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.
State-owned Oil and Natural Gas Corp (ONGC) may have won a large oil block in Venezuela but the Petroleum Ministry wants Reliance Industries to join the project to give stability to the venture.
Oil and Natural Gas Corporation said on Friday it was invited by the Maersk Oil to participate in the bidding for buying a 30 per cent stake in two Caspian Sea blocks.
British energy firm BP Plc is the operator of the ultradeep sea block with 26.7 per cent stake.
The Cabinet Committee on Economic Affairs on Thursday approved ONGC Videsh Ltd's proposal to lay a $200 million petroleum product pipeline in Sudan.
ONGC Videsh Ltd, overseas investment arm of the state-run explorer, teamed up with Oil India Ltd and Turkish Petroleum Corporation to bid for the Halfaya oilfield in Iraq's second post-war bid round on Friday.
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 government on Wednesday denied any move to hive-off ONGC Videsh Ltd from its parent Oil and Natural Gas Corporation, saying the present arrangement of letting the subsidiary company scout for overseas oil and gas assets was working well.
The government is mulling hiving off ONGC Videsh Ltd, India's flagship firm for overseas oil asset acquisition, from Oil and Natural Gas Corp into a separate entity to be owned jointly by public sector oil firms.
Transmeridian has been on the radar of ONGC Videsh Ltd (the overseas investment arm of ONGC) for sometime now.
Oil and Natural Gas Corporation may take up the 20 per cent stake in a $ 2 billion liquefied natural gas project in Iran.
The Oil and Natural Gas Corp has deferred investments in Imperial Energy Plc to raise crude oil production and will rather consolidate the western Siberian operations of the UK-based firm it acquired recently.
The JV was supposed to get at least 45 per cent stake.
To raise funds for Imperial buy, create 'acquisition currency'.
Oil and Natural Gas Corporation has proposed to hike the equity base of its overseas investment arm ONGC Videsh Ltd to Rs 5000 crore (Rs 50 billion), to bring down the high debt-equity ratio.
ONGC Videsh, the overseas investment arm of state-owned Oil and Natural Gas Corporation, is one of 41 global oil corporations shortlisted by the Iraq government to develop its oil fields. Iraq has the world's largest proven oil reserves.
Public sector behemoth Oil and Natural Gas Corporation Ltd on Monday said it has acquired an offshore oil field in Western Australia.
In its biggest acquisition till date, OVL, the overseas arm of Oil & Natural Gas Corp in November agreed to pay US energy giant ConocoPhillips about $5 billion for the 8.4 per cent stake in Kashagan, the biggest oilfield discovery in over four decades.
OVL in 2007-08 recorded highest ever oil and gas production from its overseas assets. Crude oil production was up 18 per cent to 6.811 million tons, while gas output was marginally lower at 1.962 billion cubic meters. It earned a net profit of Rs 2,397 crore (Rs 23.97 billion).
ONGC Videsh Ltd and its partners Indian Oil Corporation and Oil India Ltd had in 2009 dropped plans to develop the Binaloud oil find in the Farsi offshore block as it found one billion barrels of reserves commercially unviable.
The asset it owned by Venugopal Dhoot and a US oil and gas explorer.
Oil and Natural Gas Corp, the Cabinet Committee on Economic Affairs has shot down its proposal to acquire a 45 per cent stake in a Nigerian oil and gas field for close to $2-billion saying the deal was 'too risky.'
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 Indian Oil Corporation and Oil and Natural Gas Corporation's overseas arm ONGC Videsh Ltd will mount a joint bid for acquiring the South Ghawar gas field, one of the largest onshore fields in Saudi Arabia.
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation, is in talks with Royal Dutch/Shell to acquire half of the Anglo-Dutch giant's 50 per cent stake in an oilfield in Angola.
The Cabinet Committee on Economic Affairs headed by Prime Minister Manmohan Singh allowed ONGC Videsh Ltd, the overseas investment arm of Oil and Natural Gas Corporation, to invest $167.84 million in taking 8.35 per cent stake in the pipeline.
ONGC Videsh Ltd, the overseas arm of state exploration firm Oil and Natural Gas Corporation, has submitted bids for acquiring two more oil blocks in Sudan.
Indian Oil Corporation will buy 40 per cent of ONGC Videsh Ltd's stake in the Greater Nile Oil Project in Sudan.
Bangladesh currently faces a daily shortfall in gas supplies of 500 million cubic feet
ONGC Videsh Ltd (OVL) on Wednesday said its $5 billion bid to buy a stake in Kazakhastan's biggest oilfield has been blocked by the central Asian nation.
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
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.
The company has chalked out a detailed plan for development of its existing KG basin assets after integration with GSPC facilities.
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.
Russian President Vladimir Putin had assured his support for ONGC Videsh Ltd taking a 20 per cent stake in the project, Deora said on Thursday.
"We did not take part in the auction of 'Yuganskneftegaz' in any form and don't have faintest idea who bought it," ONGC Videsh's Regional Manager in New Delhi A Verma was quoted as saying by RIA Novosti agency.
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