"All drilling operations, helicopter sorties and construction and maintenance work has been suspended due to the cyclone warning," ONGC Chairman RS Sharma said.
RIL and ONGC on March 28 agreed to appoint neutral international expert to decide if four wells drilled on boundary of KG-D6 block were drawing gas from neighbouring gas discoveries of the state-owned firm.
The Hinduja group plans to go ahead and set up a Rs 25,600 crore (Rs 256 billion) refinery at Kakinada even if its indecisive project partner Oil and Natural Gas Corporation opts out. ONGC had put a slew of conditions, including Andhra Pradesh government giving 950 acres of land free of cost, sales tax exemption and fiscal concessions equivalent to a Special Economic Zone, for setting up the 15 million tons refinery-cum-petrochemical project at Kakinada.
After the UK-based Hinduja group, Oil and Natural Gas Corporation's proposed Rs 26,500-crore (Rs 265 billion) refinery at Kakinada, Andhra Pradesh, has found new suitors in Reliance Industries and Essar Oil.
The government on Friday gave Oil and Natural Gas Corp and partners approval to invest $2.181 billion in a giant oilfield in Venezuela that will give energy deficient India 3.6 million tonnes a year of crude oil.
Mohun Bagan tasted their first win after the revocation of their ban by the AIFF as they thrashed ONGC 3-1 in a Round 19 I-League fixture at Kalyani in Kolkata.
Italy's Eni welcomed the Indian company. The other four partners have 60 days from date agreement.
Buy these stocks on any correction as both the companies have strong long-term prospects
The 41 workers trapped in Uttarakhand's Silkyara tunnel for the last 11 days are likely to be rescued in the next few hours or by tomorrow, National Disaster Management Authority (NDMA) member Lt Gen (retd) Syed Ata Hasnain said on Thursday evening.
ONGC is considering selling up to 25 per cent of the equity shares in ONGC Petro-additions Ltd (OPaL), the special purpose vehicle formed for setting up the petrochemical complex at Dahej SEZ, a senior company official said. It plans to give 19 per cent equity stake in OPaL to state-run gas utility GAIL India, while another 25 per cent interest may be offered to Petronet LNG and Bharat Petroleum or a strategic partner.
ONGC rode on Yusa Katsumi's late goal to beat heavyweights East Bengal 1-0 and pull off their second major upset of the season, in a 15th round I-League encounter at the Ambedkar stadium in Delhi on Tuesday. Following the victory, ONGC, who had shocked fancied Dempo 3-0, moved up a rung, to seventh, with 16 points from 14 matches.
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.
Dismissing the petition of the company, a Division Bench headed by Justice Manmohan Sarin said that Oil and Natural Gas Corporation was right in rejecting its bid for the project. The bench passed the order on a petition filed by the Malaysian company seeking court's direction to award the contract to it which was earlier given to L&T but was later cancelled paving the way for fresh bidding.
After showing only promise in their last couple of games, ONGC caused the season's biggest upset, bringing champions Dempo down to earth with a 3-1 victory in a sixth round I-League match at the Ambedkar stadium, in Delhi, on Friday.
Fire is still raging at the Oil and Natural Gas Corporation Limited gas well near Olpad town in the district
Oil producer ONGC on Friday said the fall in international oil prices would not change the company's bid for acquisition of UK-listed Imperial Energy.
The list of companies in terms of market capitalisation has ONGC at the top with a market cap of Rs 145,615.97 crore (Rs 1456.15 billion), followed by Reliance Industries at Rs 106,547.77 crore (Rs 1065.47 billion).
The government is not considering selling equity in Indian Oil Corp (IOC) and Oil and Natural Gas Corp (ONGC), Petroleum Secretary S Sundareshan said on Wednesday.
ONGC is likely to pay Rs 17,000 cr to subsidise products by the end of this fiscal.
The government by mid-January will appoint merchant bankers for the mega Rs 13,500 crore (Rs 135 billion) public offering of Oil and Natural Gas Corp (ONGC), which is targeted to hit the market in March.
Though ONGC and OIL are major producers of natural gas, they currently have no presence in its retailing and marketing, a field dominated by GAIL and its joint ventures.
The newer gas finds will help turn the tide for ONGC, which has seen oil and gas output stagnating in recent times.
British energy firm BP Plc is the operator of the ultradeep sea block with 26.7 per cent stake.
ONGC Videsh Limited, overseas investment arm of state-run Oil and Natural Gas Corporation, wants to buy BP's 35 per cent stake in the $1.3 billion Nam Con Son gas project in Vietnam.
The discovery was made in the west Tripura block in the Assam and Assam Arakan basin, the company said. Exploratory well Sundalbari-4 was drilled to a depth of 3,400 meters and flowed gas at the rate of 160,000 cubic meters per day. The gas contains upto 96.3 per cent methane, ONGC said, but did not give any estimates of potential reserves in the new discovery.
Oil and Natural Gas Corp (ONGC) is in talks with super majors like ExxonMobil to replace Norway's Statoil and Petrobras of Brazil who have decided to quit its KG basin gas block.
ONGC, which is 30 per cent partner in Cairn India- operated Rajasthan oilfields, is obliged to pay royalty on entire crude oil produce from the blocks, even though its share is just 30 per cent.
TI report, which placed 42 oil and gas companies into three tiers based on their level of transparency in revenue disclosure, clubbed ONGC with China's CNOOC and CNPC, Russia's Lukoil and US-based ExxonMobil Corp in the lowest tier for disclosing information only by geographical segment and providing almost no additional information.
Global funds, according to Christopher Wood, global head of equity strategy at Jefferies, are now beginning to pay more attention to India with the market now offering 30 companies with a market capitalisation over $25 billion.
Goldman Sachs' controversial note on corporate governance in Oil and Natural Gas Corp that evoked a strong reaction from the company, is not the first instance of the US investment bank having a run-in with the state-owned firm.
Oil and Natural Gas Corporation has told oil regulator Directorate General of Hydrocarbons (DGH) that its KG basin block may hold about 3 trillion cubic feet of gas reserves from which it plans to produce 25-30 million unit a day by 2016.
About 507 employees of Oil and Natural Gas Corp have opted for voluntary retirement under the latest VRS scheme floated by the company, the Rajya Sabha was informed on Tuesday.
The OVL-Mittal joint venture had also bagged two blocks in Nigerian deepwater, OPL 279, in which OMEL has 40 per cent stake, and OPL 285, in which the company owns 60 per cent, the other partners being French oil major Total, and Nigerian EMO. The Turkmenistan block covers an area of 5,663 sq km and is located close to discovered and producing fields.
ONGC and Oil India bought a five per cent each of the government's stake in IOCL, yielding Rs 5,340 crore (Rs 53.4 billion) to the government.
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