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.
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 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.
Oil and Natural Gas Corporation has received Rs 864 crore (Rs 8.64 billion) in final settlement of an insurance claim for the oil facility at Mumbai High that was gutted in a fire in July 2005.
While the India-Myanmar gas pipeline continues to hang fire, Oil and Natural Gas Corporation may push for a gas-based power project in Myanmar to bring power to the power-starved north-eastern states
The post fell vacant after the government refused Subir Raha an extension at the helm of the company after his first five-year term expired in May.\n\n
The company also said it has made three oil and gas discoveries in Krishna Godavari basin and Tripura.
State-run Oil and Natural Gas Corporation is the only Indian company ranked in terms of foreign assets that figures in a UN agency's list of top 100 transnational corporations from developing countries.
Cairn India is 25th on the list with 22.2 per cent CGR.
RIL shares attracted good buying support in a bullish market and closed up by 4.80 per cent at Rs 754.05 a piece on the Bombay Stock Exchange.
State-owned Oil and Natural Gas Corp plans to invest over Rs 130,000 crore (Rs 1300 billion) during 11th Plan Period (2007-12) in domestic oil and gas hunt, overseas acquisition and expansion of Mangalore refinery.
State-owned Oil and Natural Gas Corporation has bid to participate in Angola's $3.75-billion Sonaref project for building a 10 million tonne refinery at Lobito.
Oil and Natural Gas Corporation hopes to resume gas processing at its Hazira plant, whose closure due to floods had reduced the country's gas supplies by half, by August 14 or 15 as water has started receding from the facility.
Despite stagnant domestic production and challenging geopolitics, Oil and Natural Gas Corp has a plan to produce 130 million tonnes (mt) oil equivalent by 2030.
ONGC on Thursday said it may invest $1.01 billion in Cairn India's Rajasthan oilfields even though the project offers negative returns as the public sector firm is liable to pay all the statutory levies.
The Oil and Natural Gas Corporation will pay Rs 852 crore (Rs 8.52 billion) for subsidising petrol and diesel during January-March quarter but state gas utility GAIL India has been spared from the subsidy burden.
Capital expenditure by Indian companies is likely to see an uptick in the upcoming quarters as capacity utilisation has surpassed the critical threshold of 75 per cent, and numerous companies have deleveraged their balance sheets, according to analysts. The first quarter of the current financial year has shown improved profitability, driven by a decrease in input prices. This, according to analysts at Care Ratings, should stimulate a revival in the private capex cycle.
Under the stewardship of R S Sharma, ONGC climbed three places to take the top slot in the 2010 rankings released by Platts, one of the most respected global provider of energy and metals information, on Tuesday evening.
India's Oil and Natural Gas Corp is still hoping to clinch the deal for takeover of PetroKazakhstan, with senior officials dashing-off to Russia to get Lukoil to stop the company's sale to China's CNPC.
Manual horizontal digging will start soon in addition to the ongoing top-down drilling to rescue the 41 trapped workers in the Silkyara tunnel in Uttarkashi, the NDMA said on Monday.
ONGC had dethroned Tata Consultancy Services from the pole position in market-valuation charts on Wednesday, but its leadership position proved to be short-lived and it slipped to the second position in today's trading session.
Oil and Natural Gas Corporation has made a huge gas find in the Krishna Godavari-Basin, ONGC Director Offshore Operations N K Mitra said in New Delhi on Friday.
Petroleum Minister Mani Shankar Aiyar will take up Oil and Natural Gas Corp's proposal to acquire 15-20 per cent stake in embattled Russian firm Yukos' core asset, Yuganskneftegaz, when he meets his Russian counterpart in Moscow on February 21.
Oil and Natural Gas Corporation and its partners will invest over $1 billion in exploring for oil and gas in the 14 oil and gas block they won in the fourth round of bidding under the new exploration licensing policy.
Government on Tuesday decided to sell 10 per cent stake in India's largest profit making firm Oil and Natural Gas Corp and gas transmission monopoly Gail (India) Ltd.\n\n
India is being increasingly marginalised in Iran's energy sector for reasons which range from political to economic. Its attempts at securing oil and gas blocks in the country and importing gas (as LNG and through a pipeline) seem to be hitting a dead end. The latest setback for India is the agreement between Iran and Chinese Sinopec for the Yadavaran oil and gas field. This effectively pushes out ONGC Videsh - the government's overseas acquisition vehicle.
The Union Cabinet on Thursday approved a revision in the formula for pricing of natural gas and imposed cap or ceiling price to help cut CNG and piped cooking gas prices by up to 10 per cent. Natural gas produced from legacy or old fields, known as APM gas, will now be indexed to the price of imported crude oil instead of benchmarking it to gas prices in four surplus nations such as the US, Canada and Russia, Union I&B Miniser Anurag Thakur told reporters after a meeting of the Cabinet. APM gas will be priced at 10 per cent of the price of basket of crude oil that India imports (Indian basket of crude oil).
Disinvestment secretary Sunil Mitra last month wrote to his counterpart in Petroleum ministry R S Pandey seeking comments on 'public offerings from Government's shareholding' in ONGC and IOC. While government has not allowed IOC and other retailers Bharat Petroleum and Hindustan Petroleum to raise petrol, diesel, domestic LPG and kerosene price in line with the cost, they have not been given the promised compensation.
The Oil and Natural Gas Corporation plans to invest over US$ 5 billion to produce 25 million standard cubic meters per day of gas from its eastern offshore Krishna Godavari fields by 2013. The state-run firm on Wednesday submitted to the regulator Director General of Hydrocarbons an appraisal programme of the discoveries it had made in the KG offshore basin, putting the in-place reserves at 6.37 trillion cubic feet. ONGC also plans to produce 8,000 barrels of oil per day.
Oil and Natural Gas Corporation will award six small onshore oil fields this month to private companies for bringing them to production in the next two-three years
The Union government will raise at least Rs 12,400 crore (Rs 124 billion) through the sale of five per cent stake in Oil and Natural Gas Corporation (ONGC), giving it a much-needed cushion in the run-up to the Budget.
The Norwegian company, which has already taken a 10 per cent stake in the KG-DWN-98/2 block, has the right to double its interests before the gas discoveries are put to production but it is now keen on operatorship and a higher stake in the block, company sources said. ONGC is in dire need of deep water production technology and is likely to agree for a joint operatorship of the block but is not willing to give 30 per cent stake in Norsk Hydro.
The government on Wednesday said it has started the process of appointing financial advisors to offload 10 per cent stake in state-owned oil refinery Oil and Natural Gas Corporation.
