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
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Clarity on lease tenure
Oil and gas exploration companies are seeking clarity from the government on the tenure of leases issued under the existing production-sharing contracts (PSCs). Following this, the government set up an inter-ministerial committee led by the Union oil ministry.
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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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Govt asks IOC to sell ATF at discount to Air India
Media reports indicate that some state-run oil marketing companies (OMCs) agreed to sell aviation turbine fuel (ATF) to the loss-making Air India at a concessional rate at the behest of the government. It is learnt that Indian Oil Corporation (IOC) agreed to sell fuel to Air India at a discount of 8 per cent. Some reports indicate that Air India will be charged Rs 5,300 lowe
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Govt asks IOC to sell ATF at discount to Air India
Media reports indicate that some state-run oil marketing companies (OMCs) agreed to sell aviation turbine fuel (ATF) to the loss-making Air India at a concessional rate at the behest of the government. It is learnt that Indian Oil Corporation (IOC) agreed to sell fuel to Air India at a discount of 8 per cent. Some reports indicate that Air India will be charged Rs 5,300 lowe
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Govt asks IOC to sell ATF at discount to Air India
Media reports indicate that some state-run oil marketing companies (OMCs) agreed to sell aviation turbine fuel (ATF) to the loss-making Air India at a concessional rate at the behest of the government. It is learnt that Indian Oil Corporation (IOC) agreed to sell fuel to Air India at a discount of 8 per cent. Some reports indicate that Air India will be charged Rs 5,300 lowe
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Oil secy urges officals to act fast on approvals
Following a grim assessment by the Directorate General of Hydrocarbons (DGH), Union Petroleum Secretary Vivek Rae urged officials in his ministry to act fast on clearing oil and gas projects. It may be noted that the oil ministry's technical arm DGH said officials of the ministry are yet to clear 268 files relating to various projects for
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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