From a Russian dividend windfall and Mozambique LNG restart to deep Andaman drilling and critical mineral finds in Arunachal and Rajasthan, Oil India Ltd is reshaping its portfolio to secure sustained growth. Oil India Ltd (OIL) sees exploration, overseas business, refining, critical minerals and green energy driving its future growth, Ranjit Rath, Chairman & Managing...
Tag: Oil India
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EOSIL awarded contract by ONGC
Essar Oilfields Services India Limited (EOSIL) announced that it has been awarded a one-year, Rs 32-crore contract by ONGC to drill 30 wells at the latter's coal bed methane (CBM) block in Bokaro, Jharkhand. The Company will be deploying the MR#11 land rig for the job.
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Do or Divest!
With a disinvestment target of raising Rs.72,000 crore this fiscal, the government is all set to rule Dalal Street with Rs.18,000 crore worth of Initial Public Offerings (IPOs).
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Indian consortium to buy stake in Russian oilfield for $3.14 bn
Indian Oil Corp, Oil India and a unit of Bharat Petroleum Corporation (BPCL) will buy a 29.9 per cent stake in the Taas-Yuryakh oilfield in East Siberia for $1.12 billion and another 23.9 per cent in Vankor oilfield for $2.02 billion.
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OIL for more hydrocarbon concessions
Oil India (OIL) is seeking more hydrocarbon concessions across the globe, including Brazil and Mexico. Among its major ventures abroad
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OVL, OIL to share Videocon stake equally
The 10 per cent stake in Videocon Group's giant Mozambique gas field bought by ONGC Videsh (OVL) and Oil India for $2.475 billion will be shared equally. OVL, the overseas arm of State-owned Oil and Natural Gas Corp (ONGC) and OIL had jointly bought Videocon Group's 10 per cent interest in the Rovuma Area-1 for $2.475 billion.
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Oil India mulls to diversify into refining biz
As part of its diversification strategy, government-owned hydrocarbon explorer Oil India plans to diversify into building and operating refineries in the country and is looking for a partner, said the company Director, Finance, TK Ananth Kumar. For now the company's plans are India-specific, he added.
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Govt may rope-in ONGC, OIL to extract shale gas
State-owned Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) may be roped in by the Union government to explore shale gas in onland blocks held by them under nomination, giving them an edge over rivals who can start the hunt only after auction of blocks, whose date has not been announced yet. Shale gas is non-conventional natural gas found in non-porous rocks and requires fracking technology for its extraction, similar to the extraction of gas between coal seams in India.
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RIL, ONGC, Cairn, Oil India beneft from rupee fall
While the rupee fall against dollar is a bad news to oil and gas consumers in the country, the same is a boost to the earnings of ONGC, Cairn India, Reliance Industries and Oil India. The dollar-linked price of oil and gas has risen about 17 per cent in four months. This is a bad news for oil and gas consumers in the country as they have to pay more for the essential petro products. India imports 80 per cent of crude oil, it processes and pays in dollars.
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Net profit of OIL India declines 34.5% in June quarter
During April-June 2013, the net profit of Oil India (OIL) declined 34.5 percent to Rs 609.08 crore or Rs 10.13 per share compared to Rs 929.93 crore, or Rs 15.47 per share in the year-ago period. Net profit of the firm declined during the quarter because net realisation fell to $45.88 per barrel from $53.78 in first quarter last