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OVL had registered a major gas discovery in 2019 in its deep offshore block BM-SEAL-4, Brazil, located in the Sergipe Alagoas Basin.
GAIL (India) has bought the 26% stake in ONGC Tripura Power Company (OTPC) held by IL&FS Energy Development Company Ltd (IEDCL) and IL&FS Financial Services. ONGC Tripura Power Company is a 726.6 MW gas-based combined cycle power plant in Paltana, Tripura and is owned and operated by ONGC. Earlier on November 4, 2021, the National Company Law Tribunal (NCLT) had approved the acquisition of IL&FS’s 26% stake in OTPC by GAIL. The sale is part of bankrupt IL&FS Group’s monetisation plan. Before this in 2019, IL&FS had sold its 51% stake in seven operating wind power assets totalling 874 MW to Orix Corporation for Rs 806 crore.
NEW DELHI: Alka Mittal has become the first woman to head India’s largest exploration and production company, ONGC, and second woman in the country to helm an oil company after Nishi Vasudeva, who had created history in March 2014 after taking over the reins of oil refiner-fuel retailer Hindustan Petroleum. The department of personnel and training on Monday evening appointed Mittal to the post, 72 hours after it fell vacant when Subhash Kumar, who too held the charge since February 2021 in addition to his regular job as director (finance), retired on December 31.
A flagship $5 billion-plus deep-water development project that India's state-owned Oil & Natural Gas Corporation’s (ONGC) is planning in the Krishna Godavari basin is facing fresh delays due to key projects running behind their planned execution. Several people familiar with the deep-water project told Upstream that ONGC’S KG-DWN-98/2 oil and gas development off the east coast that involves the Cluster-2 region is to be delayed by “several months". Four key projects that form part of the giant KG basin development are behind the delays, covering supply of central processing platform (CPP) with living quarters, a contract covering integrated subsea production system (SPS) and subsea umbilical riser and flowlines (SURF), a leased floating production, storage and offloading (FPSO) vessel and onshore processing facilities. Project watchers said that all four elements of the KG-DWN-98/2 developments are facing delays in the wake of coronavirus restrictions, engineering changes and project execution challenges.
To explore a strategic alliance on a broad of energy, prospects, public sector oil and gas explorer Oil and Natural Gas Corporation Limited (ONGC) has linked a Mamorandum of Understanding (MoU) with world's largest oil company Saudi Aramco.
Gas prices may be hiked substantially soon. In yet another Zee Business EXCLUSIVE, Chetan Bhutani, while speaking to Managing Editor Anil Singhvi, broke this big news on gas prices on Thursday. The central government is likely to increase the gas prices by up to 70 percent from October 2021, Chetan said, adding that the news will be a game changer for oil and gas sector. He informed that the current APM gas price is USD 1.79 per mmBTU.
ONGC Videsh Ltd, India's flagship overseas oil and gas firm, and the nation's largest refiner Indian Oil Corporation (IOC) on Friday signed agreements with Russia's Gazprom for cooperation in the hydrocarbon sector. Indian oil and gas companies are looking to acquire stakes in prolific oil and gas areas in Russia as part of a larger strategy to acquire equity oil and gas overseas that could offset the country's huge 85 per cent dependence on imports for meeting energy needs. OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), inked MoUs on the sidelines of the Eastern Economic Forum at Vladivostok, the company tweeted.
India's flagship oil and gas producer ONGC on Wednesday said it is seeking foreign partners for yet-to-be-developed fields in lesser prospective areas but is shackled by uneconomic gas prices and tax structure. ONGC is also looking into strategic relationships and close alliances with key international players through (overseas arm) ONGC Videsh," the company said in a statement.
With a decline in India's crude oil production and natural gas output in FY20-21, the petroleum ministry has made its third attempt to get Oil and Natural Gas Corporation (ONGC) to privatize its oil and gas fields along with other infrastructures to raise production. The Ministry of Petroleum and Natural Gas, on April 1, wrote to India’s largest producer of oil and natural gas asking it to sell its stake in oil fields to private firms and get foreign partners in KG basin gas fields. The letter also sought to monetize existing infrastructure and hive off drilling and other services into a separate firm to increase production.
State-owned Oil and Natural Gas Corporation (ONGC) on Monday invited bids for the sale of initial 2 million standard cubic meters per day of gas from its KG basin fields at a minimum price of USD 6.6 per mmBtu.Initially, 2 million standard cubic metres per day of gas has been offered for sale through an e-auction. A senior ONGC official said the ceiling price is expected to rise to USD 5.5-5.6 at the next revision due on October 1.
NEW DELHI: The government on Wednesday left the price of natural gas produced by companies such as ONGC unchanged at a decade-low rate of USD 1.79 while the same for difficult fields like the one operated by Reliance-BP was cut by 11 per cent.
New Delhi: ONGC has proposed equity partnerships in some of its toughest fields to top global oil companies, including Saudi Aramco, Shell, Total, Chevron, ENI, and Petronas to gain access to advanced technology and competencies to explore and develop such acreages, according to people familiar with the matter.
New Delhi: Government-dictated price for natural gas produced by companies such as ONGC is likely to inch up marginally to USD 1.82 next week while the same for difficult fields like one operated by Reliance-BP may fall below USD 4, sources said. The price of gas, which is used to generate electricity, make fertiliser and convert into CNG for automobiles and cooking gas for households, is due to bi-annual revision next week.
NEW DELHI : State-owned ONGC, which is often perceived as a drag on the crude oil and natural gas produced in the country, has actually seen its contribution to the national production jump to over 70% from under 53% a decade back, petroleum ministry data showed.
Fugro has secured a fourth consecutive contract from Oil & Natural Gas Corporation (ONGC) to provide integrated survey services. Under the contract, Fugro will provide infield developments on the east and west coasts of India. The contract also includes rig positioning, current profile measurements and wellhead searches. Fugro will carry out the services using multibeam bathymetric, shallow seismic profiling, magnetometry and 2D ultra-high resolution.
At least 31 employees of India’s state-controlled Oil & Natural Gas Corporation (ONGC) working at a key offshore facility off the country’s west coast have tested positive for Covid-19. These 31 employees had spent 15 days at the facility. They were found positive in the COVID-19 test conducted at a hospital in Mahim. G North ward has reported 6,613 COVID-19 cases so far, of which 1,908 patients are from Mahim.
Oil and Natural Gas Corporation Limited (ONGC) placed Notice of Award (NoA) for seven successful bidders in 13 contract areas comprising of 49 marginal on-land oil and gas fields. The bid process for seeking partners for enhancement of production from 64 marginal nomination fields was held recently. Interested companies participated in the International competitive bidding process for 17 onshore contract areas comprising of producing oil and gas fields.
India's oil major, ONGC, wants marketing and pricing freedom along with the tax cuts. The company wrote an SOS to the government seeking help amidst the crashing prices and slumping market. It has become a challenge to continue with sustaining operations. And if the conditions persist, ONGC might have to cut down on investments. Last month also the state-owned company wrote to the government regarding the abolition of oil cess.