The Indian firms will develop the Carabobo-1 block in Venezuela's Orinoco Belt with Spain's Repsol YPF SA and Malaysia's Petroliam Nasional Bdh, ONGC said.
The global Indian company has hit gold in the Emirates of the Gulf.
Korean National Oil Corporation had moved court after the Nigerian government cancelled its licence for block 321 and 323 and decided to restore them to OVL, the overseas arm of India's Oil and Natural Gas Corporation. Media reports from Abuja said a Federal High Court restrained the Federal government from interfering with operations of the two oil blocks.
Cairn India is open to buying the 30 per cent stake that government-owned Oil and Natural Gas Corporation owns in its oil block in Rajasthan. Cairn India is the operator of the block, with 70 per cent ownership currently.
Nigeria's new government is reviewing award of oil blocks in last couple of years after it received complaints of irregularities in their allotments, with some quarters expressing apprehensions that the licences won by India's ONGC-Mittal combine may also be under scanner.Although the identities of the blocks as well as the awardees are not immediately known, industry sources said some domestic and foreign entities that obtained licences through 'backdoor' may lose it.
Private and public sector oil producers, who will face a "super profits" tax on output when their selling price for crude oil touches $75 per barrel if the B K Chatruvedi committee's recommendations are accepted, say there is lack of clarity on whether they will continue to pay the current royalty of 20 per cent along with the proposed tax.
Once the deal is inked, the two companies will also jointly bid for exploration blocks under the ninth round of auctions in Brazil.
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.
Reliance Industries (RIL) has submitted bids for a stake in three exploration blocks in Australia in the latest auction of oil blocks in the country, President and CEO (petroleum) P M S Prasad said on Wednesday.
The country's second-largest government-owned oil and gas exploration company Oil India has qualified as a non-operator in the latest round of oil blocks auction in Libya.
Reliance Industries Limited has hived-off its overseas oil and gas projects into a separate wholly-owned company based in Dubai and is eyeing a tie-up with ONGC Videsh Ltd to jointly bid for oil and gas opportunities abroad.
Chinese firms, with state help, pip India in acquiring oil assets abroad.
Hindustan Petroleum Corporation, the state-owned company, could find itself becoming a major player in the oil and gas sector both within the country and overseas with huge capital being pumped in by the L N Mittal-promoted Mittal Investments.
Reliance Industries will set up a 50,000 barrels per day refinery in Yemen, where it has already picked up stake in two oil blocks.
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 and Natural Gas Corporation has lost out on a bid for an oil block in Angola to a Chinese-led consortium.
India is set to offer oil blocks for exploration by the end of the year following a clearance in principle from the ministry of environment and forests for award of blocks under the fifth round of the New Exploration Licensing Policy.
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, will invest close to $150 million in the seven oil and gas blocks it recently acquired in Cuba.
Videocon Industries is eyeing oil fields in Sudan and Yemen and is considering investing in the development and exploration of oil in India and in the Middle East.
New Delhi is quietly reclaiming its space in Asia by forging alliances with China's neighbours. In a way, India is converting its much-talked about Act East Policy to Engage East practice.
Hindustan Petroleum Corporation Ltd will invest Rs 500 crore (Rs 5,000 million) over the next 2-3 years in oil exploration and plans to continue with its retail venture by setting up 750 petrol stations this fiscal.
Public sector behemoth Oil and Natural Gas Corporation Ltd on Monday said it has acquired an offshore oil field in Western Australia.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corp, said on Thursday that it will acquire Anglo Dutch oil giant Royal Dutch/Shell's entire 50 per cent stake in an oil block in Angola for about $600 million.
French oil giant TotalFinaElf has offered Oil and Natural Gas Corporation stake in its Azerbaijan and Barbados oil blocks in return of equity in the Indian oil firms' three offshore blocks.
For simplification and a sharper strategic focus, BHP Billiton has been reassessing its global assets portfolio.
The Gujarat High Court had last week directed ONGC to pay royalty on crude oil on the gross price it bills to refiners.
OVL had bid for two of the 10 shallow-water blocks that Myanmar had auctioned in December but drew a blank when the fields were awarded on March 26.
'We should become an all-encompassing entertainment and information destination," says chairman Subhash Chandra, who monitors the group on a monthly basis, leaving the day-to-day operations to the chief executive officers.
Giving a fresh impetus to its ties with ASEAN, India today said it would soon draft a five-year action plan starting 2016 for enhancing connectivity and cooperation in diverse areas and hoped the long-delayed free trade pact on services and investment will be signed later this month.
ONGC is raising debt for a spate of acquisitions over the past year
India's ONGC has lost the giant Kashagan oilfield to the Chinese after Kazakhstan blocked its $5 billion deal to buy US energy major ConocoPhillips' stake in the Caspian Sea oilfield.
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