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With Oil Ministry continuing to be opposed to selling IOC shares on stock market like other disinvestments, an Empowered Group of Ministers headed by Finance Minister P Chidambaram today decided to sell 24.27 crore shares or 10 per cent government stake in the company to Oil and Natural Gas Corporation and Oil India Ltd.
State-run Oil and Natural Gas Corporation and private sector Hindustan Oil Exploration Company will pick up British oil and gas firm BG Group's stake in a Gujarat offshore exploration block.
This is for the second consecutive time that ONGC has been bestowed this prestigious honour.
The government on Tuesday increased the windfall profit tax on crude oil produced in the country and reduced the levy on exports of diesel. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil was increased to Rs 9,800 per tonne from Rs 9,050 a tonne, according to an official notification. SAED on the export of diesel was reduced to Rs 2 per litre from Rs 4 a litre and on jet fuel or ATF to nil from Rs 1, the notification said.
Vasudeva, 57, is currently director (offshore) in ONGC.
RIL had drawn 58.67 bcm of gas from four wells.
An injury-time goal by Yusif Yakubu helped Mumbai FC earn a draw against ONGC at the Ambedkar Stadium in New Delhi on Saturday.
ONGC and RIL bill their consumers like fertiliser plants and power stations in US dollar.
State-owned Oil and Natural Gas Corporation is keen to acquire Canadian oil and gas firm First Calgary Petroleums Ltd, which owns high potential oil and gas blocks in Algeria.
ONGC, which partners Cairn India in its crown jewel oilfields in Rajasthan and seven other properties in India, has waived its preemption rights over the deal and given a no-objection certificate, sources privy to the development said.
Oil and Natural Gas Corporation on Monday said the anomaly in allotment of shares in the just-concluded public offering of government's 10 per cent shareholding has been rectified and correct allotments made.
The FinMin will pay Rs 5,324 crore (Rs 53.24 billion) for Jan-March.
Indian Oil Corporation Ltd entered into a crude oil supply agreement with ONGC for supply of indigenous crude for its refineries.
India is the world's fourth-biggest oil consumer, importing four-fifths of its needs as its own output shrinks.
State-owned Oil and Natural Gas Corp (ONGC) has offered a job to Unmukt Chand, captain of Under-19 World Cup-winning team. 'We have today felicitated the star cricketer and decided to make a job offer,' ONGC Chairman and Managing Director Sudhir Vasudeva said.
India's largest oil producer Oil and Natural Gas Corp will launch its new logo on August 14, the ONGC Day.
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 Chairman R S Sharma, who was in Kutch in Gujarat recently to inaugurate the group's maiden foray into wind energy, said, "We are in talks with three to four players for our solar energy project." He said that various pilot projects were going on at the Energy Centre, which included geo-thermal energy. The Energy Centre was set up last year for carrying out research in alternate energy sources beyond oil and coal.
Oil and Natural Gas Corporation said on Monday that it would set up 1,100 retail outlets for marketing motor spirit and high speed diesel.
After weeks of delay, Oil Minister S Jaipal Reddy has agreed to clear appointment of two independent directors on board of Oil and Natural Gas Corp (ONGC), a requirement that was must for the state-owned firm's public offering next month.
Global consulting firm Hay Group and Fortune Global Survey 2007 have adjudged state-run Oil and Natural Gas Corporation as one of the World's Most Admired Companies.
FMCG major ITC on Tuesday surpassed state-run energy giant ONGC to become the county's second most valued firm in terms of market valuation, with TCS at the top of chart.
State-run Oil and Natural Gas Corp (ONGC) may seek management control of the giant Rajasthan oilfields in lieu of allowing UK's Cairn Energy to sell majority stake in its Indian arm that now operates the field, to a non-oil firm, Vedanta Resources for $8.48 billion.
The changes in the domestic and global economy following the outbreak of the Covid-19 pandemic are altering the corporate profit league table in India. Reliance Industries (RIL), which topped the India Inc profit chart for more than a decade, lost out to State Bank of India (SBI) in the 2023-24 (FY24) April-June quarter (first quarter, or Q1). India's biggest lender reported a consolidated net profit (adjusted for exceptional gains and losses) of Rs 66,860 crore during the trailing 12-month (TTM) ended in June this year, ahead of RIL's TTM adjusted net profit of Rs 64,758 crore in the quarter.
Tech major's shareholders will receive total dividend of Rs 15,474 crore in FY15
Pune FC rode on to Shanmugham Venkatesh's 71st minute strike to win their I-League season-opening match against ONGC FC 3-2, after surviving 15-odd anxious minutes when they were reduced to ten men, at the Balewadi Sports Complex stadium in Pune, on Monday.
ONGC's stunning form at home continued as they beat former champions Salgaocar by a solitary goal in a Round 16 I-League match at Ambedkar Stadium in New Delhi on Saturday.
State-owned Oil and Natural Gas Corp (ONGC) has signed a contract to hire a long-idled ultra-deepwater drillship of US-based Transocean for $412,000 (about Rs 2.39 crore) per day.
Oil and Natural Gas Corporation has deployed the best-in-class technologies in its Improved Oil Recovery and Enhanced Oil Recovery schemes on these fields.
Manual horizontal digging will start soon in addition to the ongoing top-down drilling to rescue the 41 trapped workers in the Silkyara tunnel in Uttarkashi, the NDMA said on Monday.
Decks have been cleared for Oil and Natural Gas Corporation to take over the Mangalore Refinery and Petrochemical Ltd with Public Investment Board on Wednesday giving consent to the Rs 659.4 crore (Rs 6.59 billion) proposal.
ONGC sought opinion from the second highest law officer of the country after its partner Cairn Energy Plc stated that the UK firm's sale of majority stake in Cairn India to Vedanta Resources will not trigger pre-emption rights of the state- owned firm, a top oil ministry official said.
Steel tycoon Lakshmi N Mittal's acquisition of 49 per cent stake in Hindustan Petroleum Corp's $3 billion Bhatinda refinery has violated his pact with Oil and Natural Gas Corp
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