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India in to develop Kazakh oil block

India in to develop Kazakh oil block

India is in talks with Kazakhstan for developing Abai oil block in the Caspian Sea. According to reports, Magzum Mirzagaliev, Vice-Minister, Oil and Gas, Kazakhstan, has offered the Abai block to ONGC Videsh (OVL)

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CCEA to consider OVL, OIL proposal

CCEA to consider OVL, OIL proposal

The proposal by ONGC Videsh (OVL) and Oil India (OIL) to pick up Videocon Mauritius EnergyÂ’s 10 percent stake in MozambiqueÂ’s Rovuma 1 block is awaiting the approval of the union cabinet. The petroleum ministry moved a note before the cabinet committee on economic affairs for approval. The acquisition would be completed soon, oil minister M Veer

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OVL, OIL enter into pact for Mozambique asset

OVL, OIL enter into pact for Mozambique asset

Through a communication to stock exchange, Oil & Natural Gas Corporation informed that its overseas subsidiary OVL and Oil India (OIL) entered into a definitive agreement to acquire interest in the Rovuma Area 1 Offshore Block in Mozambique

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OIL hopes to form overseas arm by year end

OIL hopes to form overseas arm by year end

By the end of 2013, public sector oil and gas exploration company Oil India (OIL) plans to form an overseas subsidiary for operating its foreign assets. It is learnt that OIL wants to set up an overseas subsidiary on the lines of ONGC Videsh (OVL), which is the foreign unit of state-run energy explorer ONGC

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OVL JV to acquire 10% stake in Mozambique field

OVL JV to acquire 10% stake in Mozambique field

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

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Net profit of OVL rises 44% in FY13

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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OVL proposes to invest more capital in Vietnam block

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

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