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
Tag: Oil India
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Ministry gets request from OIL for gas revision
In order to meet the increasing cost of production and also to enable the proposed capital investment of over Rs 19,000 crore in the 12th Five Year Plan period (2012-17), Oil India (OIL) asked the union oil ministry to raise natural gas price. In a letter to the union oil ministry, the firm said its cost of production of natural gas from the nominated fields was increasing on sustained
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Offshore oil and gas blocks hold great potential in India
Industry players opine that India's offshore exploration sector holds tremendous potential in terms of oil and gas reserves. According to SK Srivastava, Chairman of Oil India (OIL), offshore exploration will play an increasing role in India's efforts to source crude oil domestically. Of the domestic crude oil output of 38 million ton, the offshore sector accounts for 21 million ton, followed by 1
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Oil India gets green nod for exploration in KG block
Oil India (OIL) received approval from the union Ministry of Environment and Forests ( MoEF) for its proposed exploration activities in KG-ONN-2004/1 block in the Krishna-Godavari basin. According to a letter from the union ministry, OIL has been allowed to conduct prospecting exploration activities over an extent of 55 sq km of forest land in the b
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Anadarko may seek bids from more players
Anadarko Petroleum and Videocon Industries, who want to dilute 20 percent of their holding in a natural gas block in Mozambique, may seek expression of interest from some more players, reports indicate. A consortium of ONGC and OIL has reportedly offered over $5 billion for the 20 percent stake. How
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OIL may raise Rs $250 mn via dollar loan
Media reports indicate that public sector energy explorer Oil India (OIL) plans to raise a maximum of $250 million through dollar-denominated five-year long-term loan in the next few weeks. The company plans to raise dollar loan because this is a cheaper source of finance compared to rupee debt. Some reports indicate that the firm may pay an interest rate of around 2-2.5 per cent
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Board of OIL clears plan to set up foreign arm
In order to pick up stake in foreign oil and gas assets, pubic sector energy explorer Oil India (OIL) plans to set up an overseas subsidiary. At a meeting on April 10, the board of OIL cleared the decision to set up a subsidiary, which will have a separate board and managing director akin to the corporate structure of ONGC
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OIL, IOT agree to collaborate on oil and gas distribution
Oil India (OIL) agreed to explore the development of city or natural gas distribution network in India and overseas in partnership with IOT Infrastructure & Energy Services. Both the firms signed a memorandum of understanding (MoU) in this regard recently. The MoU is for the EPC (Engineering-Procurement-Construction) jobs related to the distribution network of gas
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ONGC bids for 20% stake in Rovuma field
Media reports indicate that the public sector energy explorer ONGC (ONGC) has bid for a 20 percent stake in the Rovuma offshore field at Mozambique jointly with Oil India (OIL). US explorer Anadarko Petroleum Corp and Videocon Group,
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OIL plans to spend large portion on exploration
Reports suggest that Oil India (OIL) plans to spend over 32 percent of the planned capital expenditure (capex) in the 12th Five Year plan period (2012-17) towards exploration which will enhance its current reserve base. According to analysts, the cost of production of the company for oil and gas is amongst the lowest in the world. This is mainly on account of the fact that most of the production for OIL is