To improve its financial status, the Shipping Corporation of India (SCI) has signed several MoUs with its public sector undertaking peers such as Coal India, ONGC, SAIL and Gail India. SCI has been striving to take advantage of the pacts. For now, its financials continue to be under stress. SCI is yet to form joint ventures with Coal India and Oil and Natural Gas Corporation which could have provided the firm with assured cargo and revenues. SCI has not acquired vessels yet for operation as per
Tag: ONGC
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Dart Energy to acquire stake in ONGC block
Brisbane-based Dart Energy may pick up 10 to 25 percent stake of Oil and Natural Gas Corp (ONGC) in the latter's four coal-bed methane (CBM) blocks. CBM is natural gas trapped within coal formations, which is extracted by drilling holes into the seams. In order to fast-track gas production with the help of priva
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ONGC rules out funding constraint for stake acquisition
Reports indicate that Oil and Natural Gas Corp (ONGC) does not face any constraint in funding the acquisition of a 20 percent stake in the Rovuma basin gas block in Mozambique. Therefore, the company does not intend to rope in a global player to share the cost of acquisition of the stake in the block, which holds up to 60 trillion cubic feet (tcf) of gas.
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Net profit of ONGC declines
For the year ended March 31, 2013, the net profit of state-run energy explorer ONGC declined to Rs 209,257.00 million from Rs 251,229.20 million in the previous year. The firm's total Income rose to Rs 884,521.50 million for the year ended March 31, 2013 from Rs 809,954.20 million in the previous year
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ONGC mulls Rs 100 bn gas plant project
ONGC may invest nearly Rs 10,000 crore to set up an integrated gas processing plant with a capacity of 10 mmscmd in Maharashtra.
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Essar Oilfields procures rigs for CBM wells
Essar Oilfields Services is in the process of procuring six on-shore drilling rigs for coal bed methane (CBM) at a cost of about $36 million. These rigs have greater mobility as required in CBM drilling,
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Net profit of OVL rises 44% in FY13
Net profit of ONGC Videsh rose 44.4 per cent to Rs 3,929 crore during 2012-13 from Rs 2,721 crore in the earlier year owing to higher realisation from natural gas sales. The company currently has 32 projects in 16 countries, of which 11 are producing, five are under deve
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ONGC offloads stake in coal bed methane blocks
State-run energy explorer Oil and Natural Gas Corporation (ONGC) offloaded stake in four of its coal bed methane (CBM) gas blocks to foreign and domestic firms through a recently held auction. The blocks in which the company wanted to divest stakes are Jharia and Bokaro blocks in Jharkhand and North Karanpura and South Karanpura assets in Raniganj, West
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ONGC to take a call on stake buy in HPL
Oil and Natural Gas Corp (ONGC) will decide whether to bid for the West Bengal government's 40 per cent stake in Haldia Petrochemicals (HPL) It may be recalled that the state government invited expressions of interest (EoIs) through West Bengal Industrial Development Corporation for selling its stake in
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Premium on naptha declines in global market
With many refineries in North Asia scheduled to resume operation following a shutdown for maintenance, premium on naptha has declined in the international market. Industry sources informed that June premiums were weaker than May premiums owing to expectations rise in supply of naptha as refineries resume operation. As an indication of fall in premium, Oil & Natural Gas Corp (ONGC) received a price of about $25 a tonne to Middle East quotes on a free-on-board (FOB) basis when it rece