Reliance Industries and British Gas have initiated legal proceedings against state-run GAIL (India) to recover about $150 million for gas supplied during June 2004 to March 31, 2005.
The stock markets, which had opened in the green on rate cut hopes, tumbled after the monetary policy announcement.
Floods in Gujarat continued to disrupt half of India's natural gas production for the second day on Wednesday, threatening power generation in north and CNG supplies to automobiles in the national capital.
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.
Government wants Cairn India to agree to pay royalty and cess on its all important Rajasthan block.
The broader NSE Nifty slipped below the 10,500-mark by falling 103 points, or 0.97 per cent, at 10,482.20. It touched a high of 10,645.50 and a low of 10,464.05 during the day.
Oil and Natural Gas Corp, India's largest oil producer, has lost nearly 900 of its skilled experts in the last one year to its competitors, who offered 4-5 times more salary than the state-owned firm.
Russia has disqualified state-run Oil and Natural Gas Corp from bidding for the giant Trebs and Titov fields in northwest Russia, a development that an Indian executive claimed was based on "flimsy" grounds.
Attorney General Soli Sorabjee has said the sale of stakes in two state-run oil refiners does not need parliamentary approval.
Iran on Thursday ordered a release of an Indian tanker seized by it in Persian Gulf while carrying crude from Basrah in Iraq and taken to its Bandar Abbas Port 24 days ago.
Reliance Industries Ltd, India's largest private sector oil firm, has seen a 70 per cent drop in its diesel sales in July on pricing the fuel higher than public sector firms to cut losses.
"There is no change in situation. It may take a couple of days for the water to recede and restart of the facility," an ONGC official said.\n\n
The Sensex swung over 660 points both ways on alternate bouts of selling and buying before closing the day higher by 97.39 points, or 0.28 per cent.
An HPCL-led consortium had put the project on hold in 2009.
Investor wealth on Wednesday diminished by Rs 1.84 lakh crore amid massive sell-off in the equity market.
The sale of Essar Oil was India's biggest deleveraging exercise undertaken by any debt-heavy group
Post-FPO, the government's stake in ONGC would come down to 69.14 per cent from the current 74.14 per cent.
A high pressure, highly inflammable gas leak was on Saturday reported at a well state-owned ONGC was drilling at its prime Mumbai High oil and gas fields, off Mumbai coast.
British oil major BP Plc on Thursday signed an agreement with state-run Hindustan Petroleum Corp Ltd to negotiate a stake in HPCL's Rs 12,000 crore (Rs 120 billion) Bhatinda refinery in Punjab.
Sources said ONGC Videsh Ltd, the overseas arm of state explorer, and GAIL have made a non-biding offer showing interest in acquiring Exxon's stake.
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.
Both benchmark indices were driven by strong gains in IT, teck, oil and gas, pharma and banking shares amid earnings optimism.
The government delay in approving ONGC Videsh Ltd's investment in two oil exploration blocks in Nigeria has cost the Indian flagship firm a majority stake, Subir Raha, chairman, ONGC said.
The government by mid-January will appoint merchant bankers for the mega Rs 13,500 crore (Rs 135 billion) public offering of Oil and Natural Gas Corp (ONGC), which is targeted to hit the market in March.
The NSE Nifty cracked below the 10,800-mark to hit a low of 10,753.05 intra-day, before closing at 10,762.45 with a loss of 59.40 points, or 0.55 per cent.
British energy firm BG Group on Thursday said it along with its partners state-owned Oil and Natural Gas Corp and Reliance Industries Ltd will invest $140 million in Panna oil and gas fields
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
A steep decline in the Asian equities after crude oil fell to its lowest since September 2003 dented sentiments.
OVL, along with Oil India Ltd, had in June agreed to buy Videocon Group's 10 per cent in the same block for $2.48 billion.
The follow-on public offer was originally scheduled to open on March 15, but has now been rescheduled.
The petroleum ministry has sought legal advice on payment of production tax by Cairn Energy of the UK on the crude oil it plans to produce from the Barmer district discovery in Rajasthan.
Oil and Natural Gas Corp is spending 93 per cent of its total capital expenditure of Rs 10,850 crore (Rs 108.50 billion) in the current fiscal on its core activities of oil and gas exploration and production, according to its chairman and managing di
Russian oil and gas firm Gazprom will not partner India's state-run Oil and Natural Gas Corp in bidding for the subsidiary company of troubled Russian energy giant Yukos.
The fall was led by banking stocks, with IndusInd Bank, Kotak Bank, Federal Bank, Axis Bank, ICICI Bank, HDFC Bank and SBI declining up to 2.36 per cent.
The broader NSE Nifty, on the other hand, ended 2.70 points, or 0.02 per cent, lower at 11,555.90 in its third straight day of losses.
State-owned Oil and Natural Gas Corp on Monday said UK's Cairn Energy Plc cannot sell a majority stake in Cairn India to Vedanta Resources without its consent.
Aiming to become a $100 billion integrated oil and gas major in 5 years, state-run Oil and Natural Gas Corp has proposed setting up of 7 non-government firms to manage its marketing, well drilling, LNG, logistics, shipping and petrochemical businesse
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