India's Oil and Natural Gas Corp and GAIL (India) Ltd's equity in two gas rich offshore blocks in Myanmar have been cut following Myanmar's national oil company exercising its 'step-in' rights in the fields, gas from where will be sold to China.
The government has appointed Kotak Mahindra Capital Co, DSP Merrill Lynch and JM Morgan Stanley as book runners for the public issue of 10 per cent equity shares in state exploration firm Oil and Natural Gas Corporation.
State-own oil explorer Oil and Natural Gas Corporation and the Hinduja group have been offered 40 per cent stake in the development of phase-XII of the giant South Pars gas field of Iran.
Oil and Natural Gas Corp (ONGC) has said its net profit will drop by over 47 per cent to below Rs 10,000 crore (Rs 100 billion) this fiscal if the government forces it to shell out a higher fuel subsidy.
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Three PSUs, three private firms join bid to acquire 40% stake in Haldia Petrochem.
The PSU major plans to generate 1000-2000 mw from wind energy after the successful completion of these projects.
Prices of natural gas, which is used to generate electricity, make fertiliser and is converted into CNG to run automobiles, is likely to rise to record levels at the rate review scheduled this week, sources said. The government-dictated price for natural gas produced in the country is to be revised on October 1. After factoring in the spike in energy prices witnessed in recent months, the rate paid for gas produced from old fields such as of state-owned Oil and Natural Gas Corporation (ONGC) is likely to rise to $9 per million British thermal units from current $6.1.
'I would not suggest buying these stocks in the dip, as the upside in profit is dented without a safety net for a rainy day.'
The Oil and Natural Gas Corporation is planning to invest about Rs 12,000 crore (Rs 120 billion) in the coming years to upgrade and redevelop 15 oil and gas fields in the country, which had now become "old", a top executive said on Tuesday.
Domestic quarterly earnings, global trends and foreign fund trading activity would dictate the movement in equity markets, which may face volatility amid the scheduled monthly derivatives expiry this week, analysts said. Equity markets took a breather last week. The BSE Sensex declined 298.22 points or 0.48 per cent and the Nifty dipped 111.4 points or 0.60 per cent.
While prices sustaining lower levels is crucial, Govt actions are also a key monitorable given the forthcoming elections in 2024.
The government on Wednesday more than doubled the price of natural gas produced by state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd to $4.20 per mmBtu, at par with the rate at which Reliance sells its gas.
State-owned Oil and Natural Gas Corporation plans to invest over $10 billion in bringing to production gas discoveries off the east coast, its director (exploration) D K Pande said on Tuesday.
Reliance Industries and Oil and Natural Gas Corporation will present their views as producers on pricing of natural gas on Tuesday to a panel of top government officials formed to resolve the vexed issue.
Oil & Natural Gas Corporation Ltd said its ONGC Videsh Ltd authorized plans to hold talks with British Gas for acquisition of their stake in Kashagan oil filed. However, no action has been taken in this regard, it said.
State-run Oil and Natural Gas Corporation approached the petroleum ministry on Thursday with an initial proposal for permission to bid for Hindustan Petroleum Corporation as and when the government decides to offer its stake in the PSU.
Reliance Industries has regained the top slot among Indian energy companies on the Platts global list
Rediff readers tell us how they are celebrating Ganeshotsav this year.
Petroleum Minister Ram Naik said on Thursday that Mangalore Refinery and Petrochemicals Ltd will not merge with Oil and Natural Gas Corporation.
Petroleum Secretary M S Srinivasan observed that smaller and more nimble companies are proving formidable and ONGC would have to register exploration successes and strengthen its systems to retain its position in the industry.
Low-to-negative margins on sale of petroleum products have forced some companies to scrap their retail expansion plan, while others have chosen to go slow.
In line with the broader market, shares of ONGC on Tuesday surged nearly one per cent to touch an intra-day high of Rs 1,415 thus, fuelling the market capitalisation of the firm to a whopping Rs 3,00,511 crore (Rs 3,005.11 billion) in the morning trade.
State-owned Oil and Natural Gas Corporation said on Thursday that it has discovered gigantic oil reserves, west of the Vasai gas field, off the Mumbai coast.
Oil and Natural Gas Corporation, Gas Authority of India and Oil India Ltd will pay Rs 1,200 crore (Rs 12 billion) to the state-run oil marketing firms for the losses they suffered during the first quarter for selling LPG and kerosene below the cost.
During the afternoon trade, ONGC commanded a market value of over Rs 2.48 lakh crore -- the highest for any listed company in India.
Oil and Natural Gas Corporation said on Thursday that it would like to acquire public sector oil companies -- Hindustan Petroleum Corporation and Bharat Petroleum Corporation.
ONGC will file the red herring prospectus for the FPO by February 25, by which time it hopes to have five more independent directors on the company's board to meet the Securities and Exchange Board of India's listing requirement.
Will set up a 1,000MW gas-based power plant at its Gujarat SEZ.
Eight persons, including the ship's captain, were reported missing after the vessel sank in turbulent seas on Monday.
With a view to attract small investors, the government will offer in lots of 10, the shares of state-owned exploration firm Oil and Natural Gas Corporation for public issue to divest 10 per cent of its equity.
Government on Tuesday approved the proposals of Oil and Natural Gas Corporation and Indian Oil Corporation to offer voluntary retirement to their surplus staff.
ONGC has awarded the service contract for development of its B-192, B-45 and WO-24 fields, known as Cluster 7, south-west of the Mumbai High field to a consortium of HPCL, Prize Petroleum Comnpany Ltd and Malaysia's M3nergy Berhad (Trenergy). \n\n
ONGC is set to invest Rs 440 Crore (Rs 4.4 billion) in drilling of 40 oil and gas wells in the Krishna-Godavari basin next fiscal, a senior official of the company said on Wednesday.
After the euphoria over the recent oil and gas discoveries made by upstream behemoth Oil and Natural Gas Corporation
ONGC has been making an annual loss of about Rs 700 crore (Rs 7 billion) on sale of gas at administered prices and hoped the government will soon decide on hiking the fuel price. the present price of Rs 3.2 per cubic meters that ONGC gets for gas produced from fields given to it on nomination basis, was not sustainable. Price of about 80% of gas produced by ONGC is regulated by the Govt. PetroMin had recommended 16% increase in price of gas produced by ONGC and Oil India.
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