Oil and Natural Gas Corporation has proposed to hike the equity base of its overseas investment arm ONGC Videsh Ltd to Rs 5000 crore (Rs 50 billion), to bring down the high debt-equity ratio.
The company has been in talks with ConocoPhillips and Shell for some time. It now says the MoD's stringent norms on exploration in 'no-go' areas is posing a big challenge in taking the deal forward.
A high pressure, highly inflammable gas leak was on Saturday reported at a well state-owned ONGC was drilling at its prime Mumbai High oil and gas fields, off Mumbai coast.
While the Captain's body was found stuck between rocks on Friday night, the other one was spotted near the beach on Saturday morning.
State-owned Oil and Natural Gas Corp (ONGC) plans to invest $4.05 billion in producing natural gas from its ultra deepsea UD-1 discovery in a block that sits next to Reliance Industries' prolific KG-D6 fields.
Cairn Energy has sought equity participation from ONGC to develop its latest find of about 20 million tonne oil and gas reserves in Rajasthan.
The Cabinet on Thursday approved ONGC's proposal to acquire Cairn Energy's stake in two gas blocks for $135 million.
Oil and Natural Gas Corporation has made five oil and gas finds in eastern offshore and north-east, the most significant being a gas discovery in the Mahanadi basin block where 3-4 trillion cubic feet of gas reserves have already been established.
M Pradeep struck twice as Air India registered their first full points in this season's I-League with a comfortable 4-2 win over ONGC at Ambedkar Stadium, in New Delhi on Sunday.
Yemen has invited Oil and Natural Gas Corp to build a 100,000 barrels per day refinery on its Arabian sea coast but the Indian state-run firm has conditioned participation in the $1-billion project on being allotted an oilfield in return.
State-run Oil and Natural Gas Corporation on Monday said it has resolved differences with Cairn India Ltd for building a $340-million pipeline to take crude oil found in Barmer district of Rajasthan to Gujarat.
ONGC is close to finalising a stake sale in two of its blocks -- one in the Krishna-Godavari basin and another in the Mahanadi basin -- to British Gas. It is also talking to US-based Noble Energy for offering it stake in some of its blocks in India. ONGC has already agreed to give a stake to Brazilian company Petrobras, Norwegian company Norskhydro and Italy-based ENI in its countrywide blocks.
ONGC holds 26 per cent stake in ONGC Petro-additions Ltd, while state run GAIL has 19 per cent and GSPC has five per cent.
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.
Dynamic manager and financial wizard R S Sharma will be the new chairman and managing director of India's most valuable company, Oil and Natural Gas Corporation.
The Oil and Natural Gas Corporation may face delisting from stock exchanges as a petroleum ministry directive appointing additional government directors on company board has violated its listing agreement.
Upstream firms pay for a portion of fuel subsidies by extending discounts on crude oil they sell to refiners who are forced by the government to sell diesel and cooking fuel at rates lower than cost of production.
State-run energy giant ONGC has toppled corporate behemoth Reliance Industries from the top position in terms of market capitalisation after a more than one per cent dip in RIL's share price.
The Cabinet Committee on Economic Affairs last month allowed ONGC and Oil India Limited to tap shale resources in blocks allotted to them on a nomination basis.
French oil giant TotalFinaElf has offered Oil and Natural Gas Corporation stake in its Azerbaijan and Barbados oil blocks in return of equity in the Indian oil firms' three offshore blocks.
Scottish explorer Cairn Energy Plc rejected state-owned Oil and Natural Gas Corp's $200 million bid to acquire its oil and gas properties on east and west coasts of India.
Lower crude oil costs and higher marketing margins are expected to raise the fortunes of oil marketing companies (OMCs) in the first quarter (Q1) of 2023-24 (FY24), while city gas distribution (CGD) companies could also benefit from lower spot prices of liquefied natural gas (LNG). However, in a break from the past, growth trends are expected to diverge for various segments within the broad energy sector. Analysts expect the earnings from gas production to go down for upstream national oil and gas companies such as Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) due to the introduction of the new domestic gas pricing regime on April 1. After showing steep losses over the first half of 2022-23 (FY23), the marketing margins of OMCs have steadily recovered in four months.
Oil and Natural Gas Corporation is likely to abandon the proposed Rs 8,000 crore (Rs 80 billion) refinery at Barmer in Rajasthan if Cairn Energy declines discounts on the low grade crude oil the UK company will produce in the state.
The petroleum ministry said there was no proposal to merge IOC and ONGC though the divestment ministry had made such a suggestion.
RIL on Friday declared a net profit of Rs 20,040 crore (Rs 200.4 billion) for the 2011-12, a marginal drop from the Rs 20,286 crore (Rs 202.86 billion) it made in 2010-11.
Oil and Natural Gas Corporation on Thursday said there was no case for bonus shares as the company's equity base was already very large.
India's largest oil producer Oil and Natural Gas Corp and the country's largest firm Indian Oil Corp may get two chief executives each to manage their mammoth operations.
Hindustan Petroleum Corporation and Petronet LNG will partner with Oil and Natural Gas Corporation in the liquefied natural gas import terminal ONGC plans to put up at Mangalore in Karnataka.
Cairn India is open to buying the 30 per cent stake that government-owned Oil and Natural Gas Corporation owns in its oil block in Rajasthan. Cairn India is the operator of the block, with 70 per cent ownership currently.
Oil and Natural Gas Corp on Friday said it has entered into a Memorandum of Understanding with Indian Airlines to take two aircraft on lease to meet its operational requirements.
95% of investments in domestic sector, won't pay special dividend: Raha.
Oil and Natural Gas Corporation has been awarded 'Best Deals of the Year 2004' trophy by Asiamoney, Asia's leading capital markets publication.
ONGC has qualified for final bidding of the first phase of the bioremediation project, worth $3 billion. The total project, to be funded by the World Bank, was likely to cost up to $40 billion, said sources. This project was first floated in 2006 and is aimed at cleaning the huge oil spills created during the war, which was fought after Iraq occupied Kuwait. OTBL is hopeful of bagging this project.
