The 50:50 joint venture of India's Oil and Natural Gas Corporation and China's Sinopec has acquired Columbian oil firm Omimex de Columbia for $850 million.
Oil and Natural Gas Corp, Reliance Industries and Indian Oil Corp, the nation's biggest companies, are coming together for the first time, to bid jointly for a vast oilfield in Venezuela, which will require an investment of $16-18 billion.
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 Ltd, the overseas investment arm of India's largest oil producer Oil and Natural Gas Corporation, is planning to bid for a "few" of the 19 exploration blocks being offered under two bidding rounds by Iraq, which has the world's third-largest oil reserves.
Oil and Natural Gas Corporation has taken control of Imperial Energy after 96.8 per cent shareholders accept its takeover offer.
The Cabinet Committee on Economic Affairs on Thursday approved ONGC Videsh Ltd's proposal to lay a $200 million petroleum product pipeline in Sudan.
The government on Wednesday denied any move to hive-off ONGC Videsh Ltd from its parent Oil and Natural Gas Corporation, saying the present arrangement of letting the subsidiary company scout for overseas oil and gas assets was working well.
Undoing Mani Shankar Aiyar's move to exercise greater control on public sector oil firms, the petroleum ministry has restricted the number of government directors on boards of public sector oil companies to just two.
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corporation, will make an offer to acquire shares of the United Kingdom-listed Imperial Energy Corp Plc at 12.50 pounds a share by December 9.
Transmeridian has been on the radar of ONGC Videsh Ltd (the overseas investment arm of ONGC) for sometime now.
ONGC Videsh Ltd, the overseas arm of India's largest oil producer, Oil and Natural Gas Corporation, is holding talks with the Iranian government for exploring an oil block in the northern part of the country. Chinese company Sinopec is also believed to be in the race for the block. This could not be independently confirmed. The block is near the Caspian Sea.
ONGC Videsh Ltd, overseas arm of state-run Oil and Natural Gas Corporation, is likely to bid over $300 million to buy Caspian Energy Group LLP's interest in an Azerbaijan oil field.
ONGC Videsh Ltd, a wholly-owned subsidiary of Oil and Natural Gas Corporation, has put in a bid to buy stake in a discovered oil block in Angola, after a consortium of two Chinese companies has already reported to have bid $1.5 billion last month, confirmed a top official of OVL on condition of anonymity.
India hopes to conclude the acquisition of UK-listed Imperial Energy in 4-5 weeks, Petroleum Minister Murli Deora said on Friday. OVL is now awaiting approval of Kremlin to takeover the company, which has assets in Tomsk region of the western Siberia in Russia.
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), is believed to be close to making a $2.5 billion bid to takeover Russia-focused oil company Imperial Energy.Imperial Energy is an upstream oil and gas exploration and production company focused on the Commonwealth of Independent States.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, is eyeing stake in oil fields in more than a dozen countries including Myanmar, Libya, Australia, Indonesia, Saudi Arabia, Kuwait, Venezuela, Iran, Qatar and Bangladesh.
Oil and Natural Gas Corporation said on Friday it was invited by the Maersk Oil to participate in the bidding for buying a 30 per cent stake in two Caspian Sea blocks.
The value of the stake is not immediately known but ONGC Videsh Ltd (OVL) -- the overseas investment arm of Oil and Natural Gas Corporation -- is likely to pay an initial $300 million for drilling operations. Russian company Rosneft, which owns 70 per cent in the project, will be offloading its stake to OVL if the deal goes through. The remaining 30 per cent stake is held by China National Petroleum Corporation.
ONGC Videsh Ltd, the overseas investment arm of Oil and Natural Gas Corporation (ONGC), has signed a joint venture agreement with Petroleos de Venezuela S.A. (PdVSA) to take 40 per cent stake in the San Cristobal oilfield in Venezuela. Under the agreement, OVL and PdVSA will develop the field from its current production level of 20,000 barrels per day to 40,000 barrels per day, company officials said. OVL will make a total investment of $ 355.738 million comprising signature.
The Sudanese government is believed to have vetoed Malaysian oil major Petronas' move to buy Talisman Energy in Greater Nile Oil Project and has favoured state-run ONGC Videsh Ltd for picking the Canadian firm's 25 per cent stake.
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation, has signed the production sharing contracts with Vietnam Oil and Gas Corporation (PetroVietnam) for two offshore blocks in Phu Khanh Basin.
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), is in talks to acquire stakes in two oil blocks in Sudan, a nation which is the Indian flagship is largest overseas oil producing base.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corp, has signed a $194 million contract with the Sudan Government for construction of a 741-km long multi-product pipeline.
Oil and Natural Gas Corporation has proposed to hike the equity base of its overseas investment arm ONGC Videsh Ltd to Rs 5000 crore (Rs 50 billion), to bring down the high debt-equity ratio.
The Cabinet Committee on Economic Affairs has approved ONGC Videsh Ltd's proposal to invest $820 million for acquiring US energy giant ExxonMobil's interests in an oil field located off the Brazilian coast.
The government on Friday gave its nod to ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp, to acquire Royal Dutch/Shell's 33 per cent stake in a deepsea gas field off Egypt.
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corporation (ONGC), is getting ready to bid for an oil field in Azerbaijan.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, has made a big natural gas discovery in Iran with in-place reserves being estimated at around 10 trillion cubic feet.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corp, and its partner IPR Red Sea Inc have made a significant oil discovery in offshore Egypt.
Indian Oil Corporation is mulling setting up a wholly-owned overseas investment vehicle if the government rejects the plan to create a second incarnation of ONGC Videsh Ltd with the participation of all state-owned oil firms.
India will make a strong plea for firms getting a stake in future Sakhalin projects in Far East Russia when Russian President Vladimir Putin visits New Delhi later this month.
India is negotiating a term contract with the new administration in Baghdad to import Iraqi crude even as it hopes to keep the exploration acreage awarded to it by the Saddam Hussein regime.
Petroleum Minister Ram Naik said on Thursday that he expected a new government in Iraq to honour any oil exploration contracts held by Indian companies.
The offer was made during the ongoing high level visit of the Norwegian crown price to India.
