The merged entity will become the third biggest refiner behind IOC and Reliance Industries.
While previously selling of the marketing business, possibly to another state-owned firm, was being considered, the government is now mulling on hiving off the pipelines into a separate entity and selling off a majority stake in it.
ONGC and RIL bill their consumers like fertiliser plants and power stations in US dollar.
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).
Reliance Industries on Friday hit out at Oil and Natural Gas Corp (ONGC) for suing it over KG gas dispute, saying some elements in the state-owned firm may be "misleading" the chairman D K Sarraf to hide their failure in developing the discoveries made over 13 years.
With the new owner shelling out Rs 18,000 crore for the buyout of 'Maharaja' this would be the highest ever amount garnered through privatisation or even the cumulative sum garnered through strategic sale in 1999-00 to 2003-04. The government had garnered roughly over Rs 5,000 crore during that five-year period by privatising 10 CPSEs.
IOC has asked consumers to book LPG refill through IVRS or SMSes so that refills reach genuine users.
The acquisition of stake in Progress Energy Resources Corp for 1 billion Canadian dollars ($900 million) mark IOC's maiden entry into North America.
The government is bullish on Coal India and ONGC's stake sale programme which are to be held soon.
Following up on Finance Minister Arun Jaitley's Budget announcement of creating an integrated oil company, India's biggest oil and gas producer ONGC may buy all of the government's 51.11 per cent stake in Hindustan Petroleum Corporation Ltd.
The BSE Sensex and Nifty fell more than 2 per cent on Tuesday, heading for their biggest daily loss since the midst of the rupee crisis in 2013
The petroleum ministry has blamed negligence for causing the devastating fire at state-owned gas transporter GAIL India Ltd's gas pipeline in Andhra Pradesh that killed 22 people.
OVL, the overseas arm of state-run explorer Oil & Natural Gas Corporation, and Oil India Limited agreed in June last year to jointly buy Videocon's 10 per cent interest in the Rovuma Area 1 for $2.475 billion.
The low global crude prices have helped narrow the current account deficit to just 0.2 per cent of GDP in the previous January-March quarter.
Cairn India is 25th on the list with 22.2 per cent CGR.
RIL's bet on burgeoning consumer base and foray into new businesses such as telecom, retail, and digital services vastly expanded its business
Saikia, kidnapped on April 21, was released near the border in Longwa village of Mon district in Nagaland after 31 days, said a top official at Assam Police headquarters.
Oil imports are a third of India's total import bill.
Reliance Industries has regained the top slot among Indian energy companies on the Platts global list
After a hiatus of nearly two decades, the government's programme to privatise state-owned firms restarted with the handing over of debt-laden national carrier Air India to the Tata Group. With the new owner shelling out Rs 18,000 crore for the buyout of the 'Maharaja', this would be the highest-ever amount garnered through privatisation, and is even more than the cumulative sum mopped up through strategic sales from 1999-00 to 2003-04. The government had in October last year inked the share purchase agreement with the Tata Group for sale of national carrier Air India for Rs 18,000 crore. Tatas would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
TI report, which placed 42 oil and gas companies into three tiers based on their level of transparency in revenue disclosure, clubbed ONGC with China's CNOOC and CNPC, Russia's Lukoil and US-based ExxonMobil Corp in the lowest tier for disclosing information only by geographical segment and providing almost no additional information.
Every 10 per cent rise in crude oil price will shave off around 0.2 percentage point (pp) from India's GDP growth and widen the current account by 0.3 per cent, says Nomura.
Yamal LNG is a joint venture owned by OAO Novatek with 80 per cent and Total S A holding 20 per cent stake OAO Novatek holds 60 per cent stake in Yamal LNG, while Total S A and China National Petroleum Corp hold 20 per cent each
Oil and Natural Gas Corp, which had last year firmed up an investment of Rs 34,012 crore (USD 5.076.37 billion) in bringing to production 10 oil and gas discoveries in its Bay of Bengal block KG-DWN-98/2 (KG-D5), plans to invest another Rs 21,528.10 crore (USD 3.2 billion) in developing the ultra-deepsea UD-1 find.
