Reports indicate that Oil and Natural Gas Corp (ONGC) does not face any constraint in funding the acquisition of a 20 percent stake in the Rovuma basin gas block in Mozambique. Therefore, the company does not intend to rope in a global player to share the cost of acquisition of the stake in the block, which holds up to 60 trillion cubic feet (tcf) of gas.
Tag: Oil and Natural Gas Corp
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Dart Energy to acquire stake in ONGC block
Brisbane-based Dart Energy may pick up 10 to 25 percent stake of Oil and Natural Gas Corp (ONGC) in the latter's four coal-bed methane (CBM) blocks. CBM is natural gas trapped within coal formations, which is extracted by drilling holes into the seams. In order to fast-track gas production with the help of priva
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Premium on naptha declines in global market
With many refineries in North Asia scheduled to resume operation following a shutdown for maintenance, premium on naptha has declined in the international market. Industry sources informed that June premiums were weaker than May premiums owing to expectations rise in supply of naptha as refineries resume operation. As an indication of fall in premium, Oil & Natural Gas Corp (ONGC) received a price of about $25 a tonne to Middle East quotes on a free-on-board (FOB) basis when it rece
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ONGC to take a call on stake buy in HPL
Oil and Natural Gas Corp (ONGC) will decide whether to bid for the West Bengal government's 40 per cent stake in Haldia Petrochemicals (HPL) It may be recalled that the state government invited expressions of interest (EoIs) through West Bengal Industrial Development Corporation for selling its stake in
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OVL proposes to invest more capital in Vietnam block
ONGC Videsh (OVL), the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), is awaiting government approval for investing an additional $65.67 million in an hydrocarbon block in Vietnam. In 1988, OVL acquired exploration license for Block 06.1, in which it holds 45 per cent stake. TNK Vietnam BV is the operator with 35 per cent stake and the remaining 20 per c
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ONGC, Shell to form partnership for overseas ventures
In order to acquire oil and gas assets abroad, oil explorer Shell and Oil and Natural Gas Corp (ONGC) are considering to forge a partnership. Recently, both the firms said they are keen to come together to explore both upstream and downstream opportunities domestically. Some reports suggest that both the firms would extend this partnership to overseas proje
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ONGC produces 5.8% less oil in FY13
According to a performance report of state-owned Oil and Natural Gas Corp (ONGC), the firm produced 5.8 per cent less crude oil at 20.485 million tonne (mn t) in 2012-13 compared to 21.76 mn t achieved in the previous year. The report, which was submitted to the union oil ministry recently, also shows that the output was also shor
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ONGC aims 100% rise in oil, gas output by 2030
Sudhir Vasudev, Chairman and Managing Director of Oil and Natural Gas Corporation (ONGC) informed that the firm plans to double the oil and gas production in India by 2030. Vasudev reasoned that investing in gas fields will benefit the entrepreneurs in view of the demand for gas in the country
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Oil firms to enter into MoU for LNG terminal project
Energy exploration firm Oil & Natural Gas Corp (ONGC) and Bharat Petroleum Corp (BPCL) would soon enter into a Memorandum of Understanding (MoU) for the liquid gas (LNG) import terminal project at Mangalore. The first phase of the terminal will cost $500-750 million (Rs 2,800 to 4,200 crore) and is expected to be completed in 3
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ONGC proposes Rs 350 bn investment in FY14
In 2013-14, Oil and Natural Gas Corp (ONGC) plans to invest Rs 35,049.23 crore, which is 4 per cent higher than the revised capital expenditure of Rs 33,577 crore in the current fiscal year, Union Budget document shows. The state-run oil and gas explorer plans to fund the investment entirely through internal resources in 2013-14. T