Government plans to sell 5 per cent of its shareholding in ONGC in the follow-on public offer next month.
The revised sale documents for public float of 10 per cent government equity in state-owned oil company Oil and Natural Gas Corp is expected to be filed with market regulator Securities and Exchange Board of India, next week.
As part of its efforts to make Indian firms globally competitive, the government has allowed refiner Indian Oil Corporation and exploration firm Oil and Natural Gas Corporation to set up oil trading and risk management desk.\n\n\n\n
An Empowered Group of Ministers headed by Finance Minister P Chidambaram had on February 28 decided to sell the stake in IOC, the nation's largest oil firm, at a discount of 10 per cent through an off-market deal.
Oil and Natural Gas Corp will pay Rs 1025 crore (Rs 10.25 billion) to the state-run oil retailing firms for the losses they suffered during the second quarter for selling LPG and kerosene below the cost.
The state-run Oil and Natural Gas Corporation (ONGC) has agreed to pay over Rs 3,914.39 crore (Rs 39.14 billion) for hiring an ultra deep-sea drill rig from Reliance Industries for four years, a top company official said.
ONGC and Reliance on Tuesday signed licence agreements for oil and gas blocks awarded to them by the government under the third round of the New Exploration Licensing Policy.
The RBI interest rate decision, industrial production data for June and the ongoing quarterly earnings from corporates would largely drive the stock markets this week, analysts said. Other major factors such as global market trends, the movement of oil prices and the trading activity of foreign investors would also influence trading, they added. "The market will have an eye on the RBI Monetary Policy Committee (MPC) meeting, which will be announced on August 10, 2023. We are heading towards the last batch of Q2 earnings of key companies such as Adani Ports, Coal India, Hero MotoCorp, Hindalco and ONGC, among others, which will lead to stock-specific movement," said Pravesh Gour, senior technical analyst, Swastika Investmart Ltd.
Draft prospectus for the upcoming mega public offers in public sector oil companies -- Gas Authority of India and Oil and Natural Gas Corp -- are expected to be filed with the Securities and Exchange Board of India
To push ahead with the divestment of Oil and Natural Gas Corp and Gas Authority of India Ltd, the government is likely to appoint as many as five advisors for the public offer of shares of the two companies.
The government has cut the windfall profit tax on crude oil produced in the country while the levy on exports of diesel and ATF has been hiked, an official notification said. The tax, levied in the form of special additional excise duty or SAED, on domestically produced crude oil was reduced to Rs 6,700 per tonne from Rs 7,100 a tonne. SAED on the export of diesel was increased to Rs 6 per litre from Rs 5.50 a litre and on jet fuel or ATF to Rs 4 per litre from Rs 2, the notification said.
ONGC has asked the government to enhance the financial powers of its foreign investment arm, ONGC Videsh Ltd, to $100 million from about $45 million to counter the challenge from Chinese and Malaysian firms in acquiring oil properties abroad.
Oil and Natural Gas Corporation is likely to buy 16.95 per cent stake of Hindustan Petroleum Corporation Ltd in Mangalore Refinery and Petrochemicals Ltd for about Rs 550 crore.
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.
The Oil and Natural Gas Corp has asked the government to review the scheme of sharing of liquefied petroleum gas and kerosene subsidy with upstream firms and said the scheme should not be extended beyond March 2004.
Oil and Natural Gas Corporation has proposed to set up a joint venture company outside the government purview, for retailing petrol and diesel.
The Indian energy major Oil and Natural Gas Corporation has evinced interest in exploring gas for Bangladesh in the Bay of Bengal, to help the country utilise its vast untapped off-shore potential.
The order came on an application of a Baroda resident S K Jain who was denied an appropriate response in respect of a query within the stipulated time limit.
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.
Oil and Natural Gas Corporation has struck a large gas field in the Krishna-Godavari basin in Bay of Bengal, home for the gigantic gas find of Reliance Industries Ltd.
The Indian Oil Corporation and Oil and Natural Gas Corporation's overseas arm ONGC Videsh Ltd will mount a joint bid for acquiring the South Ghawar gas field, one of the largest onshore fields in Saudi Arabia.
For India's upstream sector that has seen no new discovery coming into production.
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation, is in talks with Royal Dutch/Shell to acquire half of the Anglo-Dutch giant's 50 per cent stake in an oilfield in Angola.
The Oil and Natural Gas Corporation, which had tapped 6 billion tonnes of oil and natural gas in the past 45 years, is planning to double the production in the next 20 years, a top executive of the corporation said on Friday.
The subsidy burden of upstream oil companies, Oil and Natural Gas Corporation and Oil India Ltd, have risen 42 per cent in a single quarter.
The Oil and Natural Gas Corp will finalise this month the purchase of a 25 per cent stake in Sudan's controversial oil project from Canada's Talisman Energy Inc, officials said.
Petroleum Minister Murli Deora reviewed the impact of floods in Gujarat on oil installations and supply of products on Thursday.
Oil and Natural Gas Corporation is likely to buy 16.9 per cent stake of Hindustan Petroleum Corporation in loss-making Mangalore Refinery and Petrochemicals for close to Rs 550 crore.\n\n
Oil and Natural Gas Corporation may buyback within five years the 21 per cent equity lenders will have in the loss-making Mangalore Refinery and Petrochemicals Ltd after financial restructuring.
Oil and Natural Gas Corporation is facing as many as 15 complaints from investors, but the grievances pertained to the government's offer to sell 10 per cent equity in the company.
The government may soon raise prices of natural gas produced by state-owned ONGC and Oil India by as much as 30 per cent, Petroleum Secretary S Sundareshan said on Monday.
Oil and Natural Gas Corp, said on Monday it had signed an agreement to supply crude oil to refiner Bharat Petroleum Corp Ltd for two years ending March 2004.\n\n\n\n
ONGC Videsh Ltd, the overseas arm of state exploration firm Oil and Natural Gas Corporation, has submitted bids for acquiring two more oil blocks in Sudan.
ONGC signed an agreement with the Norwegian deepwater export to develop deepwater oil and gas blocks on Monday evening.