India plans to further cut imports from Iran by 13 per cent next fiscal even though easing of US and western sanctions has made buying crude oil from the Persian Gulf nation easier.
India Inc could be embarking upon a new phase of capital expenditure (capex) cycle, observed analysts, and suggest its revival would lead to a rerating of industrial stocks. Assisted by a property upcycle, analysts at Jefferies said several government initiatives were likely to drive capex. Indicators, they said, include a private project announcement at Rs 25 trillion for 2022-23 (up 150 per cent from pre-pandemic levels) and credit growth at about 16 per cent, which is closer to pre-pandemic highs.
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.
Fernandes wanted Coca-Cola Company to not just transfer 60 per cent of the shares of its Indian firm but also the formula for its concentrate to Indian shareholders.
Indian Army personnel on Wednesday conducted yoga sessions at more than 100 locations along the country's land and maritime borders, forming a 'Bharatmala' on the occasion of the International Day of Yoga.
The proposed chemical plant will use 2,50,000 tons of naphtha produced by IOC's Barauni refinery and the natural gas that GAIL plans to bring from eastern offshore and imported LNG through the planned Jagdishpur-Haldia pipeline. The two firms by the fiscal year would prepare a techno-economic feasibility study for the unit that would take up to five years for construction.
The government is keen on getting global oil majors like Saudi Aramco and National Iranian Oil Corp on board Hindustan Petroleum and Bharat Petroleum through the market route even though privatisation of the state-run oil refining and marketing compa
ONGC is raising debt for a spate of acquisitions over the past year
The government is planning a moderate hike of Rs 1-1.50 per litre in the prices of petrol and diesel in view of the rising global crude tags.
China National Petroleum Corp, which trailed Oil and Natural Gas-Mittal Group combine when price bids were made on August 15, raised its bid to $4.18-billion to acquire PetroKazakhstan, a Canadian oil firm operating in Central Asia.
BJP's success in two state elections gave Modi room to cut through a thicket of regulations and state controls.
The price of petrol was hiked to Rs 101.39 a litre in Delhi from Rs 101.19 and to Rs 107.47 per litre in Mumbai, according to a price notification of state-owned fuel retailers. Diesel rates went to Rs 89.57 a litre in Delhi and Rs 97.21 in Mumbai.
Days before US President Barack Obama's high-powered visit here, the US-India CEO Forum has been reconstituted with Cyrus Mistry replacing Ratan Tata as its co-chairman
Diesel price on Monday was hiked by 25 paise per litre -- the third increase since last week -- and more rate hikes for both diesel and petrol are in the offing in the coming days as international oil prices have soared to a three-year high. The price of diesel was hiked to Rs 89.32 per litre in Delhi and to Rs 96.94 in Mumbai, according to a price notification of state-owned fuel retailers. This is the second straight day of increase in diesel prices and the third since September 24 when the state-owned oil firms ended a three-week hiatus in rates.
The limited availability of flexible (flex)-fuel vehicles in the Indian market and the slow rollout of ethanol-blended petrol by oil-marketing companies (OMCs) remain major obstacles to achieving widespread use of biofuels in the transportation sector in India. Recently, two Union ministers have emphasised India's biofuel potential, arguing that it has the capacity and potential to lead a transition towards widespread biofuel adoption. Road Transport Minister Nitin Gadkari signalled that this transition is well underway and urged car manufacturers to quickly adapt and introduce new biofuel-run vehicles, lest the government resort to taxing diesel vehicles.
ONGC has awarded the service contract for development of its B-192, B-45 and WO-24 fields, known as Cluster 7, south-west of the Mumbai High field to a consortium of HPCL, Prize Petroleum Comnpany Ltd and Malaysia's M3nergy Berhad (Trenergy). \n\n
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