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,
Tag: ONGC
Post
Post
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
Post
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
Post
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
Post
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
Post
Cairn’s 3 oilfields hold 2.19 bn barrels of reserves
Cairn India's three oil fields - Mangala, Bhagyam and Aishwariya - in its Rajasthan block had an in-place oil reserve of 2.19 billion barrels as of March 31, 2013 compared to 2.090 billion barrels as on March 31, 2012. It may be noted that these three fields produced oil at the rate of about 170,000 barrels per day for most part of
Post
ONGC adds reserves in FY13
State-run oil and gas explorer ONGC added initial-in-place reserves of 265.65 million tonne oil plus oil-equivalent gas during 2012-13. According to internal assessment, this would mean ultimate reserves of 84.84 million tonne of oil plus oil-equivalent gas. Currently, the firm produces 44-45 million tonne of oil plus oil-equivalent gas. The firm has much more oil, as well as oil-equivalent gas because of the discoveries mad
Post
OVL proposes to invest more capital in Vietnam block
ONGC Videsh (OVL), the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), is awaiting government approval for investing an additional $65.67 million in an hydrocarbon block in Vietnam. In 1988, OVL acquired exploration license for Block 06.1, in which it holds 45 per cent stake. TNK Vietnam BV is the operator with 35 per cent stake and the remaining 20 per c
Post
Environment ministry clears ToR for report on Rs 99 bn project
Following the recommendation from an expert committee, the ministry of environment and forests (MoEF) approved the terms of references (ToR) for preparing environment impact report for the proposed 2,200 mw gas based project of ONGC. Oil & Natural Gas Corporation (ONGC) plans to set up the gas based power plant, which is second for the company after its 726 mw Tripura plant, in Maharashtra at a
Post
Cairn India plans $3 bn investment in 3 years
After announcing earnings results for the full year 2012-13, P Elango, CEO of Cairn India informed that the firm aims to invest $3 billion on oil and gas business in India over the next three years. He further said that over 80 per cent of this investment would go into the firm's prolific Barmer oil block in Rajasthan. The firm would meet the entire inves