The three main state-owned oil refining and marketing companies have so far lost $2.25 bn (Rs 17,000 cr) due to the freeze on petrol and diesel price imposed by the government ahead of state elections in Uttar Pradesh, Punjab and Goa, according to a report by Moody’s. The rating agency pointed out that Indians are […]
ONGC, India’s largest producer of oil and gas, has appointed satellite services provider Nelco to upgrade its in-house Ku band satellite communication system to enable high-speed data and voice services for its sites off India’s western shoreline. The move will improve connectivity between ONGC’s offshore platforms, drilling rigs, vessels and onshore locations and improve the […]
India’s oil and gas major ONGC Ltd said it is in the process of investing Rs 83,000 cr in various projects that will boost its oil and gas output. Shashi Shanker said the investment of Rs 83,000 crore rupees will be done via 25 projects. “15 of these projects currently under execution will directly contribute […]
Larsen and Toubro (L&T) said it received a new order from the Oil and Gas Corporation (ONGC) worth between Rs 1,000 crore and Rs 2,500 crore for the development of a marginal field associated with the Mumbai High oil field. Cluster-8 of Mumbai High is located about 210 km to the west of Mumbai city. […]
ONGC Ltd will redraw its long-term roadmap in coming days to bring it in line with the changed operating realities of the company, the state-owned company’s chairman and managing director Shashi Shanker said. The company’s current vision document, known as Perspective Plan 2030, was drawn up seven years ago and laid out the company’s long […]
Larsen & Toubro said it, along with its consortium partners Baker Hughes and McDermott International, has won the contract for constructing one of India’s largest deepwater oil and gas projects. The contract is for construction at ONGC’s KG DWN-98/2 basin that lies close to the KG-D6 block of Reliance Industries. “The integrated subsea package includes […]
India’s largest oil and gas producer said the move by the Competition Commission of India to initiate a full investigation into the way the company hires offshore support vessels will have no material impact on the company. Under SEBI guidelines, listed companies must disclose any development that will have a material impact on the company […]
Oil and Natural Gas Corporation Ltd, India’s largest hydrocarbon producer, said it plans to spend Rs 17,615 cr on drilling activity in the current financial year. This is a 24% increase over the Rs 14,200 cr spent in the year ended March. The company also set a record in financial year 2017-18 by drilling the […]
ONGC said the government of Mozambique has approved the field development plan for a gas field in ‘Area 1’, one of the largest gas blocks in East Africa. ONGC owns 16% of the block, while 4% of the block is owned by Oil India Ltd and another 10% is controlled by Bharat Petroleum Corporation Ltd […]
State-owned oil producer ONGC said it may not be able to keep up with the development schedule of its offshore oil block next to Reliance Industries’ KG D6, but said it was too early to ascertain the exact quantum of delay. The KG-DWN- 98/2 offshore block was supposed to see an investment of $5.1 bln […]
A consortium of companies, including ONGC, Indian Oil Corporation Ltd and Bharat Petroleum Corporation Ltd, have taken a 10% stake in Lower Zakum Concession. The “participation fee” paid by the Indian consortium is 2.2 billion UAE dirhams (Rs 3,850 cr). The onshore field is located inside the UAE and is owned by the Abu Dhabi […]
Construction giant Larsen & Toubro said it has won a Rs 1,483 cr contract from oil and gas producer ONGC to create offshore platforms, pipelines and other works in its Bassein field offshore Mumbai. “The project includes three new wellhead platforms, 23 kilometer Subsea pipeline, composite Subsea power cable, clamp-on works on an existing platform […]
Construction major Larsen & Toubro said it won a ₹ 1150 crore contract from Oil & Natural Gas Corporation (ONGC) for the transportation & installation of the oil company’s Daman Development Project. The Contract, won against international competitive bidding, encompasses total ‘EPCIC’ – Engineering, Procurement, Construction, Installation and Commissioning for the project, the company said. […]
ONGC Videsh Limited, the overseas subsidiary of ONGC, said it completed the acquisition of 30% interest in Namibia’s offshore block, as announced earlier. The acquisition involves blocks 2112A, 2012B and 2113B. The stake was purchased from Tullow Namibia Limited (Tullow), a wholly owned subsidiary of Tullow Oil plc. T Tullow with continue to be the […]
The recent gas price increase will improve the profitability of gas production operations of Oil India and ONGC, India Ratings said, while also benefiting transporter GAIL. “Although producers have been benefiting from lower rig and vessel rentals for renewed contracts due to soft crude prices, the operating cost remains close to realisations from its sale,” […]
Government of India said it has given its approval to an acquisition by ONGC Videsh Limited for 11% stake in JSC Vankorneft from Rosneft Oil Company, the National Oil Company of Russian Federation. Rosneft operates Vankor fields with Vankorneft being its wholly owned subsidiary. OVL will be paying an amount of US $ 930 million […]
ONGC Videsh Ltd and Rosneft signed an agreement of confirmation of successful completion of the first stage pre-completion actions in relation to the creation of a joint venture in JSC Vankorneft. Vankorneft, Rosneft subsidiary, was established in 2004 for development of Vankor oil and gas condensate field – the largest of the fields, discovered and […]
ONGC Videsh Limited, the foreign-focused unit of ONGC said it has raised $ 1.5 billion and Euro 525 million unsecured bonds in the international capital markets. The bonds are guaranteed by ONGC. T “The Reg S Bonds will be issued in dual currency with two tranches of US$ 750 million each for 5-year and 10-year […]
India’s Oil and Natural Gas Corp (ONGC) will drill for oil in the Russian Arctic region in association with Rosneft, the biggest oil company in Russia. The companies will co-operate in subsurface surveys, exploration and appraisal activities and hydrocarbons production in Russia’s offshore Arctic, ONGC said in a statement. India has been hungry for hydrocarbons […]
Oil and Natural Gas Corp (ONGC) Ltd has denied an Economic Times report that said that quoted company officials as saying ONGC was under pressure from the government to act on concerns that Reliance Industries Ltd could have pumped out gas from a reservoir belonging to ONGC in Krishna-Godavari Basin. ONGC said it had certain […]
