Oil India Ltd, the second state-run firm to hit the market with an offering of equity shares this year, may price its IPO that opens on September 7 at Rs 1,000-1,100 a share.
Undoing Mani Shankar Aiyar's move to exercise greater control on public sector oil firms, the petroleum ministry has restricted the number of government directors on boards of public sector oil companies to just two.
ONGC Videsh Ltd, the overseas investment arm of state-run Oil and Natural Gas Corp (ONGC), will take a 40 per cent stake in San Cristobal oilfield in Venezuela.
To make the government directors more accountable, the bureaucrats who sit on the boards of central public sector companies will now be evaluated for their performance.
India's largest oil producer Oil and Natural Gas Corp, gas utility GAIL and exploration firm Oil India Ltd will pay Rs 3,246 crore (Rs 32.46 billion) to oil marketing firms to partly cover the losses they made in April-June.
Oil and Natural Gas Corp, India's largest oil producer, plans to set up new refineries at Rajasthan and Kakinada in Andhra Pradesh, Petroleum Minister Mani Shankar Aiyar said on Thursday.\n\n
R S Sharma,the new ONGC chief, has set his sight on reversing the decline in production from ageing fields and cutting rising expenditure.
Oil and Natural Gas Corporation has taken control of Imperial Energy after 96.8 per cent shareholders accept its takeover offer.
The government has allowed Reliance Industries Ltd and Mangalore Refineries and Petrochemicals Ltd to sell kerosene outside the public distribution system, Petroleum Minister Mani Shankar Aiyar said on Thursday.
Ras Laffan Liquefied Natural Gas Co Ltd (RasGas) of Qatar has pulled out of state-run National Thermal Power Corporation's tender for supply of 3 million tonnes of LNG for its power plants.
Yemen has invited Oil and Natural Gas Corp to build a 100,000 barrels per day refinery on its Arabian sea coast but the Indian state-run firm has conditioned participation in the $1-billion project on being allotted an oilfield in return.
The markets opened strong on the back of buying in capital goods, bank and IT stocks
India-born billionaire Lakshmi Mittal will pay Russia's Lukoil $980-million
The reserves in Farzad-B are almost thrice the largest gas field in India.
Reliance Industries edged past Oil and Natural Gas Corporation in morning deals on Thursday to become India's most valuable company with a market capitalisation of Rs 1,60,949 crore (Rs 1609. 49 billion).
India's crude oil production rose by 3.2 per cent in May on back of better performance by state- owned oil major Oil and Natural Gas Corp (ONGC), while refinery output remained unchanged.
The government on Wednesday said there was no proposal to either merge Hindustan Petroleum and Bharat Petroleum with Oil and Natural Gas Corp or Oil India Ltd with Indian Oil Corporation.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corp, has signed a $194 million contract with the Sudan Government for construction of a 741-km long multi-product pipeline.
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
Subir Raha, who was last week denied an extension as head of Oil and Natural Gas Corp on the basis of a critical performance appraisal by former petroleum secretary S C Tripathi
Privatisation of old oil fields to raise output and reduce India's import dependence was advised by the Economic Survey.
The government on Wednesday allowed Mangalore Refinery and Petrochemicals Ltd, a subsidiary of the state-owned Oil and Natural Gas Corp, to set up 500 petrol stations
Oil and Natural Gas Corp, India's largest oil producer, has lost nearly 900 of its skilled experts in the last one year to its competitors, who offered 4-5 times more salary than the state-owned firm.
The government has set up a committee to work out sharing by producers and retailers the losses likely to accrue from the decision to freeze LPG and kerosene price for a year despite rising cost.\n\n\n\n
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), is in talks to acquire stakes in two oil blocks in Sudan, a nation which is the Indian flagship is largest overseas oil producing base.
India's Oil and Natural Gas Corp is still hoping to clinch the deal for takeover of PetroKazakhstan, with senior officials dashing-off to Russia to get Lukoil to stop the company's sale to China's CNPC.
Oil and Natural Gas Corp, India's largest oil producer, has proposed an investment of Rs 7967 crore (Rs 79.67 billion) in setting up a 7.5 million tonnes refinery at the site of recent oil find in Rajasthan.\n\n
Oil and Natural Gas Corp on Friday said it has entered into a Memorandum of Understanding with Indian Airlines to take two aircraft on lease to meet its operational requirements.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corp, and its partner IPR Red Sea Inc have made a significant oil discovery in offshore Egypt.
Petroleum Minister Mani Shankar Aiyar will take up Oil and Natural Gas Corp's proposal to acquire 15-20 per cent stake in embattled Russian firm Yukos' core asset, Yuganskneftegaz, when he meets his Russian counterpart in Moscow on February 21.
The petroleum ministry has sought legal advice on payment of production tax by Cairn Energy of the UK on the crude oil it plans to produce from the Barmer district discovery in Rajasthan.
The former ONGC chairman's passion for everything that he set out to do was such that he would settle for nothing short of being the best, says Sudhir Bisht.
China has pipped India to sign a 30-year agreement to import natural gas from fields lying in Myanmar offshore where India's state-owned companies have 25 per cent stake.
Oil and Natural Gas Corp, the biggest player in the country's crude oil exploration and production business, is planning to invest around Rs 9,000 crore (Rs 90 billion) in phase two of the redevelopment of Bombay High.
Oil and Natural Gas Corp has surpassed the Tatas in market capitalisation, with its market value of Rs 104,114.5 crore (Rs 1,041.14 billion) being more than that of all the 26 listed firms of the Tata Group.
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, will buy a 15 per cent stake in Brazilian oil field from Royal Dutch/Shell.
World's third largest oil firm Royal Dutch/Shell will source petrol and diesel from Mangalore Refinery and Petrochemicals Ltd for its upcoming 2000 petrol stations in the country.
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