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).
The Cabinet Committee on Economic Affairs has approved ONGC Videsh Ltd's proposal to invest an additional $1.1 billion in Sakhalin-I project in Russia.
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.
India is likely to intensify diplomatic efforts with Angola to secure clearance for ONGC Videsh Ltd's acquisition of 50 per cent interest in an oil field in the oil-rich African country.
India's flagship overseas firm ONGC Videsh Ltd is likely to get a 20 per cent stake in the Khusk and Hosseineieh oil fields in Iran on nomination basis.
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.
ONGC Videsh Ltd and GAIL, the two Indian partners in Daewoo's recent Shwe gas discovery off Myanmar, may have to buy their way into the field as they did not contribute to the drilling cost of the first well.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, will acquire 11 per cent stake in a 744 million barrel oil field in Sudan for $125.4 million.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, is in talks with two Middle-East Asian companies to acquire stake in an oil field in Sudan that is estimated to hold oil reserves in excess of 3.5 billion barrels.
The Appointments Committee of the Cabinet approved appointment of Sarraf, who at present is Managing Director of ONGC's overseas arm, ONGC Videsh Ltd.
Indian Oil Corporation and ONGC Videsh Ltd have tied up with BP and Occidental, the global oil majors, to bid for oilfields in Kuwait.
ONGC's overseas arm applied for a sanctions waiver to access $500 million dividend from two Venezuelan projects.
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.
The government on Tuesday said that it was in talks with CNPC of China and Petronas of Malaysia for buying their share of 8.4 million tonnes per annum of crude oil in a Sudan oil field where state oil firm ONGC Videsh Ltd has taken 25 per cent stake.
Russia's Gazprom or Rosneft may also join ONGC Videsh, the overseas arm of the state-run explorer, in Iraq's second post-war bid round on December 11-12, industry sources said.
The JV was supposed to get at least 45 per cent stake.
The asset it owned by Venugopal Dhoot and a US oil and gas explorer.
They have been named for their stake in the Farsi offshore block.
ONGC's chairman and managing director Sudhir Vasudeva tells Business Standard that any price for natural gas that is more than $4.2 a unit is good for the company.
State-owned oil firms such as ONGC and IOC will invest over Rs 1.11 lakh crore in the next fiscal year starting April as they supplement the government's massive spending programme to spur economic growth. Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IOC), GAIL (India) Ltd, Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Oil India Ltd (OIL) will together make a 7.4 per cent higher capital expenditure in the 2022-23 fiscal (FY23). The capex spending of Rs 1.11 lakh crore in 2022-23 compares with a revised estimate of Rs 1.04 lakh crore for the current fiscal year that ends in March, according to Union budget documents.
In November they had raised $2.19 billion from abroad, according to the Reserve Bank data released on Friday.
As much as 8 billion rubles (about Rs 1,000 crore) of dividend income belonging to Indian oil firms is stuck in Russia after the Putin administration clamped down on dollar repatriation, officials said on Friday. Indian state oil firms have invested $5.46 billion in buying stakes in four different assets in Russia. These include a 49.9 per cent stake in Vankorneft oil and gas field and another 29.9 per cent in TAAS-Yuryakh Neftegazodobycha fields.
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.
As many as 58 companies raised money from automatic route and 8 firms raised via approval route.
Lines up a $1-billion capital expenditure plan for exploration purposes abroad.
India on Thursday described as 'matter of serious concern' reports that said some members of the Indian community in Canadian province of British Columbia received 'extortion calls'.
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.
Petroceltic is headquartered in Dublin with offices in Edinburgh, London, Algiers, Varna, Cairo and Rome.
Steel Authority of India Ltd, the country's largest steel company, plans to float an overseas subsidiary to pursue its foreign expansion.
In all, 25 Chairman-cum-Managing Director (CMD) posts, 8 MD posts and 2 Chairman posts are lying vacant, according to a written reply by Minister of State for Heavy Industries and Public Enterprises P Radhakrishnan in the Lok Sabha.
The reserves in Farzad-B are almost thrice the largest gas field in India.
Pradhan said a team of officials of state-run Indian Oil Corporation had visited Vietnam and explored some business ventures
India has acquired a Russian oil company and bought equity stake in an oil field project in Venezuela through consortium route, the Rajya Sabha was informed on Tuesday.
Besides PESB selected chairman designate B Ashok (currently Executive Director retail sales in IOC) having no board experience, the case for extending Butola's service is more compelling because all the other six directors on board of the nation's largest oil firm are retiring in next one year.
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.
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.
Teheran bargains on OilMin plan for more rupee payment via increased import; wants investment deal on gas block.
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.
A preliminary deal for sale of 49 per cent in Essar Oil to Rosneft was signed between the companies in July 2015.
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