The Appointments Committee of the Cabinet approved appointment of Sarraf, who at present is Managing Director of ONGC's overseas arm, ONGC Videsh Ltd.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, will give Sudan 5 per cent of its stake in two prized oil blocks in the African nation for free, as a quid pro quo for Khartom accommodating it in another producing oil field.
D K Sarraf replaces Vasudeva, who turned 60 on Tuesday and is due to superannuate on Friday.
It is rare for Cabinet ministers to tick off state-owned companies publicly, yet that was what then petroleum and natural gas minister Dharmendra Pradhan did for ONGC. Speaking at an event on June 29, Pradhan said he has asked India's premier exploration company to find fresh oil acreages fast. "Do it yourself through some joint venture (or) through a new business model. But the government cannot permit you to hold resources for an indefinite time." The reason for this stricture is India's rising dependence on imported oil and gas. Or, to put it another way, falling domestic production (see chart: "Crude truth"), especially from ONGC, which faces a simple problem.
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.
Faced with soaring demand, stagnant output at home and a need to diversify from Iranian crude imports lost to Western sanctions, Indian oil companies are hungry for deals like Oil and Natural Gas Corporation's ( ONGC's) Kashagan buy that promise supplies sooner rather than later.
While not all the oil bought overseas turns up in domestic refineries, it can give companies a stake in the global crude trade.
Some analysts have raised doubts on the wisdom of the recent deal. Though the Kashagan field has been under development for 12 years, involving an investment of almost $50 billion, the output isn't great. Even the earlier acquisition of Imperial Energy Corporation has not met the targets.
ONGC Videsh and ConocoPhillips said the transaction is expected to close in the first half of 2013.
ONGC Videsh Ltd, the overseas investment arm of state-run Oil and Natural Gas Corp (ONGC), will take a 40 per cent stake in San Cristobal oilfield in Venezuela.
Besides IOC, ONGC Videsh Ltd has also sought two discovered fields from the 16 fields that Iran is likely to put on auction shortly
ONGC Videsh Ltd, the overseas investment arm of India's largest oil producer Oil and Natural Gas Corporation, has bought UK-based Imperial Energy, which has oil producing assets in Russia, at a valuation of $3 per barrel of oil reserves
Petroleum Minister Murli Deora and Chairman of Oil and Natural Gas Corporation R S Sharma are planning a visit to Russia in the first week of next month, hoping the Russian government would give its assent for the proposed acquisition of UK-listed Imperial Energy.
More than one oil company bidding for same overseas assets.
Steel Authority of India Ltd, the country's largest steel company, plans to float an overseas subsidiary to pursue its foreign expansion.
ONGC Videsh Ltd, the overseas arm of the state explorer, Reliance, IOC and Oil India Ltd had in April this year come together to consider jointly bidding for a 40 per cent stake in a field in the vast Orinoco heavy crude oil belt. To make up for the loss of Reliance, OVL has opened talks with global energy firms and is even willing to take a smaller role in case a major company joins the consortium.
The Indian firms want to liquefy the gas and ship it to India in the form of liquefied natural gas. OVL, which holds 40 per cent interest and is the operator of the block, has also submitted a feasibility report for the one billion barrel oil discovery it made in 2006.
ONGC and the Hinduja group are lining up investment of close to $20 billion in exploration assets in Iran and a refinery and LNG terminal in India.
ONGC Videsh Ltd, the overseas investment arm of state-owned ONGC, and Chinese firm Sinopec have jointly won the bid to acquire Columbian oil firm Omimex de Columbia.
Indian officials will focus on expanding the country's footprint in oil-rich Siberia when they meet their Russian counterparts at the four-day 7th Eastern Economic Forum beginning Monday in Vladivostok. The two sides will discuss the possibility of joint oil exploration in the area and cooperation in running offshore oil and gas fields Western companies are in the process of exiting, officials said in New Delhi. Pavan Kapoor, India's ambassador to Russia, will lead the official-level talks at the summit scheduled September 5-8.
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.
Africa's oil map is on the verge of dramatic transformation with the emergence of the breakaway Republic of South Sudan as the world's newest nation on July 9, but India's ONGC Videsh Ltd (OVL) seems to have successfully managed the geostrategic transition in surprising cooperation with its chief rival, the China National Petroleum Corporation (CNPC).
ONGC Videsh (OVL), a wholly owned subsidiary of Oil and Natural Gas Corporation (ONGC), is eyeing more gas fields in Libya.
ONGC Videh, the overseas investment subsidiary of the country's largest oil producer Oil and Natural Gas Corporation, has won two onshore oil and gas exploration blocks in Colombia.
Russia will significantly boost the supplies of Liquefied Natural Gas to energy-hungry India from 2016, President Dmitry Medvedev has announced. Mentioning the success of ONGC Videsh Ltd venture in Sakhalin-1 offshore oil block, Medvedev, who along with Prime Minister Manmohan Singh addressed a CEOs' forum of the top companies of the two countries in Moscow on Friday evening, also expressed Russia's interest in expanding cooperation with India in hydrocarbons.
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), is believed to be close to making a $2.5 billion bid to takeover Russia-focused oil company Imperial Energy.Imperial Energy is an upstream oil and gas exploration and production company focused on the Commonwealth of Independent States.
ONGC Videsh Ltd, the overseas investment arm of Oil and Natural Gas Corporation (ONGC), has signed a joint venture agreement with Petroleos de Venezuela S.A. (PdVSA) to take 40 per cent stake in the San Cristobal oilfield in Venezuela. Under the agreement, OVL and PdVSA will develop the field from its current production level of 20,000 barrels per day to 40,000 barrels per day, company officials said. OVL will make a total investment of $ 355.738 million comprising signature.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corp, has signed a $194 million contract with the Sudan Government for construction of a 741-km long multi-product pipeline.
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), is in talks to acquire stakes in two oil blocks in Sudan, a nation which is the Indian flagship is largest overseas oil producing base.
They have been named for their stake in the Farsi offshore block.
The Cabinet Committee on Economic Affairs has approved ONGC Videsh Ltd's proposal to invest $820 million for acquiring US energy giant ExxonMobil's interests in an oil field located off the Brazilian coast.
Lower bank rates the main draw; $6 bn to be raised in next few months.
The offer was made during the ongoing high level visit of the Norwegian crown price to India.
While OVL on April 16 signed a Joint Operating Agreement and Participation Share Agreement/Assignment Agreement with Kazakhstan's KazMunaiGas Exploration Production to buy a quarter of the Satpayev block, it on Wednesday signed a pactwith the Kazakh government to formally become a part of the concession.
Oil and Natural Gas Corporation is examining investing $3 billion to take up to 5 per cent equity in Russian state oil firm OAO Rosneft, which is making an initial public ofering, Petroleum Secretary M S Srinivasan said on Friday.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, has begun drilling for oil in Farshi offshore block of Iran.
The duo closes in on the stake put on the block by Videocon, US' Anadarko.
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