This and the other six agreements seek to boost economic and strategic ties between the two countries.
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), has emerged as the Indian company having the most international exposure for the second consecutive year, says a survey.
State-owned explorer's foreign arm wants to invest in exploration & production in the country, which has world's fourth-largest reserves.
Oil & Natural Gas Corporation Ltd said its ONGC Videsh Ltd authorized plans to hold talks with British Gas for acquisition of their stake in Kashagan oil filed. However, no action has been taken in this regard, it said.
The Public Enterprises Selection Board, which is the government head-hunter, interviewed seven candidates for the post, which fell vacant after Dinesh K Sarraf was elevated as Chairman and Managing Director of ONGC.
India is being increasingly marginalised in Iran's energy sector for reasons which range from political to economic. Its attempts at securing oil and gas blocks in the country and importing gas (as LNG and through a pipeline) seem to be hitting a dead end. The latest setback for India is the agreement between Iran and Chinese Sinopec for the Yadavaran oil and gas field. This effectively pushes out ONGC Videsh - the government's overseas acquisition vehicle.
OVL, along with global oil majors such as Royal Dutch Shell, ExxonMobil, Chevron, ConocoPhillips, British Petroleum, Total and China National Petroleum Corporation, is one of the 35 companies short-listed by the Iraqi government for the auction, which includes six oil-producing blocks with recoverable reserves of 40 billion barrels of oil, making it the largest such auction in the world.
India on Monday lost the ONGC Videsh Ltd-discovered Farzad-B gas field in the Persian Gulf after Iran awarded a contract for developing the giant gas field to a local company. "The National Iranian Oil Company (NIOC) has signed a contract worth $1.78 billion with Petropars Group for the development of Farzad B Gas Field in the Persian Gulf," the Iranian oil ministry's official news service Shana reported. "The deal was signed on Monday, May 17, in a ceremony held in the presence of Iranian Minister of Petroleum Bijan Zangeneh in Tehran." The field holds 23 trillion cubic feet of in-place gas reserves, of which about 60 per cent is recoverable.
The US Government Accountability Office, in a recently released report, moved ONGC Videsh Ltd, the overseas arm of state explorer Oil and Natural Gas Corporation, and three others, including Petronet LNG Ltd, out of the list.
State-owned Oil and Natural Gas Corporation (ONGC) has reported a 10 per cent decline in its June quarter net profit on lower oil prices and stagnant production from its aging fields. The company reported a net profit of Rs 8,024 crore in the first quarter of 2025-26 fiscal year, compared to Rs 8,938 crore earning in the same period last year, a company statement said.
'The immediate impact for India will be very minimal as the share of Venezuela in our total overseas production is very low.'
OVL, the overseas arm of state-run explorer Oil & Natural Gas Corporation, and Oil India Limited agreed in June last year to jointly buy Videocon's 10 per cent interest in the Rovuma Area 1 for $2.475 billion.
TI report, which placed 42 oil and gas companies into three tiers based on their level of transparency in revenue disclosure, clubbed ONGC with China's CNOOC and CNPC, Russia's Lukoil and US-based ExxonMobil Corp in the lowest tier for disclosing information only by geographical segment and providing almost no additional information.
India said it is closely monitoring the evolving situation in Venezuela and reaffirmed its support for the well-being of people of the country.
OVL had bid for two of the 10 shallow-water blocks that Myanmar had auctioned in December but drew a blank when the fields were awarded on March 26.
ONGC Videsh and Cairns India have bid for oil exploration blocks in Sri Lanka.
Upstream majors ONGC and Oil India (OIL) results for the January-March quarter (Q4) of FY24 suggest better production in future. But OIL missed its own production targets although it delivered higher volumes and it disappointed the market in terms of Ebitda. ONGC reported standalone Ebitda of Rs 17,400 crore (up 7 per cent year-on-year or Y-o-Y) in Q4FY24, slightly below estimates due to other higher expenses.
ONGC's overseas arm applied for a sanctions waiver to access $500 million dividend from two Venezuelan projects.
Ongoing strategic investment into assets abroad, alongside gas purchases being made by India, will soon allow the country to access as much gas as it needs, Petroleum and Natural Gas Minister Hardeep Singh Puri said on the sidelines of India Energy Week (IEW 2025).
Oil and Natural Gas Corporation has taken control of Imperial Energy after 96.8 per cent shareholders accept its takeover offer.
Finance Minister Pranab Mukherjee gave the Business Today Best CFO in the Public Sector Award to Sarraf, ONGC said.
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corporation (ONGC), is getting ready to bid for an oil field in Azerbaijan.
Oil and Natural Gas Corporation has offered Brazilian oil firm Petroleo Brasileiro SA (Petrobras) a stake in its east coast blocks in exchange for getting a 15 per cent stake in a Brazilian exploration acerage.
State-owned Oil and Natural Gas Corporation is keen to acquire Canadian oil and gas firm First Calgary Petroleums Ltd, which owns high potential oil and gas blocks in Algeria.
Oil and Natural Gas Corporation, India's largest oil producer, may go in for foreign debt to fund its overseas acquisitions and it has asked Moody's to do a credit rating.
The Cabinet Committee on Economic Affairs last evening gave OVL, the overseas arm of the state-run explorer, approval to invest its share of $204 million in the oilfield. Over and above these, the two have committed a minimum exploration investment of $165 million and an additional optional exploration expenditure of $235 million.
ONGC-Mittal Energy Ltd -- joint venture of ONGC Videsh Ltd and Mittal Investment Sarl -- had in 2007 won the offshore block North Coast Marine Area-2 (NCMA-2), that is estimated to hold in-place reserves of two trillion cubic feet, beating Britain's Centrica Plc.
The 50:50 joint venture of India's Oil and Natural Gas Corporation and China's Sinopec has acquired Columbian oil firm Omimex de Columbia for $850 million.
State-owned Oil and Natural Gas Corp is in talks to buyout US oil and gas producer Pogo Producing Co's stake in an offshore Thailand field.
Italy's Eni welcomed the Indian company. The other four partners have 60 days from date agreement.
Oil and Natural Gas Corporation has received the first shipment of Sakhalin-I crude oil from Russia at its subsidiary Mangalore Refinery and Petrochemicals Ltd.
ONGC Videsh Limited, overseas investment arm of state-run Oil and Natural Gas Corporation, wants to buy BP's 35 per cent stake in the $1.3 billion Nam Con Son gas project in Vietnam.
The government on Friday gave Oil and Natural Gas Corp and partners approval to invest $2.181 billion in a giant oilfield in Venezuela that will give energy deficient India 3.6 million tonnes a year of crude oil.
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