ONGC Videsh Ltd, the international arm of the state-owned Oil and Natural Gas Corporation, will take 25 per cent stake in two deep sea oil and gas exploration blocks in Nigeria.\n
Oil and Natural Gas Corp, India's largest oil producer, bagged eight out of the 18 oil and gas block awarded today while country's largest private sector firm Reliance Industries managed five.
Mining magnate Anil Agarwal's conglomerate on Friday announced a major business shake-up, with flagship Vedanta Ltd approving a spin-off of its metals, power, aluminium and oil and gas businesses into separate listed entities and an overhaul of lucrative zinc unit planned as part of value creation and reducing debt load. Vedanta will issue one share of the five demerged businesses for every share held in the company, the firm said in a statement. The entire exercise, which would require shareholder and lender approval as well as a nod from the stock exchanges and courts, is expected to be completed in 12-15 months, its president for finance Ajay Agarwal said.
Myanmar is likely to award at least one offshore oil and gas exploration block and refinery revamp project to Indian firms even as New Delhi is exploring the possibility of piping
A meeting of the CCEA, chaired by Prime Minister Manmohan Singh, approved 'splitting of the production sharing contract for Block AA-ON/7 in two parts, to consider separate exploration period of Nagaland part of the block,' an official statement said.
Reliance Industries may sell part of its stakes in some of the overseas oil and gas blocks to lower its exploration risk.
ONGC and Reliance on Tuesday signed licence agreements for oil and gas blocks awarded to them by the government under the third round of the New Exploration Licensing Policy.
Government has put on auction the gas discovery area it snatched from Reliance Industries in KG-D6 block and the field that Cairn India is seeking to regain around its Rajasthan block.
However, supermajors Chevron, ExxonMobil and Conoco Philips of US, who were expected to partner Reliance Industries, did not participate.
India on Thursday offered 55 oil and gas blocks and 10 coal bed methane blocks for bidding under the sixth round of New Exploration Licensing Policy in an attempt to raise domestic output.\n
Cairn Energy has received an 18-month extension for further appraisal of the over 2,884 square km acreage of the Rajasthan block, which preliminary estimates suggested would yield between 35-70 million barrels of oil.
The government will offer 20 oil and gas exploration blocks in the fifth round of bidding under the New Exploration Licensing Policy in January 2005, Petroleum Minister Mani Shankar Aiyar said on Friday.
Gas Authority of India Ltd is eyeing a stake in the oil and gas exploration blocks in Argentina and Mozambique. Gail is talking to Shell for picking up stake in two city gas distribution companies in Egypt.
Falling crude prices and the global credit crunch have jeopardised India's efforts to attract more investment in oil exploration and production, with several domestic and international companies opting to sell part of their participating interest in E&P projects. Around half-a-dozen companies are currently in talks with exploration and production majors -- mainly state-owned Oil India and Oil and Natural Gas Corporation -- to farm out part of their stakes.
Under the first six rounds of NELP, a total investment of $8.3 billion in exploration of oil and gas was committed, out of which about $4.5 billion has already been incurred on exploration and $1.4 billion on development of discoveries. A further $1.5 billion exploration spend is budgeted for NELP VII.
The government on Monday received 181 bids from global and domestic oil majors, including ONGC, Reliance Industries, Essar, BP Plc and BHP Billiton, for oil and gas exploration blocks under the seventh round of NELP auction.
IOC-OIL have decided to hold 25% stake in RIL's East Timor oil and gas block.
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, has acquired a 30 per cent stake in seven oil and gas blocks in Cuba, which hold more than 4 billion barrels of oil reserves.
The ministry of defence is believed to have suggested that companies from China, Pakistan, Myanmar, Indonesia, Malaysia, Bangladesh and the Arab world be kept out of the bidding for certain oil and gas blocks due to security concerns.
Reliance Industries Ltd has committed to invest of $563 million in exploration of oil and gas in the nine blocks it won in consortium with Hardy Oil of UK in the third round of New Exploration Licensing Policy.
While OVL on April 16 signed a Joint Operating Agreement and Participation Share Agreement/Assignment Agreement with Kazakhstan's KazMunaiGas Exploration Production to buy a quarter of the Satpayev block, it on Wednesday signed a pactwith the Kazakh government to formally become a part of the concession.
Oil and Natural Gas Corporation, the country's largest oil and gas producer, is planning to sell 30 to 40 per cent each in two blocks in Vietnam to share the risks and drilling costs. ONGC owns 100 per cent in the two deepwater exploration blocks.
Clearing the last hurdle, the Union home ministry has given unconditional approval for United Kingdom's BP to buy a 30 per cent stake in Reliance Industries' oil and gas blocks, including the showcase KG-D6 gas fields, for $7.2 billion.
In one of the country's biggest energy deals, Reliance Industries on Monday announced sale of 30 per cent stake in its 23 blocks including the giant KG-D6 gas fields to the United Kingdom's BP Plc for $7.2 billion.
Britains' Cairn Energy has offered to sell its stake in two oil and gas blocks in Krishna Godavari basin to Oil and Natural Gas Corporation for $100 million and 15 per cent equity in state-run firm's two blocks.\n\n\n\n
China and Vietnam have an acrimonious relationship due to their standoff over the South China Sea, a huge source of hydrocarbons.
Lenders to Venugopal Dhoot-founded Videocon Group will eventually take 50-55 per cent haircut and not 95 per cent as is being reported after considering about Rs 15,000 crore expected from the sale of the group's overseas oil and gas assets, its former CFO Rajneesh Gupta claimed. Videocon Industries Ltd, which is comprised of its consumer electronics business and interest in the Ravva oil and gas field, and its overseas oil and gas assets, mainly comprising of oil blocks in Brazil, are being auctioned separately to recover unpaid loans. While Anil Agarwal-led Vedanta Group has picked up Videocon Industries for Rs 2,962 crore, the bids for overseas assets are yet to be decided.
India and China are sparring over the opening of consulates in Lhasa in exchange for Chennai, in what amounts to a second round of diplomatic confrontation between Asia's largest powers, in the wake of their recent disagreement over an oil block in the South China Sea that is controlled by India, owned by Vietnam and counter-claimed by China.
Russia will significantly boost the supplies of Liquefied Natural Gas to energy-hungry India from 2016, President Dmitry Medvedev has announced. Mentioning the success of ONGC Videsh Ltd venture in Sakhalin-1 offshore oil block, Medvedev, who along with Prime Minister Manmohan Singh addressed a CEOs' forum of the top companies of the two countries in Moscow on Friday evening, also expressed Russia's interest in expanding cooperation with India in hydrocarbons.
Net profit in 2012 was $72.6 million, compared with $4.56 billion profit in 2011, Cairn said in a statement.
The Indian desire to deepen its ties with Vietnam, especially in the oil sector, besides defence and trade, was conveyed to the top leadership in Hanoi by External Affairs Minister Sushma Swaraj.
ONGC's return on investment becomes positive after govt makes Barmer block royalty cost-recoverable.
The government's decision not to extend the tax holiday on exploration of oil blocks being offered in the ninth round of bidding under the New Exploration and Licensing Policy (Nelp) may impact the current bidding process, of Nelp-IX.
The government cannot exercise its sovereign rights twice over.
British energy firm BP Plc is the operator of the ultradeep sea block with 26.7 per cent stake.
State-owned Oil and Natural Gas Corp (ONGC) may have won a large oil block in Venezuela but the Petroleum Ministry wants Reliance Industries to join the project to give stability to the venture.
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