Oil and Natural Gas Corp, India's highest profit making firm, has suggested a new corporate structure
Global rating agency Standard & Poor's said the government's decision to increase domestic gas prices is likely to benefit two major gas producers Oil and Natural Gas Corp (ONGC) and Reliance Industries Ltd (RIL).
The three onshore mature assets are Ankleshwar, Ahmedabad and Mehsana, ONGC chairman and managing director Sudhir Vasudeva told reporters in Vadodara on Thursday.
ONGC-Mittal combine will invest more than $6 billion in setting up a refinery, power plant and railway lines in Nigeria.\n\n
Cairn India, which had made four discoveries in the KG-DWN-98/2 block before selling 90 per cent out of its 100 per cent stake in the block to ONGC in 2005, has written to the oil regulator DGH saying the state-owned firm is grossly overstating the reserves in block, sources said.
Giving a shot in the arm to ONGC chairman Subir Raha, who has been resisting appointment of additional government directors on the company board, the department of public enterprises on Wednesday said their number cannot exceed two.
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.
ONGC chairman and managing director R S Sharma formally launched the drill
ONGC's net sales dropped to Rs 19,768.18 crore from Rs 22,616.32 crore in second quarter of last financial year.
An uncontrolled flow of gas started from the Well G-1-9 in Bay of Bengal around August 30.
ONGC will invest Rs 35,049.23 crore (Rs 350.49 billion) in 2013-14 as compared to revised capital expenditure of Rs 33,577 crore (Rs 335.77 billion) in the current fiscal, according to the 2013-14 General Budget documents.
ONGC retained the top position on the coveted list of 10 most profit-making PSUs, while AirIndia was the biggest loss-making state firm during 2010-11.
Once all formalities are completed, the ONGC consortium will spend about Rs 1,700 crore (Rs 17 billion) on developing these three blocks, sources indicated.
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.
The second phase of redevelopment of MHS will involve an investment of Rs 6,340 crore (Rs 63.4 billion) and production capacity will go up from 1,50,000 bopd (barrel oil per day) to 1,80,000 bopd. Its oil recovery factor will increase from the present 31 per cent to 35 per cent by 2030. The second phase will have a timeline of five years (2007-2012). ONGC will drill 86 wells and 52 sidetrack wells from five platforms during the period.
ONGC will hire two rigs from Transocean of the United States and Dolphin Drilling of the United Kingdom for a period of three years to launch its deep-sea drilling campaign in the Arabian Sea and the Bay of Bengal by October.
A high pressure, highly inflammable gas leak was on Saturday reported at a well state-owned ONGC was drilling at its prime Mumbai High oil and gas fields, off Mumbai coast.
The company has fixed February 9, 2011 as the record date for ascertaining the eligibility of the shareholders, who would be entitled to receive sub-divided shares and bonus shares, it said in a separate filing to the BSE.
"Our gross billing in October-December quarter was $ 89.13 per barrel, as compared to $ 76.66 a barrel in the corresponding quarter of the last fiscal," a company official said.
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.
The Coast Guard on Thursday found the bodies of three missing crew members of the ONGC vessel Samudrika-10, which sank off the coast in Mumbai.
Chennai-based Sical Logistics Ltd, which was operating the ONGC-owned supply vessel, said Captain Gurubachan Singh is among the eight still missing.
The shutdown of BPB process complex in January led to fall in gas production from 25.5 mmscmd to 15.5 mmscmd. Officials said the company has invested Rs 2,937 crore (Rs 29.37 billion) in additional development of the South Bassein field and another Rs 1,688 crore (Rs 16.88 billion) in the Vasai East field to avoid the expected decline in production this year onward.
However, disinvestment secretary Sumit Bose said right now there is nothing on the cards.
The company has been in talks with ConocoPhillips and Shell for some time. It now says the MoD's stringent norms on exploration in 'no-go' areas is posing a big challenge in taking the deal forward.
ONGC was flush with gains on Friday after the company reported major oil and gas discoveries at Vasai, Mumbai and Laipling-gaon, Assam.
The offer for sale of 10 per cent equity in exploration major Oil and Natural Gas Corporation would open on March 5 and close on March 13, ONCG Chairman and Managing Director Subir Raha said in New Delhi on Monday.
State-run Oil and Natural Gas Corporation is expecting a resolution to the contentious royalty payment issue with Cairn India --for the Barmer oil fields--before it goes for a follow-on public offer (FPO) early next year.
M Pradeep struck twice as Air India registered their first full points in this season's I-League with a comfortable 4-2 win over ONGC at Ambedkar Stadium, in New Delhi on Sunday.
Bihar is now poised to emerge as one of India's next major destinations for oil and natural gas reserves.
State-owned Oil and Natural Gas Corp (ONGC) plans to invest $4.05 billion in producing natural gas from its ultra deepsea UD-1 discovery in a block that sits next to Reliance Industries' prolific KG-D6 fields.
State-owned Oil and Natural Gas Corporation has been ranked among the top 25 energy firms in the world.
The Industrial Development Bank of India has sold 7.56 crore shares (Rs 10 each) of Mangalore Refinery and Petrochemicals Ltd to ONGC Ltd for about Rs 81.5 crore (Rs 815 million).
Oil and Natural Gas Corporation has proposed to hike the equity base of its overseas investment arm ONGC Videsh Ltd to Rs 5000 crore (Rs 50 billion), to bring down the high debt-equity ratio.
Domestic quarterly earnings, global trends and foreign fund trading activity would dictate the movement in equity markets, which may face volatility amid the scheduled monthly derivatives expiry this week, analysts said. Equity markets took a breather last week. The BSE Sensex declined 298.22 points or 0.48 per cent and the Nifty dipped 111.4 points or 0.60 per cent.
Upstream firms pay for a portion of fuel subsidies by extending discounts on crude oil they sell to refiners who are forced by the government to sell diesel and cooking fuel at rates lower than cost of production.
While the Captain's body was found stuck between rocks on Friday night, the other one was spotted near the beach on Saturday morning.
ONGC holds 26 per cent stake in ONGC Petro-additions Ltd, while state run GAIL has 19 per cent and GSPC has five per cent.
ONGC is close to finalising a stake sale in two of its blocks -- one in the Krishna-Godavari basin and another in the Mahanadi basin -- to British Gas. It is also talking to US-based Noble Energy for offering it stake in some of its blocks in India. ONGC has already agreed to give a stake to Brazilian company Petrobras, Norwegian company Norskhydro and Italy-based ENI in its countrywide blocks.
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