In the third acquisition in 10 months, state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) will buy Videocon Industries' 10 per cent stake in a giant Mozambique gas field for about $2.5 billion.
Seeks deferred payments for domestic purchases, dollar window.
The world's fourth-biggest oil and gas consumer imports nearly three-quarters of its energy requirements
The total investment at risk is $930 billion and oil companies will need to cut their expenses by 30 per cent to make their projects viable provided oil remains around $70 a barrel.
An Empowered Group of Ministers headed by Finance Minister P Chidambaram had on February 28 decided to sell the stake in IOC, the nation's largest oil firm, at a discount of 10 per cent through an off-market deal.
An HPCL-led consortium had put the project on hold in 2009.
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It cannot, however, use the money to invest in India or buy shares or companies.
State-run gas utility GAIL India on Monday said it should be exempted from payment of fuel subsidies as it does not get any upside from rise in crude oil or natural gas price.
In a move that may spook Oil and Natural Gas Corp's (ONGC) planned public offering, the government has hiked the contribution of upstream oil companies toward fuel subsidies to 38.8 per cent for 2010-11 fiscal.
ONGC went for a stock split in preparation for a follow-on issue that is expected to hit the market in the second quarter of 2011-12.
Pradhan met Energy Secretary Rick Perry during an unscheduled trip to the US Capitol and discussed energy cooperation between India and the US, Indian investment in Liquefied natural gas and shale sectors, and the possibility of the US exporting LNG to India from early next year.
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Investors in international funds should have a horizon of more than five years. Not only will this help them overcome equity and currency volatility, it will also help them enjoy better tax treatment, says Sanjay Kumar Singh.
India has acquired a Russian oil company and bought equity stake in an oil field project in Venezuela through consortium route, the Rajya Sabha was informed on Tuesday.
The Oil Ministry has fixed the subsidy payout by upstream firms like Oil and Natural Gas Corporation and Oil India Ltd at Rs 15,546.65 crore (Rs 155.46 billion) for the April-June quarter.
As fuel prices surged in September, the government's decision to ask companies to cut price by Rs1 each on a litre of petrol and diesel came as a dampner for private players.
The NSE 50-share Nifty spurted 97.25 points, or 0.92 per cent, to 10,715.50
Ethanol production in India has an advantage as its production could potentially leave sugar prices unaffected. Further, by blending petrol with 10 per cent bio-fuel, 80 million litres of petrol could be saved annually in the country.
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).
In November they had raised $2.19 billion from abroad, according to the Reserve Bank data released on Friday.
The subsidy burden of upstream oil companies, Oil and Natural Gas Corporation and Oil India Ltd, have risen 42 per cent in a single quarter.
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 government plans to more than double the price of natural gas produced by Oil and Natural Gas Corp (ONGC) to $4.20 per mmBtu, in a move that will help the state-run firm break even in gas business.
With CVC finding a 'deficit of trust' in him on the allegations, Sibal was denied an extension as head of India's upstream nodal agency till his superannuation age of 60 years in January 2012.
The government may soon raise prices of natural gas produced by state-owned ONGC and Oil India by as much as 30 per cent, Petroleum Secretary S Sundareshan said on Monday.
The government on Friday gave Oil and Natural Gas Corp and partners approval to invest $2.181 billion in a giant oilfield in Venezuela that will give energy deficient India 3.6 million tonnes a year of crude oil.
Essar Oil has cut petrol and diesel prices by an average of Rs 1.50 a litre to bring them at par with that of public sector firms.
ONGC Videsh Ltd, overseas investment arm of the state-run explorer, teamed up with Oil India Ltd and Turkish Petroleum Corporation to bid for the Halfaya oilfield in Iraq's second post-war bid round on Friday.
Russia's Gazprom or Rosneft may also join ONGC Videsh, the overseas arm of the state-run explorer, in Iraq's second post-war bid round on December 11-12, industry sources said.
The Reserve Bank on Thursday relaxed norms for overseas investment by Indian corporates by raising their borrowing limit.
The government may in 'weeks' decide on raising price of natural gas produced by state-owned ONGC and Oil India by 30 per cent, petroleum secretary S Sundareshan said on Monday.
Ministry to propose a new subsidy mechanism to cap upstream firms' share.
Sibal rejoined OIL on October 31 and immediately applied for early retirement, government sources said. In 2004, he had gone as directorate general of Hydrocarbons on lien from where he was reverted to his parent company OIL.
IndiaBulls Power IPO's charged-up performance (the issue was subscribed 21.84 times) earlier this month had only one jarring note: the retail portion of the initial public offer barely scraped through, with a subscription of 1.09 times.
The list mostly contains PSUs which were up for sale in the last fiscal.
Divestment of public sector companies gathered steam in the first year of UPA-II that saw two PSUs-- Oil India and NHPC-- raising around Rs 8,600 crore (Rs 86 billion) from IPOs and the way was cleared for divestment in three more state-run power companies in the new year.
In a significant development, the government may allow state gas utility GAIL India to charge a marketing margin on sale of APM or subsidised natural gas.
State-run Oil India Ltd, which got listed on the bourses on Wednesday, is looking at acquisition of assets or companies in Australia, South-East Asia, Africa, Russia and Latin America.
The government on Wednesday more than doubled the price of natural gas produced by state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd to $4.20 per mmBtu, at par with the rate at which Reliance sells its gas.
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