Reports indicate that the state-run explorer ONGC would pay international price for crude oil produced from its marginal fields to the service contractors. ONGC, which holds about 165 marginal fields (offshore and onshore), enters into service contracts with companies having expertise in developing these fields through a bidding process
Tag: ONGC
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ONGC’s contractors to get international price
Reports indicate that the state-run explorer ONGC would pay international price for crude oil produced from its marginal fields to the service contractors. ONGC, which holds about 165 marginal fields (offshore and onshore), enters into service contracts with companies having expertise in developing these fields through a bidding process
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Cairn India shows interest in downstream sector
Cairn India has shown interest to be a part of a joint venture GAIL India and Rajasthan State Petroleum Corp (RSPCL) for supply of natural gas in Rajasthan. With this, the Anil Agarwal-led Cairn India plans to enter into the downstream sector, which refers to the refining of petroleum crude oil and the processing and purifying of raw natural gas, as well as the marketing and d
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SEEPCO, ONGC may close $2 bn oil and gas deal
Sterling Energy and Exploration Production Company (SEEPCO) may sell its 25-30 percent stake in four hydrocarbon blocks in Nigeria to ONGC Videsh, the overseas arm of Oil & Natural Gas Corp (ONGC). The value of the deal, which is not yet finalised, is expected to be $2 billion. Both the companies entered into a confidentiality agreement for the deal and OVL is reportedly conducting due
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ONGC to invest Rs 40.5 bn on 2 projects
At a recent board meeting, the state-run energy explorer ONGC decided to invest over Rs 4,050 crore to upgrade Western offshore facilities (on the Arabian Sea) through two major projects. The first project includes revamp of Unmanned Platforms Phase – II in Mumbai High and Neelam & Heera Asset. The total revamp job is expected to be completed by pre-monsoon 2016
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ONGC, BPCL, Mitsui sign MoU with Mangalore Port
On March 18, ONGC, Bharat Petroleum Corp (BPCL), Mitsui of Japan and New Mangalore Port Trust entered into an agreement for setting up a liquid gas (LNG) import terminal at Mangalore. All the four parties signed a Memorandum of Understanding (MoU) for the proposed $500-750 million terminal, which will have an initial capacity of 2-3 millio
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India’s gas shortage pegged at 155 mn cu m per day in 12th plan
According to a government estimate, India may face shortage of natural gas to the tune of 155 million cubic metre per day during the 12th Five Year Plan period (2012-17). This is expected to rise to 225 million cubic metre per day in the 13th Five Year Plan. According to a report by an international research agency, India accounts for 11 p
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ONGC bids for 20% stake in Rovuma field
Media reports indicate that the public sector energy explorer ONGC (ONGC) has bid for a 20 percent stake in the Rovuma offshore field at Mozambique jointly with Oil India (OIL). US explorer Anadarko Petroleum Corp and Videocon Group,
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Cairn India, ONGC to produce oil from Aishwariya field
Cairn India and ONGC, which is a 30 per cent joint venture partner in the former's Aishwariya oil field in Rajasthan, hope to close 2013-14 at a production rate of 200,000-215,000 barrels of oil a day from the field. Aishwariya is the third largest discovery in the Rajasthan block and can produce higher than the current production rate approved under the field development plan.
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Oil firms to enter into MoU for LNG terminal project
Energy exploration firm Oil & Natural Gas Corp (ONGC) and Bharat Petroleum Corp (BPCL) would soon enter into a Memorandum of Understanding (MoU) for the liquid gas (LNG) import terminal project at Mangalore. The first phase of the terminal will cost $500-750 million (Rs 2,800 to 4,200 crore) and is expected to be completed in 3