertakings
ONGC is likely to pay Rs 17,000 cr to subsidise products by the end of this fiscal.
Divestment Minister Arun Shourie said on Thursday that early elections would help speed up the process of privatisation.
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp, is eyeing oil and gas properties in West Africa, CIS countries and Latin America with plan to invest one billion dollars a year in acquiring equity oil.
Petroleum Minister Mani Shankar Aiyar on Thursday denied having presented to the Cabinet a proposal for raising LPG and kerosene prices.
ONGC Videsh and ConocoPhillips said the transaction is expected to close in the first half of 2013.
State exploration firm Oil and Natural Gas Corp on Thursday said it will take 26 per cent equity in Bharat Petroleum Corp Ltd's upcoming 6 million tonnes refinery at Bina in Madhya Pradesh.
The government on Friday gave its nod to ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp, to acquire Royal Dutch/Shell's 33 per cent stake in a deepsea gas field off Egypt.
Government wants Cairn India to agree to pay royalty and cess on its all important Rajasthan block.
ONGC Videsh Ltd and China National Petroleum Corp have for the first time ever made a joint bid for acquiring an oilfield abroad.
The government is mulling hiving off ONGC Videsh Ltd, India's flagship firm for overseas oil asset acquisition, from Oil and Natural Gas Corp into a separate entity to be owned jointly by public sector oil firms.
Oil and Natural Gas Corp is spending 93 per cent of its total capital expenditure of Rs 10,850 crore (Rs 108.50 billion) in the current fiscal on its core activities of oil and gas exploration and production, according to its chairman and managing di
India's plans to make a counter-offer for PetroKazakhstan might be riddled with impediments, as the Central Asian oil firm would have to shell out $125 million in penalty if it rejects the $4.18-billion offer by China's CNPC.
India's latest bid round for 21 oil and gas blocks attracted just three bidders, two of whom were state-owned explorers Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL), according to upstream regulator DGH. As many as 21 blocks or areas were offered for exploration and production of oil and gas in the Open Acreage Licensing Policy (OALP) Bid Round-VI, for which bidding closed on October 6. Besides ONGC and OIL, Sun Petrochemicals was the only other company to have bid, according to 'Summary of Bids Received Against Offered Blocks' posted by the Directorate General of Hydrocarbons (DGH).
Asian Development Bank and ExxonMobil-promoted RasGas of Qatar have taken 10 per cent equity each in Petronet LNG Ltd, the public sector joint venture firm which will begin importing liquefied natural gas from January next year.
Lapped up 157 mn shares worth Rs 4,000 crore between Jan 1 and Feb 8
The government by mid-January will appoint merchant bankers for the mega Rs 13,500 crore (Rs 135 billion) public offering of Oil and Natural Gas Corp (ONGC), which is targeted to hit the market in March.
Draft prospectus for the upcoming mega public offers in public sector oil companies -- Gas Authority of India and Oil and Natural Gas Corp -- are expected to be filed with the Securities and Exchange Board of India
To push ahead with the divestment of Oil and Natural Gas Corp and Gas Authority of India Ltd, the government is likely to appoint as many as five advisors for the public offer of shares of the two companies.
Oil and Natural Gas Corp, the Cabinet Committee on Economic Affairs has shot down its proposal to acquire a 45 per cent stake in a Nigerian oil and gas field for close to $2-billion saying the deal was 'too risky.'
Oil and Natural Gas Corp on Tuesday said it will invest over Rs 6000 crore (Rs 60 billion) annually in acquiring oil properties abroad.
State-owned Oil and Natural Gas Corp on Monday said UK's Cairn Energy Plc cannot sell a majority stake in Cairn India to Vedanta Resources without its consent.
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, will invest close to $150 million in the seven oil and gas blocks it recently acquired in Cuba.
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, has acquired a 30 per cent stake in seven oil and gas blocks in Cuba, which hold more than 4 billion barrels of oil reserves.
Oil and Natural Gas Corp (ONGC) has said its net profit will drop by over 47 per cent to below Rs 10,000 crore (Rs 100 billion) this fiscal if the government forces it to shell out a higher fuel subsidy.
The government has allowed ONGC Videsh, the foreign arm of state-owned Oil and Natural Gas Corp, to make investments of up to Rs 300 crore (Rs 3 billion) in oil and gas properties abroad without going to the Cabinet for approval.
Post-FPO, the government's stake in ONGC would come down to 69.14 per cent from the current 74.14 per cent.
State-owned Oil and Natural Gas Corp (ONGC) may have won a large oil block in Venezuela but the Petroleum Ministry wants Reliance Industries to join the project to give stability to the venture.
Oil and Natural Gas Corp, said on Monday it had signed an agreement to supply crude oil to refiner Bharat Petroleum Corp Ltd for two years ending March 2004.\n\n\n\n
In a move that may spook Oil and Natural Gas Corp's (ONGC) planned public offering, the government has hiked the contribution of upstream oil companies toward fuel subsidies to 38.8 per cent for 2010-11 fiscal.
The follow-on public offer was originally scheduled to open on March 15, but has now been rescheduled.
BG Group of UK is planning to buy stake in ONGC's oil and gas blocks.
ONGC's net sales dropped to Rs 19,768.18 crore from Rs 22,616.32 crore in second quarter of last financial year.
State-owned Oil and Natural Gas Corp has bid for Russia's Trebs and Titov oilfields and is pitted against local giant LukOil and a venture owned by energy major BP Plc for rights to develop the giant reserves.
In the wake of opposition from the law ministry and the Department of Public Enterprises, the petroleum ministry
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