The Supreme Court on Monday issued notices on a public interest suit challenging the role of the central government and state-owned Oil and Natural Gas Corporation in the deal between Cairn India and Vedanta Resources.
ONGC has suffered a loss of over Rs 30,000 crore due to alleged siphoning off of natural gas by Reliance Industries Ltd (RIL) from the PSU's well in Krishna-Godavari (KG) basin and appointment of an experts body on the issue "will not help", the state-run oil firm said.
State-run Oil and Natural Gas Corporation (ONGC) will shortly farm out nearly 26 per cent stake in its KG-DWN-2004/6 block in the Krishna-Godavari basin to Japan's Inpex Corporation.
ONGC on Friday said it hopes to begin marketing of LPG and Kerosene soon.
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.
Russia's embattled Yukos Oil Company has threatened to sue Indian oil and gas major ONGC if it goes ahead with plans to pick up stake in its core asset Yuganskneftegaz, effectively nationalised by Russian government through auction.
Oil and Natural Gas Corporation is considering the option of setting up a joint venture or a wholly owned subsidiary for its petroleum retailing foray.
The two government upstream companies, along with GAIL, make good a third of the losses made by government oil marketing companies.
Finance Minister Pranab Mukherjee gave the Business Today Best CFO in the Public Sector Award to Sarraf, ONGC said.
Cairn wants the stakes that its different subsidiaries, including those registered abroad as well as showpiece Rajasthan oilfields, hold in oil and gas properties, to be transfered into one India-based company.
India's largest exploration firm Oil and Natural Gas Corporation is considering giving 2-3 per cent of its equity shares to workers as employee stock options.
Lack of clarity on the overhaul of the subsidy-sharing mechanism by upstream companies.
ONGC is raising debt for a spate of acquisitions over the past year
ONGC came from behind to hold Shillong Lajong FC 1-1 in their 23rd I-League encounter played under floodlights at a packed J N Stadium in Shillong on Sunday.
Oil major ONGC on Tuesday said the government's holding in the company has come down by 4.91 per cent to 69.23 per cent following stake sale last week. Prior to the Offer for Sale, the government had 74.14 per cent stake in ONGC.
This and the other six agreements seek to boost economic and strategic ties between the two countries.
The government will decide in August whether to sell a 5 percent stake in ONGC, a senior oil ministry official said, in a deal that would be worth $2.9 billion at current market prices.
Experts say finding a solution within the high court-mandated timeline of six months may be tough.
India's largest crude oil producer Oil and Natural Gas Corporation (ONGC) is on the verge of reporting "losses" on every barrel of crude oil that it sells due to the high subsidy burden that it has to bear. This would be the first time that ONGC will post negative margins on crude oil sales. This loss comes at a time when crude oil producers around the world are making windfall profits due to record highs in oil prices.
The Indian oil company has been struggling to generate positive free cash flows given its already high capital expenditure programme and projected rise in its fuel subsidy outgo.
RIL has maintained it had followed the production sharing contract (PSC) in letter and spirit and done no wrong and it has drilled all wells within its boundary.
RIL had drawn 58.67 bcm from the wells up to March 31, 2015.
A report, by DeGoyler and MacNaughton, has put a question mark on the future production from the five ONGC discoveries.
At end of trade on Thursday, ONGC commanded a market value of Rs 2,90,587 crore.
The auditor also raised doubts over the safety procedures.
For 2015-16, ONGC is targeting a total of 26 MT of oil production.
State-owned Oil and Natural Gas Corp on Monday said UK's Cairn Energy Plc cannot sell a majority stake in Cairn India to Vedanta Resources without its consent.
Public Enterprise Selection Board will interview Ravi Narayan Bastia, the man who discovered India's biggest gas field, and nine others who have applied for the top job for the at ONGC, on October 19, official sources said.
ONGC was gladdened by the rise in crude oil prices by 77 cents to $27.68 barrels on the Nymex crude futures even as the rest of the market found that depressing.
State-run Oil and Natural Gas Corp has demanded a 12.5 per cent hike in price of natural gas it produces from fields given to it on nomination basis as it was incurring losses at the present permal units.
ONGC will split equity shares of Rs 10 face value into two shares of Rs 5 face value. Furthermore, the board approved a 1:1 bonus share issue - one new share being issued for every existing equity held by shareholders - as a precursor to the company's planned follow-on public offer (FPO) in March, 2011.
Reliance Industries on Friday hit out at Oil and Natural Gas Corp (ONGC) for suing it over KG gas dispute, saying some elements in the state-owned firm may be "misleading" the chairman D K Sarraf to hide their failure in developing the discoveries made over 13 years.
R S Sharma, whose appointment as head of ONGC was culled earlier this week, has decided not to quit as acting chairman and managing director and will hold the top post till the government appoints a full-time head.
The government on Thursday lauded Oil and Natural Gas Corporation for arresting the decline in oil production by pumping in huge investments for exploration and production
The Gujarat High Court had last week directed ONGC to pay royalty on crude oil on the gross price it bills to refiners.
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.
Production at India's largest gas fields Bassein and Panna/Mukta and Tapti in Mumbai offshore has been stopped, following flooding of Oil and Natural Gas Corp's processing plant at Hazira in Gujarat.
Star striker Odafa Okolie failed to make an impact as Mohun Bagan were held goalless by ONGC in a dull Round 5 match of the I-League in Delhi on Friday.
The government had last sold 5 per cent stake in ONGC in 2012 for Rs 14,000 crore (Rs 140 billion).
Based on this settlement, the Supreme Court has disposed of the case on February 20.
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