State-run ONGC plans a massive Rs 1 trillion investment in deepwater exploration over the next five years, aiming to drill 87 wells to counter declining domestic crude oil and natural gas production. The company is also establishing a trading firm and its overseas arm, OVL, is pursuing operatorship of assets in Venezuela.
Indian companies, including NBFCs, filed proposals to raise $7.696 billion through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) in July 2026, a significant increase from $6.09 billion in June.
India's outward foreign direct investment (FDI) plummeted by 47.9 per cent year-on-year to $3 billion in June 2026, according to the Reserve Bank of India (RBI), with declines across equity, debt, and guarantee commitments.
State-run Oil and Natural Gas Corporation (ONGC) Ltd reported a 112 per cent year-on-year increase in standalone net profit for Q1 FY27, reaching 17,034 crore, primarily due to higher crude oil prices and increased realisations from new well gas. Despite a consolidated net profit decline due to HPCL's losses, ONGC's core upstream business showed robust growth.
India's procurement of Venezuelan crude oil has picked up momentum since April and the South American nation has already emerged as the third largest oil supplier to the country.
Venezuela's Interim President Delcy Rodriguez is in New Delhi on her sixth visit to India.
The Petroleum Planning and Analysis Cell (PPAC) has denied an RTI request for data on oil imports from Russia, citing its 'commercial and confidential' nature and exemptions under the RTI Act. The Central Information Commission supported this decision, referencing strategic and economic interests.
This and the other six agreements seek to boost economic and strategic ties between the two countries.
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), has emerged as the Indian company having the most international exposure for the second consecutive year, says a survey.
State-owned explorer's foreign arm wants to invest in exploration & production in the country, which has world's fourth-largest reserves.
Oil & Natural Gas Corporation Ltd said its ONGC Videsh Ltd authorized plans to hold talks with British Gas for acquisition of their stake in Kashagan oil filed. However, no action has been taken in this regard, it said.
India on Monday lost the ONGC Videsh Ltd-discovered Farzad-B gas field in the Persian Gulf after Iran awarded a contract for developing the giant gas field to a local company. "The National Iranian Oil Company (NIOC) has signed a contract worth $1.78 billion with Petropars Group for the development of Farzad B Gas Field in the Persian Gulf," the Iranian oil ministry's official news service Shana reported. "The deal was signed on Monday, May 17, in a ceremony held in the presence of Iranian Minister of Petroleum Bijan Zangeneh in Tehran." The field holds 23 trillion cubic feet of in-place gas reserves, of which about 60 per cent is recoverable.
India said it is closely monitoring the evolving situation in Venezuela and reaffirmed its support for the well-being of people of the country.
'The immediate impact for India will be very minimal as the share of Venezuela in our total overseas production is very low.'
India is being increasingly marginalised in Iran's energy sector for reasons which range from political to economic. Its attempts at securing oil and gas blocks in the country and importing gas (as LNG and through a pipeline) seem to be hitting a dead end. The latest setback for India is the agreement between Iran and Chinese Sinopec for the Yadavaran oil and gas field. This effectively pushes out ONGC Videsh - the government's overseas acquisition vehicle.
The Public Enterprises Selection Board, which is the government head-hunter, interviewed seven candidates for the post, which fell vacant after Dinesh K Sarraf was elevated as Chairman and Managing Director of ONGC.
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 US Government Accountability Office, in a recently released report, moved ONGC Videsh Ltd, the overseas arm of state explorer Oil and Natural Gas Corporation, and three others, including Petronet LNG Ltd, out of the list.
State-owned Oil and Natural Gas Corporation (ONGC) has reported a 10 per cent decline in its June quarter net profit on lower oil prices and stagnant production from its aging fields. The company reported a net profit of Rs 8,024 crore in the first quarter of 2025-26 fiscal year, compared to Rs 8,938 crore earning in the same period last year, a company statement said.
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.
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.
TI report, which placed 42 oil and gas companies into three tiers based on their level of transparency in revenue disclosure, clubbed ONGC with China's CNOOC and CNPC, Russia's Lukoil and US-based ExxonMobil Corp in the lowest tier for disclosing information only by geographical segment and providing almost no additional information.
Ongoing strategic investment into assets abroad, alongside gas purchases being made by India, will soon allow the country to access as much gas as it needs, Petroleum and Natural Gas Minister Hardeep Singh Puri said on the sidelines of India Energy Week (IEW 2025).
ONGC's overseas arm applied for a sanctions waiver to access $500 million dividend from two Venezuelan projects.
Upstream majors ONGC and Oil India (OIL) results for the January-March quarter (Q4) of FY24 suggest better production in future. But OIL missed its own production targets although it delivered higher volumes and it disappointed the market in terms of Ebitda. ONGC reported standalone Ebitda of Rs 17,400 crore (up 7 per cent year-on-year or Y-o-Y) in Q4FY24, slightly below estimates due to other higher expenses.
India on Thursday described as 'matter of serious concern' reports that said some members of the Indian community in Canadian province of British Columbia received 'extortion calls'.
ONGC Videsh Ltd (OVL) on Wednesday said its $5 billion bid to buy a stake in Kazakhastan's biggest oilfield has been blocked by the central Asian nation.
Indian officials will focus on expanding the country's footprint in oil-rich Siberia when they meet their Russian counterparts at the four-day 7th Eastern Economic Forum beginning Monday in Vladivostok. The two sides will discuss the possibility of joint oil exploration in the area and cooperation in running offshore oil and gas fields Western companies are in the process of exiting, officials said in New Delhi. Pavan Kapoor, India's ambassador to Russia, will lead the official-level talks at the summit scheduled September 5-8.
ONGC Videsh and Cairns India have bid for oil exploration blocks in Sri Lanka.
Russian President Vladimir Putin had assured his support for ONGC Videsh Ltd taking a 20 per cent stake in the project, Deora said on Thursday.
"We did not take part in the auction of 'Yuganskneftegaz' in any form and don't have faintest idea who bought it," ONGC Videsh's Regional Manager in New Delhi A Verma was quoted as saying by RIA Novosti agency.
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.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, will give Sudan 5 per cent of its stake in two prized oil blocks in the African nation for free, as a quid pro quo for Khartom accommodating it in another producing oil field.
