OIL, which produces 3.5 million tonnes a year of oil, will offer 2.64 crore equity shares to public in the IPO, while the government will simultaneously sell 10 per cent of its stake in the company to state refiners. An 11 per cent fresh equity would be sold in the IPO while the government would divest 10 per cent of its stake at the IPO price.
There is no one way to describe the 12 months that have gone by since India reported its first Covid-positive case on January 30, 2020.
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.
OIL, the nation's second biggest state-run oil and gas explorer, was to launch its IPO of 2.64 crore equity shares on November 10, but the reversal of fortunes on the stock markets led to its deferment by a few weeks. It now has been put back for at least a couple of months.
The offer will be open from September 7 to 11 and the price-band has been fixed between Rs 950 and Rs 1,050 per equity share. OIL, which produces 3.5-million tonnes of oil annually, will offer 2.64-crore equity shares to the public through the IPO.
An Empowered Group of Ministers headed by Finance Minister P Chidambaram had on February 28 decided to sell the stake in IOC, the nation's largest oil firm, at a discount of 10 per cent through an off-market deal.
The petroleum ministry has prepared a draft Cabinet note for raising prices of natural gas produced by ONGC from fields given to it on nomination basis to Rs 3,765 per thousand cubic metres (or $1.98 per million British thermal unit) from current Rs 3,200 per thousand cubic meter ($1.68 per mmBtu). For OIL, the gas price has been proposed at Rs 4,205 per thousand cubic meters, a senior ministry official said.
ONGC Videsh, Indian Oil Corporation and Oil India have together proposed to invest $3 billion in developing the Farsi gas field in Iran.
In all, Reliance has a stake in 34 exploration blocks in the country.
Tatas have joined hands with state refiner Indian Oil and exploration firm Oil India Ltd to consider bidding for acquiring Caspian Energy Group LLP's (CEG) interest in an Azerbaijan oil field.Tata Petrodyne Ltd, a wholly-owned subsidiary of Tata Sons, has joined the IOC-OIL combine to make a bid to buy CEG's 51 per cent stake in the Shivran Oil Operating Company that runs the Kyurovdag oil field in Azerbaijan, industry sources said.
Privatisation of old oil fields to raise output and reduce India's import dependence was advised by the Economic Survey.
Oil India's IPO will open on schedule inspite of the market volatility, stated government sources.
Struggling to meet budget targets, the government had in the just concluded fiscal asked cash-rich PSUs to pay second interim dividend as well as undertake share buyback.
On the NSE, Oil India opened with a premium of 4.38 per cent at Rs 1,096. The stock then climbed to Rs 1,127 a piece before skidding to Rs 1,090.
IOC-OIL have decided to hold 25% stake in RIL's East Timor oil and gas block.
OIL announced its financical plan outlay for the next two years.
Post-IPO and equity transfer, government shareholding in the company will come down to 78.43 per cent. IOC will hold 4.45 per cent equity stake in the expanded equity base while HPCL and BPCL would hold 2.23 per cent each. Public holding would be 12.66 per cent.
These 7 blocks are adding exploration acreage of 18,510 square kilometres spread over three sedimentary basins of India and have a resource potential of approximately 33 billion barrels of oil and oil equivalent gas.
India-born billionaire Lakshmi N Mittal may take 49 per cent stake in Hindustan Petroleum Corp Ltd's under-construction $3 billion refinery at Bhatinda in Punjab.
Flying high on the government's initiative for Oil India Ltd's global foray into exploration and production activities, the company will invest around $150 million in the coming fiscal
Oil India Ltd, the country's second largest exploration and production company, is likely to offer 10 per cent of its share to the public in October this year, a few months later than planned.
State-run Oil India Ltd has signed an agreement with Canadian Commercial Corporation for collaboration in providing exploration and production services in India and abroad.
Oil and Natural Gas Corporation will shell out Rs 5,023 crore (Rs 50.23 billion) to subsidise kerosene and LPG in the second quarter of current fiscal.
Assam Rifles and J & K Bank will face off on October 26 for a spot in the main draw of the Osian's Durand Cup tournament in New Delhi.
The government is mulling divesting a minority holding in oil exploration firm Oil India Ltd but no decision has been taken on the mode of sale, Petroleum Minister Mani Shankar Aiyar said on Wednesday.
Public sector Oil India Ltd has declared an emergency and called for global fire extinguishing experts to control a blaze that broke out on Thursday in one of its wells at Dikom in Upper Assam.
The government on Wednesday said there was no proposal to either merge Hindustan Petroleum and Bharat Petroleum with Oil and Natural Gas Corp or Oil India Ltd with Indian Oil Corporation.
ONGC Videsh Ltd and Oil India Ltd-Indian Oil Corp combine have won an oil block each in Libya. \n
The fire raging in an oil well of Oil India Ltd in Assam's Dibrugarh district continued for the fifth day on Monday as experts remained engaged in an unprecedented operation to douse the flames within a week's time.
A major fire broke out in an abandoned oil well of Oil India Ltd at Kuhibari near Dikon in Assam's Dibrugarh district on Thursday causing more than 500 families and hundreds of tea workers to be evacuated to safer places.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances