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
Tag: Oil
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Govt gets Rs 518 cr dividend from Oil India
For the financial year 2012-13, the central government received a dividend of Rs 518.65 crore from state-run exploration firm Oil India (OIL). Minister for Petroleum and Natural Gas M Veerappa Moily received the cheque from SK Srivastava, Chairman and Managing Director of OIL towards interim dividend at 110 percent for the financial year, the company said in a state
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Joint venture of OIL, OVL to bid for Videocon’s stake
A joint venture of Oil India (OIL) and ONGC Videsh (OVL) is in race for the 10 per cent stake of Videocon Energy Ventures in MozambiqueÂ’s Rovuma gas basin. The joint venture firm would compete with energy firms like ExxonMobil, PTT Exploration and Production Public Company, Shell, BP, and China's Sinopec for the stak
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Govt receives strong response for OIL share offer
Data from the National Stock Exchange (NSE) shows that the government received strong response for its disinvestment in Oil India (OIL) through offer for sale (OFS). According to the data, the government received bids for more than twice the offer size, at an average price of Rs 517.99 a share. The government aimed to raise around Rs 3,100 crore by selling 60.1 million shares of the firm at a floor price of Rs 5
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EIL to upgrade Oil India’s pipeline
Oil India awarded the Engineering, Procurement and Construction Management (EPCM) contract to Engineers India (EIL) for upgrading pump stations or terminal of the Naharkatiya-Barauni crude oil pipeline. Oil India decided to upgrade the pumping stations or terminals to reduce operation and maintenance cost and increase the throughput of the system for acc
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OIL in the process of drilling wells in KG basin
Reports suggest that by the middle of 2013, Oil India (OIL) may start work on drilling wells in the KG Basin. OIL is said to be in advance stage of mobilising the rigs to the exploration site and the work is expected to by June-end or early July 2013. As part of its plan, the firm would drill three shallow wells and three deep water wells at a total cost of aro
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Oil India to set up 2.5 mnt LNG terminal
Oil India (OIL) plans to make a footprint in the imported gas segment and as part of this it considers to set up a 2.5-million tonne (mn t) capacity LNG regassification terminal. The company has reportedly appointed Foster Wheeler AG as consultant to prepare a project report for the foray into imported gas.
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Oil India to set up 2.5 mnt LNG terminal
Oil India (OIL) plans to make a footprint in the imported gas segment and as part of this it considers to set up a 2.5-million tonne (mn t) capacity LNG regassification terminal. The company has reportedly appointed Foster Wheeler AG as consultant to prepare a project report for the foray into imported gas.
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Govt may offload 10% stake in Oil India by Jan 15
The 10 percent stake sale in Oil India, through which the government aims to garner Rs 2,500 crore, may be completed by January 15, reports suggest.
It is learnt that there is consensus between finance and oil ministries on the stake sale date. The oil ministry had earlier expressed reservations over bringing issues of oil sector companies "in a hurry", saying at least two offers for s
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CPSEs have Rs 2.84 trillion cash
Minister of heavy Industries and Public Enterprises Praful Patel informed Lok Sabha that Central Public Sector Enterprises (CPSEs) have Rs 284,153.22 crore cash and bank balances at present. Further, it is learnt that 17 state-run firms, including, ONGC, OIL and NTPC, committed to invest over Rs 1.63 lakh crore during 2012-13