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.
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.
The 50:50 joint venture of India's Oil and Natural Gas Corporation and China's Sinopec has acquired Columbian oil firm Omimex de Columbia for $850 million.
This is the first time such a service is being offered in India. While ONGC will raise its stake in Pawan Hans Helicopters Limited to 21 per cent from 49 per cent, NTPC has proposed to make an investment of Rs 55 crore in the company, Tyagi said.
India on Thursday described as 'matter of serious concern' reports that said some members of the Indian community in Canadian province of British Columbia received 'extortion calls'.
The board of ONGC has approved its 30 per cent share of the $2.431 billion revised field development cost proposed by Cairn India for the Block RJ-ON-90/1, petroleum minister Murli Deora informed the Rajya Sabha on Monday. ONGC will invest $729.43 million.
Russian oil supplies to India will continue to flow unhindered and suppliers will come up with ways to sidestep secondary sanctions, a Russian official told Business Standard.
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.
State-owned Oil and Natural Gas Corp (ONGC) will add about Rs 8,000 crore (Rs 80 billion) to its profits annually from near doubling of natural gas prices from next fiscal.
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.
On Thursday, Oil Minister Dharmendra Pradhan had stated that the government was reworking the subsidy-sharing formula.
Oil and Natural Gas Corporation has received the first shipment of Sakhalin-I crude oil from Russia at its subsidiary Mangalore Refinery and Petrochemicals Ltd.
India's corporate sector is likely to report a slowdown in revenue growth and earnings for the July-September 2023 period (Q2FY24), according to earnings estimates by brokerages, after the country's top listed companies posted higher than expected profits for the first quarter. The combined net profit of Nifty50 companies, based on brokerage estimates, is expected to have grown by 19.6 per cent year-on-year (Y-o-Y) to Rs 1.75 trillion in Q2FY24 - a sharp deceleration from 37.6 per cent Y-o-Y growth in the combined earnings of index companies in the April-June 2023 period. According to estimates, the combined earnings in the second quarter would be down 8.8 per cent on a quarter-on-quarter (Q-o-Q) basis and the lowest in the past three quarters.
ONGC has written to the government numerous times saying the state-run banks on getting assured business act in cartel, offering interest rates lower than even that on retail deposits.
MMTC, the most valuable public sector undertaking (PSU), raced past oil exploration giant Oil and Natural Gas Corporation (ONGC) in the market capitalisation (m-cap) ranking to occupy the number-two slot on Friday. MMTC, with an m-cap of Rs 2,71,103 crore (Rs 2711.03 billion), pushed ONGC (m-cap Rs 2,64,953 crore) down by a slot to the third position in the market cap chart on BSE.
R M Murthy was among the 29 persons on board a helicopter, which plunged into the Arabian Sea.
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.
Oil and Natural Gas Corporation will seek concession from Andhra Pradesh government for setting up a 15 million tonne refinery at a cost of Rs 19,000 to Rs 20,000 crore (Rs 190 to Rs 200 billion) at Kakinada.
Norway-based Aker Solutions, appointed by ONGC to explore the possibility of sharing RIL's infrastructural facilities on the East Coast, is expected to submit its final report next month, sources close to the development said.
Lapped up 157 mn shares worth Rs 4,000 crore between Jan 1 and Feb 8
The Ministry of Petroleum and Natural gas is likely to reimburse Oil and Natural Gas Corporation almost Rs 850 crore (Rs 8.5 billion) for the cost of exploration and development work in pre-NELP oil fields in the past.
The board of GAIL India, the country's largest transporter and marketer of natural gas, on Wednesday approved a proposal to pick up to 19 per cent stake in Oil and Natural Gas Corporation's (ONGC) petrochemical project in Gujarat.
Govt, after milking ONGC for all these years, wants it to bear part of the fertilizer and power subsidy that will arise out of gas price hike
Even as oil marketing companies are reporting losses on rising crude oil prices, state-owned oil producer ONGC has emerged as the largest taxpayer in the country by paying as much as Rs 1,333 crore (Rs 13.33 billion) advance tax for the first quarter this year.
State-run Oil and Natural Gas Corporation on Wednesday said it will bring to production three offshore fields over the next 18 months.
In early afternoon trade, Oil and Natural Gas Corporation toppled Reliance Industries Limited as the country's most valued firm, but its lead lasted only for a few seconds before the private sector corporate giant grabbed the top slot again.
Oil and Natural Gas Corporation will take 50.5 per cent stake in the company that will set up the over Rs 2,000-crore (Rs 20 billion) Tripura power project and the associated transmission lines.
According to a new subsidy sharing formula, the payout of upstream oil producers like ONGC is to be reduced to the extent of Rs 4,500 per tonne oil development cess they pay to the government, sources privy to the development said.
Transparency International, a non-profit organisation fighting against corruption and malpractices, gave Reliance Industries and ONGC ninth and 26th positions, respectively, in its latest report Transparency in Corporate Reporting.
L N Mittal's foray into oil and gas trading business through a joint venture with ONGC is facing fresh opposition from refiner Indian Oil Corp, which feels the JV is ineligible to bid for its tenders.
The government on Tuesday increased the windfall profit tax on crude oil produced in the country and reduced the levy on exports of diesel. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil was increased to Rs 9,800 per tonne from Rs 9,050 a tonne, according to an official notification. SAED on the export of diesel was reduced to Rs 2 per litre from Rs 4 a litre and on jet fuel or ATF to nil from Rs 1, the notification said.
Russia has disqualified state-run Oil and Natural Gas Corp from bidding for the giant Trebs and Titov fields in northwest Russia, a development that an Indian executive claimed was based on "flimsy" grounds.
"We are in discussions with NPCIL for incorporating a joint venture for setting up a nuclear power plant. NPCIL will have a minimum of 51 per cent stake in the joint venture while ONGC would have a maximum of 49 per cent," a company official said.
Reliance Industries Limited toppled Oil and Natural Gas Corporation on Thursday to grab the numero uno position with a market capitalisation of over Rs 1,96,000 crore (Rs 1.96 trillion) as against ONGC's Rs 1,93,653.29 crore (Rs 1.93 trillion).
State-owned Oil and Natural Gas Corp has shut some wells on two onland gas fields in East Godavari district of Andhra Pradesh following the fire in a pipeline that carried the gas to consumers.
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