State-run Oil and Natural Gas Corporation on Friday said it has been invited by the Saudi Arabian Oil Minister Al Naimi for a conference in London on July 24 to discuss the oil and gas opportunities in the Arab kingdom.
State-owned Oil and Natural Gas Corp on Thursday said its natural gas output will rise by over 58 per cent to 100 million cubic metres a day by 2015-16 after it puts its eastern offshore fields into production.
ONGC, which is a 30 per cent partner with Cairn India in the giant Rajasthan oil field, had claimed that it had preemption or right of first refusal in Cairn India assets, like the Rajasthan block.
The company sent the reminder on September 10, ONGC said in a filing to the Bombay Stock Exchange. Vedanta is offering $8.48 billion to buy up to a 51 per cent stake in Cairn India, which has 10 oil assets in the country, including the giant Rajasthan oilfield.
State-owned ONGC and Oil India Ltd (OIL) are likely to buy a 10 per cent stake in Indian Oil Corp (IOC) from the government at Rs 220 per share, aggregating about Rs 5,300 crore (Rs 53 billion).
ONGC Videsh Ltd, overseas investment arm of the state-run explorer, teamed up with Oil India Ltd and Turkish Petroleum Corporation to bid for the Halfaya oilfield in Iraq's second post-war bid round on Friday.
Russia's Gazprom or Rosneft may also join ONGC Videsh, the overseas arm of the state-run explorer, in Iraq's second post-war bid round on December 11-12, industry sources said.
Oil and Natural Gas Corporation will begin production from its Krishna Godavari gas discovery from 2012 and it has tied up with GAIL for transporting the fuel to the consumers.
Oil and Natural Gas Corporation has won five of the nine coal bed methane blocks on offer, while Reliance Industries Ltd has clinched three.
India's trade account could come under pressure and there could be an inflation push if crude oil prices remain above the $90 per barrel (Brent) for a prolonged period since India imports over 85 per cent of its oil and roughly 50 per cent of its gas. A rebound in economic activity is bound to lead to higher fuel demand. While India is the third-largest importer of crude, it is a net exporter of refined products, which helps to compensate to some degree.
Oil and Natural Gas Corp (ONGC) will shut down two key facilities at its largest gas field off Mumbai in January and February that will cut output by one-third.
They have been named for their stake in the Farsi offshore block.
ONGC will submit a proposal to the Union government for acquiring Hindustan Petroleum Corporation Ltd's entire 16.97% stake in Mangalore Refinery & Petrochemicals Ltd at Rs 37.75 per share even though HPCL is not keen to divest its holding.
Transmeridian has been on the radar of ONGC Videsh Ltd (the overseas investment arm of ONGC) for sometime now.
Oil and Natural Gas Corporation (ONGC) on Thursday told the Delhi High Court that it has suffered loss of gas worth Rs 30,000 crore as a result of Reliance Industries Ltd (RIL) exploiting gas from its natural gas block in Krishna-Godavri basin. RIL contended before the court of Justice Manmohan that an independent expert panel can determine whether its gas well is interconnected with that of ONGC and what is the quantum of gas withdrawn by RIL and other issues raised by the PSU. The Centre, represented by advocate Neeraj Chaudhari, meanwhile submitted before the court that as per a meeting held between the two companies and Directorate General of Hydrocarbons (DGH), it has been decided to appoint an expert panel. After going through the minutes of the meeting, the court asked ONGC to file its counter to the same and listed the matter for further hearing on August 12.
State-owned Oil and Natural Gas Corp (ONGC) plans to invest USD 2.894 billion (about Rs 15,340 crore) in developing its ultra-deepsea UD-1 gas discovery in the Krishna Godavari basin by 2016-17.
French oil major TotalFinaElf is keen on taking stake in state-run Oil and Natural Gas Corporation's deep-sea oil and gas blocks.\n\n\n\n
It said the government took $20 billion in cash over the past six years from the company without consulting minority shareholders. 'Since 2003-04, the promoter (the government of India) has taken away cash from the company on a quarterly basis for subsidising loss-making state-owned downstream companies. So far, ONGC's promoters have taken cash of almost $20 billion from the company without consulting the minority shareholders,' Goldman said in its latest report.
The Cabinet Committee on Economic Affairs on Thursday approved ONGC Videsh Ltd's proposal to lay a $200 million petroleum product pipeline in Sudan.
The government has deferred its proposed Rs 12,000 crore (Rs 120 billion) share sale in state oil and gas explorer ONGC by at least two weeks due to unfavourable market conditions.
State-run Oil and Natural Gas Corporation will buy 20.9 per cent stake held by banks and financial institutions in its subsidiary Mangalore Refinery and Petrochemicals Ltd for around Rs 370 crore.
Gail India subsidiary Mahanagar Gas (MGL) on Friday announced a steep reduction in the retail price of compressed natural gas (CNG) by Rs 8/kg and domestic PNG (piped natural gas) by Rs 5/SCM across its licenced area. The move comes on the heels of the Centre revising the pricing methodology of domestically-produced natural gas on Thursday as proposed by the Kirit Parikh committee and following it with the new price announcement earlier in the day. In February, the city gas distributor reduced its CNG price by Rs 2.5/kg but prices are still around 80 per cent more than those in April last.
The Oil and Natural Gas Corp has deferred investments in Imperial Energy Plc to raise crude oil production and will rather consolidate the western Siberian operations of the UK-based firm it acquired recently.
The JV was supposed to get at least 45 per cent stake.
Oil and Natural Gas Corp is spending 93 per cent of its total capital expenditure of Rs 10,850 crore (Rs 108.50 billion) in the current fiscal on its core activities of oil and gas exploration and production, according to its chairman and managing di
Russian oil and gas firm Gazprom will not partner India's state-run Oil and Natural Gas Corp in bidding for the subsidiary company of troubled Russian energy giant Yukos.
Government wants Cairn India to agree to pay royalty and cess on its all important Rajasthan block.
ONGC will continue as the operator of the deepwater block, KG-DWN-2004/6 with a 34 per cent participating interest in consortium with existing partners GAIL (India) Limited, Gujarat State Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited and Oil India Limited.
The government on Wednesday denied any move to hive-off ONGC Videsh Ltd from its parent Oil and Natural Gas Corporation, saying the present arrangement of letting the subsidiary company scout for overseas oil and gas assets was working well.
Public sector behemoth Oil and Natural Gas Corporation Ltd on Monday said it has acquired an offshore oil field in Western Australia.
To raise funds for Imperial buy, create 'acquisition currency'.
The Appointments Committee of the Cabinet approved appointment of Sarraf, who at present is Managing Director of ONGC's overseas arm, ONGC Videsh Ltd.
State-owned ONGC is talking to world's leading chemical firms, including Itochu Corp of Japan and the two UK-based companies -- Ineos and Lyondell Basel -- for a strategic partnership in the Rs 12,440-crore (Rs 124.40 billion) petrochemical plant, which one of its units is building at Dahej in Gujarat.
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