ONGC Videsh Ltd, the overseas investment arm of state-run Oil and Natural Gas Corp (ONGC), will take a 40 per cent stake in San Cristobal oilfield in Venezuela.
ONGC Videsh and ConocoPhillips said the transaction is expected to close in the first half of 2013.
State-owned Oil & Natural Gas Corp's (ONGC) Krishna Godavari basin well that had been leaking natural gas for over two months now, has stoped flowing gas, the government said.
Oil and Natural Gas Corp is in talks to hire Reliance Industries' unutilised production facilities on the east to quickly bring to production its gas finds in the Krishna Godavari basin.
Yes Bank was the top gainer in the Sensex pack rising 5.80 per cent, followed by Tata Motors, ICICI Bank, IndusInd Bank, Axis Bank, Kotak Bank and Tata Steel.
The biggest challenge is crude oil's sustained rally - it is nearing $80 a barrel - stoking inflationary pressures and consequent price hikes in the sector.
Other losers included HCL Tech, Yes Bank, IndusInd Bank, TCS, ONGC, Bajaj Finance, PowerGrid, Vedanta, Asian Paints, NTPC and Hero MotoCorp, which shed up to 4.07 per cent.
The broader NSE Nifty, after shuttling between 10,651.60 and 10.532.70 points on alternate bouts of buying and selling, closed 6.20 points, or 0.06 per cent, down at 10,576.30.
ONGC is likely to pay Rs 17,000 cr to subsidise products by the end of this fiscal.
Nearly 400 stocks hit their 52-week low on BSE on Thursday.
The government has set up a committee to work out sharing by producers and retailers the losses likely to accrue from the decision to freeze LPG and kerosene price for a year despite rising cost.\n\n\n\n
Infosys was the top gainer in the Sensex pack, closing 7.20 per cent higher as investors cheered its financial results. The IT major posted better-than-expected 5.3 per cent rise in its June quarter net profit, and raised revenue growth forecast for the current fiscal.
Take the rediff business quiz and see how much you know about the successful initial public offers by Indian companies ranging from automobiles to oil refiners.
The broader NSE Nifty ended 57 points, or 0.49 per cent, lower at 11,498.90 in its fourth straight day of losses.
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.
M A Pathan, former chairman of the Indian Oil Corporation, on Friday resigned as chief of the Petroleum Federation of India, citing his pre-occupation with Tatas and other multinational oil firms.
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
RIL was the biggest gainer in the Sensex pack, rising 2.63 per cent, followed by NTPC, Axis Bank, Tata Steel, PowerGrid, HDFC twins, Bharti Airtel, M&M, ICICI Bank, SBI and Bajaj Finance -- gaining up to 2.51 per cent.
Foreign Minister Mohammad Javad Zarif tweeted that the attack near the Iraqi border was carried out by 'terrorists recruited, trained, armed & paid by a foreign regime'.
Maruti Suzuki was the biggest gainer among Sensex scrips, rising 5.89 per cent, followed by M&M up 5.29 per cent.
British oil and gas major BG Group, Oil and Natural Gas Corp and Reliance Industries agreed to jointly operate Panna-Mukta and Tapti oil and gas fields, ending the year long row over who would manage the highly-profitable producing fields.
SBI was the biggest loser in the Sensex pack, shedding 2.40 per cent, followed by Yes Bank, Bharti Airtel, L&T, Sun Pharma, M&M, ICICI Bank, ONGC, RIL, Asian Paints, Vedanta and HUL, which lost up to 2.37 per cent.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The strike by workers of state-owned oil firms Hindustan Petroleum Corp and Bharat Petroleum Corp to oppose privatisation of the cash-rich refiners entered the second day on Wednesday but operations and petroleum product supplies remained unaffected.
In a setback to the Cairn-Vedanta deal, Solicitor General Gopal Subramanium has reaffirmed that the government can impose preconditions like equitable sharing of royalty in the all-important Rajasthan block for clearing Vedanta Resources' takeover of Cairn India.
The India story got stronger on the global arena with the country expanding its presence on the elite list of Fortune Global 500 companies, as the PSU banking major State Bank of India has become the sixth domestic firm to feature in the league.
Yemen has invited Oil and Natural Gas Corp to build a 100,000 barrels per day refinery on its Arabian sea coast but the Indian state-run firm has conditioned participation in the $1-billion project on being allotted an oilfield in return.
After Indian Oil Corporation, state-run Bharat Petroleum Corporation is planning to take over petrol stations in Sri Lanka, company chairman and managing director S Behuria said on Friday.
In the Sensex pack, ICICI Bank emerged as the top gainer by rising 0.97 per cent, while Tata Steel advanced 0.92 per cent.
Referring to Modi, Adityanath and Union Home Minister Amit Shah as 'outsiders', the farmer leader said he has no objection if they become prime ministers after winning polls from Uttarakhand or Gujarat.
ONGC's net sales dropped to Rs 19,768.18 crore from Rs 22,616.32 crore in second quarter of last financial year.
An uncontrolled flow of gas started from the Well G-1-9 in Bay of Bengal around August 30.
A deepwater well in a Krishna Godavari basin block operated by state-run Oil and Natural Gas Corp (ONGC) has been leaking gas for two months and there are now fears of environment damage due to the uncontrolled flow.
Power Grid Corp of India Ltd is set to form joint ventures with five more companies, including Oil and Natural Gas Corporation and Essar, for setting up transmission lines in the country entailing a total investment of Rs 5,000 crore (Rs 50 billion).
State owned refiner Indian Oil Corporation has proposed merger of its subsidiaries Indian Oil Blending Ltd, IBP Co Ltd, Bongaigaon Refinery and Petrochemicals Ltd and Chennai Petroleum Corp Ltd with itself, Petroleum Minister Mani Shankar Aiyar said
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.
Infosys, Reliance Industries, TCS, HDFC, HDFC Bank, Maruti, SBI, IndusInd Bank and Kotak Bank led the gains on the Sensex, rising up to 2.53 per cent.
Lapped up 157 mn shares worth Rs 4,000 crore between Jan 1 and Feb 8
