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 government has allowed ONGC Videsh, the foreign arm of state-owned Oil and Natural Gas Corp, to make investments of up to Rs 300 crore (Rs 3 billion) in oil and gas properties abroad without going to the Cabinet for approval.
In the Sensex pack, M&M was the biggest loser, tumbling by 6.66 per cent, followed by TCS dropping 4.14 per cent.
Barring oil and gas, all BSE sectoral indices finished in the green.
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.
The Oil and Natural Gas Corp, which is laying a 741-km long petroleum product pipeline in Sudan, will also build a $1.2 billion oil refinery in the African nation.
The sale of Essar Oil was India's biggest deleveraging exercise undertaken by any debt-heavy group
The Sensex posted its biggest single-day jump in over a decade at 1,921 points and investors' wealth soared by a staggering Rs 6.8 lakh crore after Finance Minister Nirmala Sitharaman delivered a surprise cut in corporate tax rates on Friday.
A steep decline in the Asian equities after crude oil fell to its lowest since September 2003 dented sentiments.
Public sector behemoth Oil and Natural Gas Corporation Ltd on Monday said it has acquired an offshore oil field in Western Australia.
World's third largest oil firm Royal Dutch/Shell will source petrol and diesel from Mangalore Refinery and Petrochemicals Ltd for its upcoming 2000 petrol stations in the country.
State-owned Oil and Natural Gas Corp on Thursday said its natural gas output will rise by over 58 per cent to 100 million cubic metres a day by 2015-16 after it puts its eastern offshore fields into production.
India's oil ministry has decided to divert 30,000 barrels per day (bpd) of indigenous crude oil from refiner Hindustan Petroleum Corp, which is being privatised, to feed small state-run refineries in remote areas, officials said.
State-run Oil and Natural Gas Corp will invest around $15 million in developing Chinnewala Tibba oil and gas discovery in Jaisalmer district of Rajasthan.
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.
After ONGC and IFFCO, state-run gas firm GAIL on Tuesday said it would bid for acquiring controlling stake in oil refiner Hindustan Petroleum Corporation if it was permitted by the government policy.
It will be Reliance Industries' gigantic gas find on the east coast versus the imported LNG offered by ONGC and Indian Oil Corporation in the tender for supply of gas to the 1400 MW power plant in Karnataka.
Diesel likely to get cheaper in New Delhi
A day after a major blowout at a well of the Oil and Natural Gas Corp (ONGC) near Vadodara, operations to arrest the gas leakage continued on Saturday even as the crisis management team reached the site to take stock of the situation.
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.
Sensex eneded 374 points higher on rate cut expectation from the RBI.
Top losers in the Sensex pack on Friday included Bajaj Finance, ONGC, IndusInd Bank, PowerGrid, L&T, Axis Bank, NTPC, Bharti Airtel, HDFC, HDFC Bank and Kotak Mahindra Bank, falling up to 2.08 per cent.
Scottish explorer Cairn Energy Plc rejected state-owned Oil and Natural Gas Corp's $200 million bid to acquire its oil and gas properties on east and west coasts of India.
Jio Platforms is expected to use its 388 million mobile phone subscribers as the cornerstone of an e-commerce and digital services business to rival Amazon and Walmart's Flipkart.
Baba businesses are sprucing up their act as they expand product portfolios and enhance brand image
Oil and Natural Gas Corp (ONGC) is in talks with super majors like ExxonMobil to replace Norway's Statoil and Petrobras of Brazil who have decided to quit its KG basin gas block.
Moily said several gas fields of both RIL and state-owned Oil and Natural Gas Corp were economically unviable to produce at current rate of $4.2 per million British thermal unit.
India's Oil and Natural Gas Corp expects crude output to rise 15 per cent to 600,000 barrels per day in 2006-07 but production from its ageing fields will fall rapidly in subsequent years, a company official said.\n\n\n\n
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.
Rejecting Congress' charge that projects he has been inaugurating in recent months were all started during their time, he said, as prime minister, he would have been happy if the projects were completed 15 years back and led to creation of jobs.
The stock markets, which had opened in the green on rate cut hopes, tumbled after the monetary policy announcement.
India plans to complete by 2006 a 180,000-bpd refinery, which has been under a cloud because of the proposed privatisation of the company that is building it, Oil Minister Ram Naik
Chevron CEO David O'Reilly told analysts the company has pulled out of some unprofitable refining markets, and will continue to do so. However, he had said that Chevron is continuing talks with its refining joint venture partner RIL that would determine whether it keeps a foothold in Indian refining. Chevron has not yet signed a crude supply and product off-take agreement with RIL to take forward its plans to increase its stake in RPL beyond the existing 5 per cent.
As he was to take the bus, he set out early, walking a short distance from his office to the Krishi Bhawan bus stop from where he boarded bus number 781 to Race Course.
Both benchmark indices were driven by strong gains in IT, teck, oil and gas, pharma and banking shares amid earnings optimism.
The rupee had revisited the near 2-month low of 60.55 per dollar earlier in the session.
The Public Enterprises Selection Board, which is the government head-hunter, interviewed seven candidates for the post, which fell vacant after Dinesh K Sarraf was elevated as Chairman and Managing Director of ONGC.
Other shortlisted chief executives include Abdulrahman Ali Al-Abdulla of Muntajat, Peabody Energy's Gregory Boyce, Pailin Chuchottaworn of PTT Public Company Ltd, Repsol's Antonio Brufau and Ian Taylor of Vitol.
