Indian Oil Corporation and ONGC Videsh Ltd have tied up with BP and Occidental, the global oil majors, to bid for oilfields in Kuwait.
ONGC Videsh Ltd, the overseas arm of state exploration firm Oil and Natural Gas Corporation, has submitted bids for acquiring two more oil blocks in Sudan.
Indian Oil Corporation will buy 40 per cent of ONGC Videsh Ltd's stake in the Greater Nile Oil Project in Sudan.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corp, has retained services of Trafigura Ltd of London to trade its share of 60,000 barrels per day of crude oil from the Greater Nile Oil Project in Sudan in the international markets.
State-owned Oil and Natural Gas Corp is in talks to buyout US oil and gas producer Pogo Producing Co's stake in an offshore Thailand field.
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp, has acquired stake in two oil blocks in Sudan for $136 million.
The government on Tuesday said that it was in talks with CNPC of China and Petronas of Malaysia for buying their share of 8.4 million tonnes per annum of crude oil in a Sudan oil field where state oil firm ONGC Videsh Ltd has taken 25 per cent stake.
Reliance Industries Ltd, the nation's most valuable company, on Thursday said it has raised $4 billion (around Rs 30,000 crore) in debt through the largest ever foreign currency bond issuance by an Indian entity. The oil-to-telecom conglomerate plans to use the proceeds of the three tranche issues to retire existing borrowings. The issue was "nearly 3 times oversubscribed with a peak order book aggregating around $11.5 billion," the company said in a statement. This is the largest ever foreign currency bond transaction in India, eclipsing ONGC Videsh Ltd's $2.2 billion US dollar bonds issue of 2014.
Lines up a $1-billion capital expenditure plan for exploration purposes abroad.
Old timers in Oil and Natural Gas Corporation (ONGC) still remember how in early 2000 its overseas subsidiary, ONGC Videsh Ltd (OVL), was on the verge of closure. Though OVL was set up in 1965, the only discovery the company had made till then was in Vietnam offshore, with more investment needed to monetise it. In 2001, when OVL started looking for new blocks abroad, the company's previous acquisition was 13 years old.
In November they had raised $2.19 billion from abroad, according to the Reserve Bank data released on Friday.
Pradhan said a team of officials of state-run Indian Oil Corporation had visited Vietnam and explored some business ventures
The company has chalked out a detailed plan for development of its existing KG basin assets after integration with GSPC facilities.
The Appointments Committee of the Cabinet approved appointment of Sarraf, who at present is Managing Director of ONGC's overseas arm, ONGC Videsh Ltd.
As many as 58 companies raised money from automatic route and 8 firms raised via approval route.
.jpg)
While the measures are aimed at moderating outflows, RBI added that genuine requirement beyond these limits will continue to be considered under the approval route.
The Reserve Bank on Thursday relaxed norms for overseas investment by Indian corporates by raising their borrowing limit.
Stocks of Indian companies with exposure to Europe fell on Tuesday amid concerns about the impact on their sales in case the Russia-Ukraine crisis worsens and the US and its allies impose economic sanctions on Russia. While top conglomerates, including Reliance Industries, the Tata group, and Aditya Birla Group, said they did not have any significant exposure to Russia, executives of some of the oil and gas, pharmaceutical, and tea companies said they were monitoring the situation closely as they earned substantial income from the region. Russian President Vladimir Putin on Monday ordered troops into two breakaway regions of eastern Ukraine after announcing that Russia would recognise their independence.
Russia has been grappling with sanctions slapped by the US and its allies over Moscow's invasion of Crimea.
In all, 25 Chairman-cum-Managing Director (CMD) posts, 8 MD posts and 2 Chairman posts are lying vacant, according to a written reply by Minister of State for Heavy Industries and Public Enterprises P Radhakrishnan in the Lok Sabha.
It is rare for Cabinet ministers to tick off state-owned companies publicly, yet that was what then petroleum and natural gas minister Dharmendra Pradhan did for ONGC. Speaking at an event on June 29, Pradhan said he has asked India's premier exploration company to find fresh oil acreages fast. "Do it yourself through some joint venture (or) through a new business model. But the government cannot permit you to hold resources for an indefinite time." The reason for this stricture is India's rising dependence on imported oil and gas. Or, to put it another way, falling domestic production (see chart: "Crude truth"), especially from ONGC, which faces a simple problem.
D K Sarraf replaces Vasudeva, who turned 60 on Tuesday and is due to superannuate on Friday.
Yamal LNG is a joint venture owned by OAO Novatek with 80 per cent and Total S A holding 20 per cent stake OAO Novatek holds 60 per cent stake in Yamal LNG, while Total S A and China National Petroleum Corp hold 20 per cent each
Petroceltic is headquartered in Dublin with offices in Edinburgh, London, Algiers, Varna, Cairo and Rome.
OVL, along with Oil India Ltd, had in June agreed to buy Videocon Group's 10 per cent in the same block for $2.48 billion.
A preliminary deal for sale of 49 per cent in Essar Oil to Rosneft was signed between the companies in July 2015.
Besides PESB selected chairman designate B Ashok (currently Executive Director retail sales in IOC) having no board experience, the case for extending Butola's service is more compelling because all the other six directors on board of the nation's largest oil firm are retiring in next one year.
At present, there is no direct air connectivity between India and Myanmar.
ONGC's chairman and managing director Sudhir Vasudeva tells Business Standard that any price for natural gas that is more than $4.2 a unit is good for the company.
India on Tuesday pitched for a stake in vast oil and gas fields as well as LNG terminals in the frozen Artic of Far East Russia as it looked to import more oil from the former Soviet republic as part of a strategy to diversify its energy basket.
PM Modi to travel to Vietnam before going to China to attend G20 summit.
They have been named for their stake in the Farsi offshore block.
Teheran bargains on OilMin plan for more rupee payment via increased import; wants investment deal on gas block.
Defence, security, science and technology, trade and culture are some of the issues on the plate for the talks.
Petroleum minister M Veerappa Moily would like to import 11 million tonnes of Iranian crude in this financial year.
Markets ended in red, index heavyweights drag.
Prime Minister Modi appreciated the vision of Putin for the welfare for Russia's Far East, saying the Russian President has opened up investment opportunities for India in the region.
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.
The Chabahar port, says Ambassador M K Bhadrakumar, 'can be the first significant footfall in an Indian variant of the 'Belt and Road' initiative.'
