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 said it is closely monitoring the evolving situation in Venezuela and reaffirmed its support for the well-being of people of the country.
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.
'The immediate impact for India will be very minimal as the share of Venezuela in our total overseas production is very low.'
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 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.
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).
ONGC's overseas arm applied for a sanctions waiver to access $500 million dividend from two Venezuelan projects.
ONGC Videsh Limited (OVL), the foreign arm of government-owned Oil and Natural Gas Corporation (ONGC), is likely to raise about $900 million through a bond issue abroad in January 2013.
China and Vietnam have an acrimonious relationship due to their standoff over the South China Sea, a huge source of hydrocarbons.
ONGC has asked the government to enhance the financial powers of its foreign investment arm, ONGC Videsh Ltd, to $100 million from about $45 million to counter the challenge from Chinese and Malaysian firms in acquiring oil properties abroad.
The company has chalked out a detailed plan for development of its existing KG basin assets after integration with GSPC facilities.
The agency has registered the FIR after a preliminary enquiry on a complaint from the oil ministry.
Reliance Industries Limited has hived-off its overseas oil and gas projects into a separate wholly-owned company based in Dubai and is eyeing a tie-up with ONGC Videsh Ltd to jointly bid for oil and gas opportunities abroad.
India will receive its first shipment of oil from Russia's Sakhalin-I fields, where it is investing more than $2.7-billion, from the second quarter of 2006.
Following up on Finance Minister Arun Jaitley's Budget announcement of creating an integrated oil company, India's biggest oil and gas producer ONGC may buy all of the government's 51.11 per cent stake in Hindustan Petroleum Corporation Ltd.
Indian Oil Corporation (IOC), the nation's largest oil firm, has renewed a deal to buy up to 2 million tonnes of crude oil in 2022 from Russia's Rosneft, the Russian oil producer said. IOC had in February 2020 signed a deal with Rosneft Oil Company to import up to 2 million tonnes of oil via the port of Novorossiysk. In 2021, the deal envisaged supply of up to 1.7 million tonnes of crude oil but IOC bought just on parcel or shipload as the cost of transporting the oil made it uneconomical, when compared to alternatives. For 2022, the deal is for the supply of up to 2 million tonnes of oil from the Black Sea port of Novorossiysk.
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While the measures are aimed at moderating outflows, RBI added that genuine requirement beyond these limits will continue to be considered under the approval route.
The Reserve Bank on Thursday relaxed norms for overseas investment by Indian corporates by raising their borrowing limit.
Lines up a $1-billion capital expenditure plan for exploration purposes abroad.
As many as 58 companies raised money from automatic route and 8 firms raised via approval route.
PM Modi to travel to Vietnam before going to China to attend G20 summit.
Defence, security, science and technology, trade and culture are some of the issues on the plate for the talks.
The Centre will soon write to the states to bring uniformity in the Value Added Tax on oil products so that benefits of price cuts filter down to the masses.
Russia has been grappling with sanctions slapped by the US and its allies over Moscow's invasion of Crimea.
The Indian desire to deepen its ties with Vietnam, especially in the oil sector, besides defence and trade, was conveyed to the top leadership in Hanoi by External Affairs Minister Sushma Swaraj.
OVL, along with Oil India Ltd, had in June agreed to buy Videocon Group's 10 per cent in the same block for $2.48 billion.
The Indian basket represents the price of Oman and Dubai sour grade crude.
Broader markets broke the winning streak and ended lower, underperforming the benchmark indices
The Sensex closed down 308 points at 24,894 and the Nifty has lost 96 points at 7,559.
India and Vietnam on Monday inked seven pacts, including one to enhance cooperation in the strategic oil sector, as they called for "freedom" of navigation in the South China Sea, a remark which could irk China, which has been claiming territorial sovereignty over the high seas.
Russian firms expand their footprint in India. And take bigger steps to do business with India's private sector.
The market breadth ended weak on the BSE with 2,086 shares declining and 893 shares advancing.
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