The government delay in approving ONGC Videsh Ltd's investment in two oil exploration blocks in Nigeria has cost the Indian flagship firm a majority stake, Subir Raha, chairman, ONGC said.
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, will acquire US energy firm ExxonMobil's 30 per cent stake
State-owned ONGC and Oil India Ltd (OIL) are likely to buy a 10 per cent stake in Indian Oil Corp (IOC) from the government at Rs 220 per share, aggregating about Rs 5,300 crore (Rs 53 billion).
The Oil and Natural Gas Corp (ONGC), India's biggest oil producer, will restore in two weeks time about 70 per cent of the 100,000 barrels per day output lost due to the massive fire at platform in Mumbai offshore.
The Oil and Natural Gas Corp will finalise this month the purchase of a 25 per cent stake in Sudan's controversial oil project from Canada's Talisman Energy Inc, officials said.
The Oil and Natural Gas Corp, which is laying a 741-km long petroleum product pipeline in Sudan, will also build a $1.2 billion oil refinery in the African nation.
State-run Oil and Natural Gas Corp is in the race for picking up Canadian firm EnCana's stake in a cluster of oil fields in Ecuador and is also talking to Russia for picking up stake in assets of oil major Yukos.
It will be Reliance Industries' gigantic gas find on the east coast versus the imported LNG offered by ONGC and Indian Oil Corporation in the tender for supply of gas to the 1400 MW power plant in Karnataka.
India Inc has learnt to take risks and compete with global players to create wealth, industry experts said on Monday.
Bajaj Auto's Rahul Bajaj, Sunil Mittal of Bharti and Oil and Natural Gas Corp's Subir Raha are among the 20 finalists announced by Ernst and Young for the E&Y Entreprenuer of the Year award.
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp, on Friday announced acquisition of US firm Vanco Energy Co's 30 per cent stake in an exploration block off the Ivory Coast, West Africa.
Public sector behemoth Oil and Natural Gas Corporation Ltd on Monday said it has acquired an offshore oil field in Western Australia.
India's largest oil producer Oil and Natural Gas Corp will launch its new logo on August 14, the ONGC Day.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corp, said on Thursday that it will acquire Anglo Dutch oil giant Royal Dutch/Shell's entire 50 per cent stake in an oil block in Angola for about $600 million.
Ahead of its public offer to dilute 10 per cent government stake, state-owned Oil and Natural Gas Corp said on Wednesday that its net worth has risen to Rs 42,250 crore (Rs 422.5 billion) as on December 31
India's Oil and Natural Gas Corp expects crude output to rise 15 per cent to 600,000 barrels per day in 2006-07 but production from its ageing fields will fall rapidly in subsequent years, a company official said.\n\n\n\n
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.
The finance ministry has asked state-run oil companies to shell out an interim dividend of Rs 2,600 crore (Rs 26 billion) for the year to March 2003, a government official
Confusion prevailed in the Bombay Stock Exchange on Tuesday over a sudden rise in Oil and Natural Gas Corp share price to Rs 1,480, against the last close of Rs 1,256.95.\n\n
About 507 employees of Oil and Natural Gas Corp have opted for voluntary retirement under the latest VRS scheme floated by the company, the Rajya Sabha was informed on Tuesday.
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.
India has asked bulk buyers to pay market rates for diesel since last January and has also been raising the price of subsidised diesel in small amounts every month in an effort to cut its ballooning fuel subsidies.
CNG prices in Mumbai may have to be hiked by about Rs 16 per kg and piped cooking gas by Rs 10 after government decided to divert some of its cheaper domestic gas to Gujarat.
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.
The government has lost its appeal in the English High Court against a $111 million arbitration award in favour of Reliance Industries Ltd and Shell in a cost recovery dispute in the western offshore Panna-Mukta and Tapti oil and gas fields. High Court judge Ross Cranston on June 9, 2022 ruled that the government should have brought its objections over the arbitration tribunal not meeting the required thresholds, when issuing the 2021 award earlier, two sources with knowledge of the matter said. Rejecting the government's arguments, the court said the objections are barred by an English law principle whereby a party cannot raise matters in new proceedings that could have been raised in earlier proceedings.
Reliance Industries Ltd, the country's largest company by revenues, profits and market value, has topped Indian corporate in the World's Best Employers rankings 2021 published by Forbes. Reliance was placed at 52 in the overall ranking of 750 global corporates likes Phillips, Sanofi, Pfizer and Intel. Other Indian names in the top 100 rankings were ICICI Bank at 65, HDFC Bank at 77 and HCL Technologies at 90, according to the Forbes ranking.
At the same time, the Cabinet approved reducing government's stake in select PSUs such as IOC to below 51 per cent while continuing to retain management control.
In all, 61 companies have been pre-qualified to bid for 11 shallow water and 19 deepwater blocks in an international tender, according to Myanmar's Energy Ministry.
This is the highest any Indian company has been ranked on the Fortune Global 500 list.
India is the world's fourth-biggest oil consumer, importing four-fifths of its needs as its own output shrinks.
India on Wednesday announced auction of 46 small discovered oil and gas fields, holding about Rs 70,000 crore worth of hydrocarbon reserves.
A day after deciding to nearly double natural gas prices to $8, Finance Minister P Chidambaram on Friday hinted that power and fertiliser units may get gas at subsidised rates to keep electricity and urea costs down.
RIL has more than half a dozen undeveloped discoveries.
About two dozen discoveries of the state-owned ONGC, Reliance Industries and the Gujarat State Petroleum Corp (GSPC) in KG Basin alone are languishing for want of right price.
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