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
FlashNews:
JSW Paints to Acquire Majority Stake in Akzo Nobel India in ₹89.86 Billion Deal
India to Extend Digitalisation of Public Services to the Power Sector with India Energy Stack
Whoever controls Antariksha (outer space) will rule Prithvi (the world)”: Dr. Subba Rao Pavuluri
Electricity futures key to managing power price volatility”: NSE’s Sriram Krishnan
InfraPandit Awards to Honour Doctoral Excellence in Infrastructure
REC Wins Leading CSR and Sustainability Award for Healthcare Support
HAL Set to Enter New Global Space Race with SSLV Contract Win
Multimodal Logistics: Optimising Assets, Strengthening Supply Chains
Gadkari Announces FASTag Annual Pass to Ease Private Vehicle Movement from Independence Day
Air India 171 Crash: A Definitive Inflection Point for Indian Aviation
REC Reports Strong Profit Growth
GAIL Reports Record Profit Surge
India Calls for Inclusive Energy Governance at BRICS Meet
Mumbai-Ahmedabad Bullet Train’s 300 km Viaduct Milestone
India Revokes Security Clearance to Turkish Firm Çelebi
Major Ports Handle Record Cargo Throughput in FY2025
India Committed to Unlocking Energy Potential: Puri
Gaganyaan Scheduled for 2027 Launch
Defence Budget Set for Rs.500 Billion Top-up
CCEA to consider OVL, OIL proposal
The proposal by ONGC Videsh (OVL) and Oil India (OIL) to pick up Videocon Mauritius EnergyÂ’s 10 percent stake in MozambiqueÂ’s Rovuma 1 block is awaiting the approval of the union cabinet. The petroleum ministry moved a note before the cabinet committee on economic affairs for approval. The acquisition would be completed soon, oil minister M Veer
OIL produced 3.7 mn t of crude oil in FY13
State-run oil and gas explorer Oil India (OIL) could produce only 3.701 million tonne of crude oil during 2012-13 compared to 3.884 million tonne in 2011-12 because of hostile work environment in Assam. The company was targeted to explore 3.95 million tonne in 2012-13, but it could not and the figure was this year's target. OIL posted a gross income of Rs 11,456.32 crore
OIL plans Rs 120 bn investment in North East till FY17
Sunil Kumar Srivastava, Chairman and MD of Oil India (OIL) informed reporters that the firm earmarked Rs 12,000 crore investment for its projects in North East out of the Rs 19,000 crore capital expenditure planned in the 12th Five-Year Plan. The company planned to invest Rs 19,000 crore on expansion of exploration work and diversification of business during 2012-
OVL, OIL enter into pact for Mozambique asset
Through a communication to stock exchange, Oil & Natural Gas Corporation informed that its overseas subsidiary OVL and Oil India (OIL) entered into a definitive agreement to acquire interest in the Rovuma Area 1 Offshore Block in Mozambique
OVL JV to acquire 10 per cent stake in Mozambique field
A joint venture (JV) company of ONGC Videsh (OVL) and Oil India (OIL) decided to acquire 10 per cent stake of Videocon Mauritius Energy in Videocon Mozambique Rovuma 1 gas field for $2.475 billion.
OIL to set up subsidiary for foreign operations
In the next few months, state-run energy explorer Oil India (OIL) may set up a foreign arm for exploration and acquisition of hydrocarbon assets abroad, thereby becoming the third state-run oil company to have a dedicated subsidiary for foreign operations. OIL now has presence in countries like Sudan, Libya, Venezuela, Egypt, Timor Leste, Yemen, Nigeria, Iran, the US and Gabon. In Gabon and Libya, it is the main operator of its blocks
APL in the process of delisting its shares
Loss-making Assam Petrochemicals (APL) is in the process of de-listing the company from the Bombay Stock Exchange (BSE) amidst the proposal of Oil India to buy stake in the firm. State-run OIL is in talks with Assam government, which is holding 88.2 per cent stake in APL, for buying 49 per cent equity in the company. Domestic institutions and others hold the remaining stake in
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
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