Oil and Natural Gas Corp (ONGC) may have to pay over $13 billion if it were to exercise its pre-emption or right of first refusal to buy Cairn India in the giant Rajasthan block. Cairn India holds 70 per cent operator interest in the 6.5 billion barrels Rajasthan block that is at the centre of [...]
The government plans to sell 5 per cent of its stake in Oil and Natural Gas Corp (ONGC) and 10 per cent in Indian Oil Corp (IOC) to raise about Rs 21,000 crore this fiscal, Oil Secretary S Sundareshan said . The proposal, he said, is for sale of 5 per cent or 10.6 crore [...]
State-run Oil & Natural Gas Corporation (ONGC) today reported a decline of 24 per cent in net profit to Rs 3,661.14 crore for the first quarter ended June 30, 2010, over the same period last year, on higher subsidy payout.
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. “We have tentatively planned a capital expenditure of $2.31 billion in producing gas from UD-1 discovery in block KG-DWN-98/2 and another $1.73 [...]
Oil and Natural Gas Corporation (ONGC) on Friday lost a bid to acquire a large oilfield in Iraq to a consortium of Chinese, Malaysian and French energy firms. ONGC Videsh Ltd, the overseas investment arm of the state-run explorer, teamed up with Oil India Ltd and Turkish Petroleum Corp (TPAO) to bid for the Halfaya [...]
Oil and Natural Gas Corporation (ONGC) and its partners will invest about $10 billion in two giant gas fields and an LNG project in Iran, the Iranian Deputy Oil Minister, Mr Seifollah Jashnsaz, said. Iran will also sell 6 million tonnes a year of liquefied natural gas (LNG) to India to meet its growing energy [...]
Steel magnate Lakshmi Mittal has pulled out of a project to develop an oil field in Kazakhstan in partnership with Oil and Natural Gas Corp (ONGC) and is looking for buyers for its stake in another company in the Central Asian nation. Mittal Investment Sarl, the holding company of Mittal family, had used the Kazakh [...]
ONGC may be allowed to sell gas from its marginal C-series field at the current market determined price of $4.75/mBtu. This is against $5.5/mBtu, a price firmed up by the company. Official sources told Business Line that, “It has been decided to allow ONGC to sell this gas at current prices till a final decision [...]
The company has bagged an order for the construction and supply of 12 offshore support vessels (OSVs) from ONGC, Pipavav Shipyard said in a filing to the Bombay Stock Exchange. Under the contract, ONGC has also reserved the right to place order for spares of up to $1.76 million (nearly Rs 8.10 crore) for the [...]
Oil and Natural Gas Corp (ONGC) today said crude oil production at Imperial Energy, the Russia-focused firm it acquired last year, has nearly doubled to 11,500 barrels per day. “ONGC Videsh (the overseas arm of the state-run firm) has raised production from Imperial’s fields, situated in the Western Siberian province of Tomsk, from 6,000 barrels [...]
State-run Oil and Natural Gas Corp (ONGC) is investing over Rs 50,000 crore ($10 billion) in developing new oil and gas fields and increasing output from existing ones. Of this amount, over Rs 16,000 crore is being invested to improve output from seven fields, he told company’s shareholders. ONGC had invested over Rs 14,000 crore [...]
The Union petroleum ministry has proposed a 44 per cent increase in prices of natural gas sold under the administered price mechanism (APM) by state-owned Oil & Natural Gas Corporation (ONGC) and Oil India Ltd. This would take the price to $2.6 per million British thermal unit (mBtu). The ministry has also proposed to link [...]