Oil and Natural Gas Corporation has made five oil and gas finds in eastern offshore and north-east, the most significant being a gas discovery in the Mahanadi basin block where 3-4 trillion cubic feet of gas reserves have already been established.
Cairn Energy has sought equity participation from ONGC to develop its latest find of about 20 million tonne oil and gas reserves in Rajasthan.
The Cabinet on Thursday approved ONGC's proposal to acquire Cairn Energy's stake in two gas blocks for $135 million.
Yemen has invited Oil and Natural Gas Corp to build a 100,000 barrels per day refinery on its Arabian sea coast but the Indian state-run firm has conditioned participation in the $1-billion project on being allotted an oilfield in return.
State-run Oil and Natural Gas Corporation on Monday said it has resolved differences with Cairn India Ltd for building a $340-million pipeline to take crude oil found in Barmer district of Rajasthan to Gujarat.
While prices sustaining lower levels is crucial, Govt actions are also a key monitorable given the forthcoming elections in 2024.
The Cabinet Committee on Economic Affairs last month allowed ONGC and Oil India Limited to tap shale resources in blocks allotted to them on a nomination basis.
Dynamic manager and financial wizard R S Sharma will be the new chairman and managing director of India's most valuable company, Oil and Natural Gas Corporation.
The Oil and Natural Gas Corporation may face delisting from stock exchanges as a petroleum ministry directive appointing additional government directors on company board has violated its listing agreement.
RIL on Friday declared a net profit of Rs 20,040 crore (Rs 200.4 billion) for the 2011-12, a marginal drop from the Rs 20,286 crore (Rs 202.86 billion) it made in 2010-11.
Prices of natural gas, which is used to generate electricity, make fertiliser and is converted into CNG to run automobiles, is likely to rise to record levels at the rate review scheduled this week, sources said. The government-dictated price for natural gas produced in the country is to be revised on October 1. After factoring in the spike in energy prices witnessed in recent months, the rate paid for gas produced from old fields such as of state-owned Oil and Natural Gas Corporation (ONGC) is likely to rise to $9 per million British thermal units from current $6.1.
State-run energy giant ONGC has toppled corporate behemoth Reliance Industries from the top position in terms of market capitalisation after a more than one per cent dip in RIL's share price.
French oil giant TotalFinaElf has offered Oil and Natural Gas Corporation stake in its Azerbaijan and Barbados oil blocks in return of equity in the Indian oil firms' three offshore blocks.
'I would not suggest buying these stocks in the dip, as the upside in profit is dented without a safety net for a rainy day.'
The last year has seen public sector undertakings (PSUs) outperforming the Nifty50, albeit by a small degree. But PSU valuations are still, on average, less than half of private sector peers at price-to-equity or PE 8.7x for the Nifty PSU Index versus 20.9x for the Nifty50. There are several reasons for lower valuation.
Oil and Natural Gas Corporation is likely to abandon the proposed Rs 8,000 crore (Rs 80 billion) refinery at Barmer in Rajasthan if Cairn Energy declines discounts on the low grade crude oil the UK company will produce in the state.
Scottish explorer Cairn Energy Plc rejected state-owned Oil and Natural Gas Corp's $200 million bid to acquire its oil and gas properties on east and west coasts of India.
Rediff readers tell us how they are celebrating Ganeshotsav this year.
The petroleum ministry said there was no proposal to merge IOC and ONGC though the divestment ministry had made such a suggestion.
Oil and Natural Gas Corporation on Thursday said there was no case for bonus shares as the company's equity base was already very large.
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's largest oil producer Oil and Natural Gas Corp and the country's largest firm Indian Oil Corp may get two chief executives each to manage their mammoth operations.
Cairn India is open to buying the 30 per cent stake that government-owned Oil and Natural Gas Corporation owns in its oil block in Rajasthan. Cairn India is the operator of the block, with 70 per cent ownership currently.
Hindustan Petroleum Corporation and Petronet LNG will partner with Oil and Natural Gas Corporation in the liquefied natural gas import terminal ONGC plans to put up at Mangalore in Karnataka.
ONGC has qualified for final bidding of the first phase of the bioremediation project, worth $3 billion. The total project, to be funded by the World Bank, was likely to cost up to $40 billion, said sources. This project was first floated in 2006 and is aimed at cleaning the huge oil spills created during the war, which was fought after Iraq occupied Kuwait. OTBL is hopeful of bagging this project.
ONGC Videsh Ltd and its partners Indian Oil Corporation and Oil India Ltd had in 2009 dropped plans to develop the Binaloud oil find in the Farsi offshore block as it found one billion barrels of reserves commercially unviable.
Total bidding for 292 million shares worth Rs 8,500 cr, against Rs 12,000 cr target.
The 30-share Sensex, after opening on a strong footing, continued its upward march to hit an all-time high of 35,827.70. The NSE Nifty also hit a record intra-day high of 10,975.10, before finishing at 10,966.20, up 71.50 points.
95% of investments in domestic sector, won't pay special dividend: Raha.
The asset it owned by Venugopal Dhoot and a US oil and gas explorer.
Bangladesh currently faces a daily shortfall in gas supplies of 500 million cubic feet
Over the past week, Sensex surged 858.56 points to 27,079.51, second straight weekly high
Oil and Natural Gas Corp on Friday said it has entered into a Memorandum of Understanding with Indian Airlines to take two aircraft on lease to meet its operational requirements.
Oil and Natural Gas Corporation has been awarded 'Best Deals of the Year 2004' trophy by Asiamoney, Asia's leading capital markets publication.
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