The Kazakh government exercised its right of first refusal (ROFR) or pre-emption rights to acquire the 8.4 per cent stake held by ConocoPhillips in Kashagan oilfield. In November 2012, India's ONGC decided to buy ConocoPhillips' 8.4 per cent stake in Kazakhstan's biggest oilfield, Kashagan for $5 billion. But, according to a law in Kazakhstan, the national government has the ROFR that allowed it an option to buy the stake at the price agreed between ONGC and Con
Tag: acquisition
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Bottomline of oil firms set to rise
Media reports indicate that the recent hike in the price of natural gas by the government would boost the bottomline of oil and gas companies in the country. For example, the $8.4 an mBtu price approved by the CCEA, would raise the net profit of ONGC by another Rs 8,500 crore, while it would add another Rs 1,050 crore to the bottom line of Oil India (OIL), reports indicate
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State-run firms eye Brazilian field
State-run oil and gas companies in India plan to pool their resources to bid for the Libra field, located 180 km off the coast of Rio de Janeiro in the Santos basin, Brazil.
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Indian oil and gas firms acquire assets abroad
India ventured into acquiring oil and gas assets abroad at the beginning of 10th Plan (2002-07) to strengthen its energy sector and reduce its dependence on import. Public sector companies that have presence abroad include ONGC Videsh , Oil India , Indian Oil Corporation, GAIL India, Hindustan Petroleum Corporation, Gujarat State Petroleum Corporation and Bharat Petro Resources, a sub
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Oil India to borrow to fund acquisition
TK Ananth Kumar, Director (Finance) of Oil India informed that the firm would borrow from the overseas market to fund its acquisition of the Mozambique gas project. He said the firm is considering to raise 80 per cent to 90 per cent of its share of $1 billion (in the acquisition).
In other words, the firm may raise a maximum of $900 million from overseas markets
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State govt acquires land for highway widening project
Karnataka government is reportedly in the process of acquiring land for the proposed six-laning of the Bangalore-Mysore highway, which is currently a four-lane stretch. The state Public works department would place the proposal for the project before the National Highways Authority of India (NHAI). The existing 4-lane stretch is not sufficient to carry about 70,000 vehicles that ferry through the route daily
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State govt acquires land for highway widening project
Karnataka government is reportedly in the process of acquiring land for the proposed six-laning of the Bangalore-Mysore highway, which is currently a four-lane stretch. The state Public works department would place the proposal for the project before the National Highways Authority of India (NHAI). The existing 4-lane stretch is not sufficient to carry about 70,000 vehicles that ferry through the route daily
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World Bank expects Indian economy to grow 5.7% in FY14
World Bank expects India's GDP at factor cost to grow 5.7 per cent in 2013-14 and then accelerate to 6.5 per cent and 6.7 per cent in the two subsequent financial years, respectively. The multilateral lending agency said this in its Global Economic Prospects report released recently. In 2012-13, the economy expanded at a decade-low pace of 5 percent. The report notes that growth in South Asia would primarily be driven by an estimated pick-
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OIL hopes to form overseas arm by year end
By the end of 2013, public sector oil and gas exploration company Oil India (OIL) plans to form an overseas subsidiary for operating its foreign assets. It is learnt that OIL wants to set up an overseas subsidiary on the lines of ONGC Videsh (OVL), which is the foreign unit of state-run energy explorer ONGC
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OVL JV to acquire 10% stake in Mozambique field
A joint venture company of ONGC Videsh (OVL) and Oil India (OIL) decided to acquire 10 percent stake of Videocon Mauritius Energy in Videocon Mozambique Rovuma 1 gas field for $2.475 billion. In the newly incorporated joint venture company, OVL holds 60 percent stake, while OIL has the remaining 40 percent