In a significant move, state-run oil producer Oil India Limited (OIL) has finished drilling its first well in the Andaman sea while Oil and Natural Gas Corporation (ONGC) has just started drilling operations in the area, said officials.
ONGC's overseas arm applied for a sanctions waiver to access $500 million dividend from two Venezuelan projects.
The upstream oil and gas (O&G) sector has delivered a stellar performance in the stock market in the recent past. The O&G sector is dominated by PSUs and despite the imposition of a windfall tax, profitability has been impressive. Oil India Limited (OIL) is particularly favoured by investors.
Crude and gas supply concerns have eased amid reports that Israel and Hamas have struck a peace deal. The International Energy Agency estimates oil demand may drop slightly in calendar 24 but Opec probably has enough pricing power to maintain $80/ barrel Brent prices. Russia's share of India's crude imports remained strong at about 35 per cent in September 2023.
The experts have been rushed to a hospital at Dibrugarh, Oil India Limited's senior manager, public affairs, Jayanata Bormudoi, said.
Prime Minister Narendra Modi will visit Assam and West Bengal to lay the foundation stones of several projects.
Prime Minister Narendra Modi will visit the poll-bound states of Assam and West Bengal on Monday to launch and lay the foundation stones of several projects.
Indian Oil Corporation (IOC), the nation's largest oil firm, has renewed a deal to buy up to 2 million tonnes of crude oil in 2022 from Russia's Rosneft, the Russian oil producer said. IOC had in February 2020 signed a deal with Rosneft Oil Company to import up to 2 million tonnes of oil via the port of Novorossiysk. In 2021, the deal envisaged supply of up to 1.7 million tonnes of crude oil but IOC bought just on parcel or shipload as the cost of transporting the oil made it uneconomical, when compared to alternatives. For 2022, the deal is for the supply of up to 2 million tonnes of oil from the Black Sea port of Novorossiysk.
The total worth of Assam Chief Minister Sarbananda Sonowal's assets, both movable and immovable, have increased by over 71 per cent since the last assembly polls in 2016, despite not having bought any new immovable assets.
Ruling out any plans to restructure the National Investment Fund (NIF), the government on Friday said the proceeds from divestment of the NHPC and Oil India Limited (OIL) will be credited to the NIF.
The agency has registered the FIR after a preliminary enquiry on a complaint from the oil ministry.
Though no peripheral burning is taking place at the moment at the well's site at Baghjan, the company has declared an area up to 1.5 km radius as "red zone" to avoid any untoward incident and harm to the general public.
India Inc borrowed heavily in December.
The two firefighters had gone missing after the well caught fire on Tuesday and their bodies were recovered by a National Disaster Relief Force team on Wednesday morning, said Oil India Spokesperson Tridiv Hazarika.
Though ONGC and OIL are major producers of natural gas, they currently have no presence in its retailing and marketing, a field dominated by GAIL and its joint ventures.
Referring to disinvestment in National Hydel Power Corporation and the Oil India Limited, Mitra said while the enterprise value of NHPC rose from Rs 18,280 crore (Rs 182.8 billion) to Rs 37,702 crore (Rs 377.02 billion) after listing, that of Oil India Limited rose from Rs 9,844 crore (Rs 98.44 billion) to Rs 30,000 crore (Rs 300 billion).
The deployment of the special forces, however, will come at a cost for the industrial houses and tea companies. They will have to pay to utilise the services of the special government security forces that will operate under the state director general of civil defence and home guards.
Michael Tayo scored in the dying minutes to help Air India salvage a 1-1 draw against qualifiers Oil India Limited in a Group D encounter of the 30th Federation Cup at Vidyasagar Krirangan, near Kolkata, on Sunday.
Agnelo Colaco struck in the second half as Vasco SC stunned Mohun Bagan 1-0 to throw open Group D in the 30th Federation Cup at the floodlit Vidyasagar Krirnagan in Barasat on Sunday.
Steel baron L N Mittal and French oil major Total on Thursday signed an agreement with state-run HPCL for jointly setting up a $6 billion refinery-cum petrochemical complex at Vishakhapatnam in Andhra Pradesh. State-run gas utility Gail India and exploration firm Oil India Limited are the other stakeholders in the proposed 15 million tonne refinery and one million tonne petrochemical complex.
The company, which had planned an initial public offer in February, said the issue got delayed partly because it could not appoint independent directors on its board. "The issue has now been resolved and we aim to hit the capital markets in November," said OIL Chairman and Managing Director M R Pasrija.
OIL is planning an IPO to raise Rs 1474 crore to assist in its expansion plans.
The blast, which occurred due to a technical snag, set off oil spillage over a three km radius area that spread to Rajabari village, sources said.
The ULFA made light of the OIL stand that seismic survey in Brahmaputra riverbed has become necessary,
Stepping up violence ahead of Independence Day, United Liberation Front of Assam blew up a gas pipeline, a steel bridge and a transformer across Assam, police said in Guwahati on Tuesday.
The three-member committee will look into the safety and security of the ONGC's offshore operations.
Huge oil and gas reserves have been discovered in four districts of Rajasthan, bordering Pakistan, the state government announced on Friday.
A bench headed by Chief Justice P Sathasivam sought response from the Centre and RIL on a PIL filed by Communist Party of India Member of Parliament Gurudas Dasgupta who alleged that no due diligence was done by the government while increasing the price of natural gas.
So far, 254 blocks of oil and gas have been auctioned.
Moody's expects the new government to increase the retail selling prices of controlled fuel products -- kerosene and liquefied petroleum gas -- to help control its subsidy burden.
The Cabinet Committee on Economic Affairs last month allowed ONGC and Oil India Limited to tap shale resources in blocks allotted to them on a nomination basis.
As per the current market price, the government is expected to fetch Rs 5,300 crore (Rs 53 billion) by selling 10 per cent equity or 24.27 crore (242.7 million) shares at discounted price to Oil and Natural Gas Corporation and Oil India Ltd.
Oil subsidies to fall 44% in FY15.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
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.
We are serious about setting up a bank and use the parent branding that is a household name in India, says Venugopal Dhoot.
A bench headed by Chief Justice P Sathasivam sought response from CBI on the petition filed by Civil society members including former Cabinet Secretary T S R Subramanian and ex-Naval chief Admiral L Ramdas seeking probe by the agency in the alleged 'collusion between RIL and the political establishment'.
Prime Minister Narendra Modi on Thursday said even though India's options have increased, Russia will remain the country's "most important" defence partner as Moscow offered to fully manufacture in this country one of its most advanced helicopters.
The fuel reforms are a very important signal of the government's commitment to tough economic reforms.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances