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.
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.
State-owned Oil and Natural Gas Corp (ONGC) has written to the Oil Ministry seeking appointment of an international expert to assess if Reliance Industries Ltd was drawing out any of its gas in KG basin.
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.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
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.
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.
Lack of clarity on the overhaul of the subsidy-sharing mechanism by upstream companies.
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.
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.
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.
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.
Experts say finding a solution within the high court-mandated timeline of six months may be tough.
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.
At end of trade on Thursday, ONGC commanded a market value of Rs 2,90,587 crore.
A report, by DeGoyler and MacNaughton, has put a question mark on the future production from the five ONGC discoveries.
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.
'An even bigger salute to all the rescue workers and all the agencies that worked tirelessly to rescue our 41 workers trapped in the Utarkashi Silkyara tunnel. Jai Hind!''
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.
For 2015-16, ONGC is targeting a total of 26 MT of oil production.
The auditor also raised doubts over the safety procedures.
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.
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.
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.
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.
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
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.
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