The Rs 31,000-crore refinery and petrochemical plant being planned by Oil and Natural Gas Corporation in Kakinada in Andhra Pradesh is likely to have a new partner -- the Bangalore-based GMR group. GMR is the latest to join the long line of suitors, including the Hinduja group, Reliance Industries and Essar Oil, for the refinery.
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 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.
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.
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.
Capital expenditure (capex) by 54 large central public sector enterprises (CPSEs) and five departmental arms with an annual capex target of Rs 100 crore and above has reached around 42.5 per cent of their annual target of about Rs 7.33 trillion in this financial year so far, a senior official from the Ministry of Finance told Business Standard. "The Centre is pushing the big public undertakings in the infrastructure and refinery sector to achieve 90 per cent of their target by the end of the third quarter," he said. The capex by this group of CPSEs stands at around Rs 3.1 trillion in the April-August period so far.
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.
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.
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 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.
A six-inch pipe has been laid at the Silkyara tunnel through which nutritious food and medicines could be supplied to the 41 labourers, trapped for over a week after parts of the under-construction structure collapsed following a landslide.
Oil and Natural Gas Corporation has proposed to set up a joint venture company outside the government purview, for retailing petrol and diesel.
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.
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.
For India's upstream sector that has seen no new discovery coming into production.
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.
'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 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.
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 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 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.
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.
Petroleum Minister Murli Deora reviewed the impact of floods in Gujarat on oil installations and supply of products on Thursday.
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.
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.
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 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.
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
As per the current market price, the government is expected to fetch Rs 5,300 crore (Rs 53 billion) by selling 10 per cent equity or 24.27 crore (242.7 million) shares at discounted price to Oil and Natural Gas Corporation and Oil India Ltd.
