Faced with soaring demand, stagnant output at home and a need to diversify from Iranian crude imports lost to Western sanctions, Indian oil companies are hungry for deals like Oil and Natural Gas Corporation's ( ONGC's) Kashagan buy that promise supplies sooner rather than later.
Italy's Eni welcomed the Indian company. The other four partners have 60 days from date agreement.
While not all the oil bought overseas turns up in domestic refineries, it can give companies a stake in the global crude trade.
Lower bank rates the main draw; $6 bn to be raised in next few months.
Russia will significantly boost the supplies of Liquefied Natural Gas to energy-hungry India from 2016, President Dmitry Medvedev has announced. Mentioning the success of ONGC Videsh Ltd venture in Sakhalin-1 offshore oil block, Medvedev, who along with Prime Minister Manmohan Singh addressed a CEOs' forum of the top companies of the two countries in Moscow on Friday evening, also expressed Russia's interest in expanding cooperation with India in hydrocarbons.
The duo closes in on the stake put on the block by Videocon, US' Anadarko.
Africa's oil map is on the verge of dramatic transformation with the emergence of the breakaway Republic of South Sudan as the world's newest nation on July 9, but India's ONGC Videsh Ltd (OVL) seems to have successfully managed the geostrategic transition in surprising cooperation with its chief rival, the China National Petroleum Corporation (CNPC).
In its biggest acquisition till date, OVL, the overseas arm of Oil & Natural Gas Corp in November agreed to pay US energy giant ConocoPhillips about $5 billion for the 8.4 per cent stake in Kashagan, the biggest oilfield discovery in over four decades.
China and Vietnam have an acrimonious relationship due to their standoff over the South China Sea, a huge source of hydrocarbons.
Some analysts have raised doubts on the wisdom of the recent deal. Though the Kashagan field has been under development for 12 years, involving an investment of almost $50 billion, the output isn't great. Even the earlier acquisition of Imperial Energy Corporation has not met the targets.
ONGC Videsh and ConocoPhillips said the transaction is expected to close in the first half of 2013.
The Houston-based company is selling up to 50 per cent of its oil-sand reserves in Alberta. There are some producing assets and some exploration assets on offer.
While OVL on April 16 signed a Joint Operating Agreement and Participation Share Agreement/Assignment Agreement with Kazakhstan's KazMunaiGas Exploration Production to buy a quarter of the Satpayev block, it on Wednesday signed a pactwith the Kazakh government to formally become a part of the concession.
Finance Minister Pranab Mukherjee gave the Business Today Best CFO in the Public Sector Award to Sarraf, ONGC said.
Bangladesh currently faces a daily shortfall in gas supplies of 500 million cubic feet
Sources said government headhunters Public Enterprise Selection Board had on September 29 last year, named Butola as its most preferred choice to head the nation's largest oil firm.
ONGC Videsh Managing Director Ranbir Singh Butola was selected to head Indian Oil Corp, the nation's largest refining and fuel marketing firm.
Seeking greater cooperation with India, Russia's Tomsk city in Siberia on Friday invited Indian hi-tech companies to establish innovative ventures in the region.
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.
ONGC Videsh Limited, overseas investment arm of state-run Oil and Natural Gas Corporation, wants to buy BP's 35 per cent stake in the $1.3 billion Nam Con Son gas project in Vietnam.
ONGC Videsh Managing Director R S Butola and Bharat Petroleum Director (Refineries) R K Singh are among the 17 candidates in the fray for the top job at Indian Oil Corp, the nation's largest oil firm.
British energy firm BP Plc is the operator of the ultradeep sea block with 26.7 per cent stake.
Indian flagship overseas explorer ONGC Videsh Ltd and its partners have signed an agreement to develop a $20 billion oil project in Venezuela that will give energy-deficient India 3.6 million tonnes a year of crude.
State-owned Oil and Natural Gas Corp (ONGC) may have won a large oil block in Venezuela but the Petroleum Ministry wants Reliance Industries to join the project to give stability to the venture.
The Cabinet Committee on Economic Affairs last evening gave OVL, the overseas arm of the state-run explorer, approval to invest its share of $204 million in the oilfield. Over and above these, the two have committed a minimum exploration investment of $165 million and an additional optional exploration expenditure of $235 million.
Petroleum Minister Murli Deora will meet Russian Prime Minister Vladimir Putin in Moscow on Wednesday in an effort to secure energy assets, including UK-listed Imperial Energy Plc.
Sudan, which had in 2007 defaulted on payment of installments towards the cost of building 741-km pipeline from Khatroum to Port au Sudan, agreed to form a working group to resolve the issue within a month, sources said.
ONGC-Mittal Energy Ltd -- joint venture of ONGC Videsh Ltd and Mittal Investment Sarl -- had in 2007 won the offshore block North Coast Marine Area-2 (NCMA-2), that is estimated to hold in-place reserves of two trillion cubic feet, beating Britain's Centrica Plc.
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.
Korean National Oil Corporation had moved court after the Nigerian government cancelled its licence for block 321 and 323 and decided to restore them to OVL, the overseas arm of India's Oil and Natural Gas Corporation. Media reports from Abuja said a Federal High Court restrained the Federal government from interfering with operations of the two oil blocks.
The JV was supposed to get at least 45 per cent stake.
ONGC Videsh Ltd and its partners Indian Oil Corporation and Oil India Ltd have dropped plans to develop an oil field in Iran after the discovery was found to be commercially unviable.
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 can walkout of the estimated 1.3 billion ($1.9 billion) deal to acquire Imperial, which has oilfields in Russia, if less than 90 per cent of Imperial shareholders accept its offer of 12.50 pounds a share by Tuesday afternoon.
ONGC Videsh Ltd, the overseas arm of the state explorer, Reliance, IOC and Oil India Ltd had in April this year come together to consider jointly bidding for a 40 per cent stake in a field in the vast Orinoco heavy crude oil belt. To make up for the loss of Reliance, OVL has opened talks with global energy firms and is even willing to take a smaller role in case a major company joins the consortium.
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.
Iran's growing proximity to China may have also played a part.
The Cabinet Committee on Economic Affairs headed by Prime Minister Manmohan Singh allowed ONGC Videsh Ltd, the overseas investment arm of Oil and Natural Gas Corporation, to invest $167.84 million in taking 8.35 per cent stake in the pipeline.
Petroleum Minister Murli Deora and Chairman of Oil and Natural Gas Corporation R S Sharma are planning a visit to Russia in the first week of next month, hoping the Russian government would give its assent for the proposed acquisition of UK-listed Imperial Energy.
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