State-run explorer Oil and Natural Gas Corporation (ONGC) is yet to decide on selling its stake in the Mehsana block in the eastern flank of the Cambay basin of Gujarat to its partner Essar Energy. It is learnt that Essar, which owns 70 per cent stake in the block, wants to take full control of it. The government is learnt to have awarded the block prior to the
Tag: Oil and Natural Gas Corporation
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Morgan Stanley upgrades ratings on oil firms
Following the centre's move towards deregulating diesel prices, financial services firm Morgan Stanley upgraded the ratings on Oil and Natural Gas Corporation (ONGC) and Hindustan Petroleum (HPCL) to 'overweight' from 'equalweight'. On January 17, the central government allowed state-owned oil firms to raise prices in small measures every mon
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ONGC expects 27 mn t oil output in 2012-13
Sudhir Vasudeva, Chairman and Managing Director of Oil and Natural Gas Corporation (ONGC) informed that his firm may produce 27 million tonne of crude oil and 25.7 billion cubic m of gas in 2012-13. Even in 2011-12, the firm achieved similar level of production. However, the firm aims to add 2.9 million-tonne oil equivalent to its output in 2013-
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ONGC aims to double output by 2030
Under its ''Perspective Plan 2030'', Oil And Natural Gas Corporation aims to double its oil and gas production by 2030; with nearly 46 per cent contribution expected to come from overseas assets, Sudhir Vasudeva, Chairman of the firm said earlier. The plan maps the long-term growth model of ONGC as an energy major.
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ONGC plans Rs 868 bn investment in 5 yrs
Sudhir Vasudeva, Chairman and Managing Director of state-run oil explorer informed that the firm plans to invest about Rs 86,862 crore on 44 mega projects during 2012-17. He also said that the planned capacity addition of the firm's Mangalore Refinery and Petrochemicals will come about in the present Plan period
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ONGC gets poor response for CBM block sale
Bids invited by state-run oil explorer Oil and Natural Gas Corporation (ONGC) for picking up its stake in four coal-bed methane (CBM) blocks did not receive strong response. ONGC is said to have received bids from only three firms for the blocks. These firms are UK-listed Great Easte
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Finance ministry hopes to attain disinvestment target
The union finance ministry hopes to meet the target of raising Rs 30,000 crore through the disinvestment of the government stake in public sector undertakings in 2012-13. But some financial market observers feel that the market may not have the capacity to absorb the huge avalanche of shares in such a short span. They point out that divestment in shares of Oil and Natural Gas Corporation (ONGC) last March had no takers and