The government has cut windfall gains tax on domestically-produced crude oil to nil while continuing the rate at zero on the export of diesel and ATF. The government has slashed the special additional excise duty (SAED) on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) to nil from Rs 4,100 per tonne with effect from Tuesday, an official order dated May 15 said. This is the second time that the levy, which was introduced in July last year in the form of a cess to tax supernormal gains of oil producers and fuel exporters, has been cut to nil for domestically-produced oil.
For India's upstream sector that has seen no new discovery coming into production.
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.
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
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.
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.
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.
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.
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.
India's production of crude oil, which is refined to produce petrol and diesel, continued to decline in November, with lower output from state-owned firms leading to an over 2 per cent drop, official data released on Tuesday showed. Crude oil production in November was 2.43 million tonnes, down from 2.48 million tonnes a year back and 2.5 million tonnes in October 2021. Oil and Natural Gas Corporation (ONGC) produced 3 per cent less crude oil at 1.6 million tonnes in November due to delays in mobilising equipment at western offshore fields.
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.
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.
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.
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 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.
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 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.
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
The Cabinet Committee on Economic Affairs headed by Prime Minister Manmohan Singh allowed ONGC Videsh Ltd, the overseas investment arm of Oil and Natural Gas Corporation, to invest $167.84 million in taking 8.35 per cent stake in the pipeline.
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 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.
ONGC signed an agreement with the Norwegian deepwater export to develop deepwater oil and gas blocks on Monday evening.
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.
Cairn India is 25th on the list with 22.2 per cent CGR.
The company also said it has made three oil and gas discoveries in Krishna Godavari basin and Tripura.
The 28 discoveries include Charada structure and Matar field in Cambay basin (Gujarat) and YSAF in KG basin (off Andhra Pradesh coast), the company said. The discoveries made in FY'09 have been notified to the directorate general of hydrocarbons.
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