ONGC has about 1,200 drilling wells in Mehsana. The new location will require about 500 wells to be drilled and the estimated investment for this would be about Rs 500 crore, industry sources said. ONGC has completed the seismic study of the area and will start drilling once it gets the requisite permissions.
ONGC Videsh Ltd, the overseas investment arm of India's largest oil producer Oil and Natural Gas Corporation, has bought UK-based Imperial Energy, which has oil producing assets in Russia, at a valuation of $3 per barrel of oil reserves
OVL, along with global oil majors such as Royal Dutch Shell, ExxonMobil, Chevron, ConocoPhillips, British Petroleum, Total and China National Petroleum Corporation, is one of the 35 companies short-listed by the Iraqi government for the auction, which includes six oil-producing blocks with recoverable reserves of 40 billion barrels of oil, making it the largest such auction in the world.
The fall in international oil prices notwithstanding, ONGC Videsh Ltd will not revise its pound 12.50 a share buyout of Imperial Energy Corp Plc as the acquisition priced UK-listed firm's in-place oil reserves at $2.5-3 per barrel.
On the sidelines of crude oil price rise, Indian oil majors including Reliance Industries, Oil and Natural Gas Corporation and Essar Oil are eyeing exploration opportunities at the oil-rich sand beds of Alberta in Canada. The firms are believed to be drawing up plans in consultation with the central government and considering tie-ups with international firms for sand-oil exploration.
A consortium of European companies has signed up an agreement with Angolan government for exploration of its gas and oil reserves. The consortium includes two Spanish (Gas Natural and Repsol YPF), and Portuguese companies (Galp Energia and EXEM), one Italian company (Eni) and Angolan state energy company, Sonangol.
OPEC expects an additional daily average output growth of 1.2 million barrels or a daily average oil output of 87 million barrels in 2008. The OPEC output quota this year will be less than 32 million bpd and non-OPEC output would be about 50.3 million bpd, according to a report . OPEC's actual production will be higher than the quota but that will not be sufficient to coverup the demand-supply imbalance in the international market.
OPEC, which has oil reserves that constitute 80 percent of the total global reserves, is unwilling to increase output to bring down oil prices. This makes OPEC too responsible for the rising oil prices, apart from the weak dollar. OPEC has said that world oil demand this year is forecast to grow by 1.2 million barrels daily to an average of 87 million barrels per day. As OPEC's output remains insufficient to cover rising demand from Asian region, oil prices will tend to rise.
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.
Cairn India, a unit of UK-based Carin Energy, will have the potential to account for 20 per cent of India's oil production in the next decade once oil starts flowing from its three fields in Rajasthan.
ONGC Videsh, the overseas investment arm of state-owned Oil and Natural Gas Corporation, is one of 41 global oil corporations shortlisted by the Iraq government to develop its oil fields. Iraq has the world's largest proven oil reserves.
Saudi Arabia, the world's largest oil exporter, is reported to be investing $4-5 billion in the force
Bihar is now poised to emerge as one of India's next major destinations for oil and natural gas reserves.
Oil occurs in certain geologic formations at varying depths in the earth's crust, and in many cases elaborate, expensive equipment is required to get it from there. Read below all you need to know about the oil industry in the world.
Oil and Natural Gas Corp, India's largest oil producer, has proposed an investment of Rs 7967 crore (Rs 79.67 billion) in setting up a 7.5 million tonnes refinery at the site of recent oil find in Rajasthan.\n\n
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.
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.
Sri Lanka's Parliament on Wednesday approved the private sector participation in oil and gas exploration, paving way for the Indian companies to invest in the island nation.
The Cabinet on Wednesday approved construction of strategic oil storage facilities at three locations on east and west coast at an estimated cost of over Rs 1,600 crore.
With the steep rise in international price of oil, the two largest retailers in the oil-rich United Arab Emirates have threatened to shut down their petrol pumps.
Qatar is the world's richest country in terms of per capita income.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, is in talks with two Middle-East Asian companies to acquire stake in an oil field in Sudan that is estimated to hold oil reserves in excess of 3.5 billion barrels.
State-owned Oil and Natural Gas Corporation said on Thursday that it has discovered gigantic oil reserves, west of the Vasai gas field, off the Mumbai coast.
British energy firm Cairn Energy Plc has again struck oil in Rajasthan, its ninth discovery in the state in the last two years.
Cairn Energy has sought equity participation from ONGC to develop its latest find of about 20 million tonne oil and gas reserves in Rajasthan.
Petroleum Minister Ram Naik said on Monday the government planned to boost the country's strategic crude oil reserves to 45 days from 15 for an estimated cost of Rs 43.50 billion.\n\n\n\n
Signals received from the government in the past one year reflect a state of utter confusion, says Abhishek Tripathi.
'He keeps reminding me he is senior. There is no debate in this. I have never shown any disrespect to you since you are a senior,' the PM said.
Somali pirates are "shifting their location" towards India, but the country is watchful to deal with such threats, Defence Minister Manohar Parrikar said.
Devastation struck Venezuela when oil prices started collapsing in 1982, following a global oil glut. The country's economy contracted overnight.
External Affairs Minister Salman Khurshid on Wednesday left for Iraq on a two-day visit aimed at deepening India's ties with the oil-rich Arab country.Khurshid, the first Indian external affairs minister to visit Iraq in last 23 years, will hold talks with his Iraqi counterpart Hoshiyar Zebari and discuss bilateral, regional and international issues of mutual interest.
Oil prices dipped on Wednesday as the market prepared for a gradual increase of Iranian exports into an already oversupplied market from 2016.
OVL, the overseas investment arm of state-run explorer Oil and Natural Gas Corporation, holds 40 per cent stake in the San Cristobal oil project in Venezuela.
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