India News
Search Web Directory
 India News  
Oil and Natural Gas Corporation Limited (ONGC) Related news
Shares of PSU oil majors Oil and Natural Gas Corp and Hindustan Petroleum Corp jumped today after the giant exploration company’s board approved the acquisition of 51% equity stake in the refining and marketing firm from the government. ONGC shares rose as much as 1.6% to Rs 160.1 on BSE, while HPCL shares were trading up over 3.6% at Rs 450. Earlier yesterday, ONGC’s board of directors in a meeting held on 21 August 2017, gave an in-principle approval for acquisition of 51.11% equity stake of HPCL.

The Oil and Natural Gas Corporation (ONGC) is aiming to double its oil production in the next five to six years, revealed Dinesh K. Sarraf, Chairman and Managing Director, while addressing a gathering during the Independence Day celebrations here. In the past three years, despite oil prices tumbling to record lows, there has been a sustained production through incremental inputs, and new investment decisions that were taken ensured sustained volumes and financial growth. “Share of gas in India’s energy basket is set to increase from 6.5 per cent to 15 per cent. The government is focussed on making our economy gas-based”, said Saraf. Talking about the ONGC’s plans, Sarraf said many of the new projects are gas-based.

Oil and Natural Gas Corp. plans to tap the debt market for the first time, an opportunity that may be hard to pass up for bond bulls.

India’s largest state-run energy producer may sell bonds and take out loans of as much as $4 billion to pay for the purchase of the government’s $5.2 billion stake in Hindustan Petroleum Corp. and bankroll $4.5 billion of projects, according to company executives with knowledge of the matter.

The Central government has not given investment bankers applying to manage the proposed merger of Oil and Natural Gas Corporation (ONGC) and Hindustan Petroleum Corporation (HPCL) a waiver from the ‘conflict of interest’ clause.

While the bankers had requested the government to provide exemption from the existing conflict clause, the latter has reiterated its position, according to the Department of Public Asset Management (Dipam) website.

The government has tweaked the terms of sale of its 51.11 per cent stake in HPCL to ONGC by including phrases that will help avoid triggering an open offer, an official said.

The Cabinet Committee on Economic Affairs (CCEA) had on July 19 granted 'in-principle' approval for strategic sale of the government's existing 51.11 per cent stake in Hindustan Petroleum Corp Ltd (HPCL) to Oil and Natural Gas Corp (ONGC) "along with the transfer of management control, which will result in HPCL becoming a subsidiary company of ONGC".

The country’s largest oil and gas producer Oil and Natural Gas Corporation (ONGC) has said it has completed the Rs 7,738-crore acquisition of an 80 per cent stake in Gujarat State Petroleum Corp’s (GSPC’s) KG basin gas block.

ONGC had, in December last year, agreed to buy the entire 80 per cent interest of GSPC along with operatorship rights, in Deen Dayal West (DDW) gas field in Block KG-OSN-2001/3 in the Bay of Bengal for $995.26 million (Rs 6,443 crore).

State-owned ONGC has, for the last 12 years, not been able to proceed with its gas exploration work in a vital reserve in Tripura due to lack of environmental clearance, causing a huge revenue loss.

"Since 2005, we had to stop gas exploration works in Tichna as the area falls under the Tichna (Trishna) Bison National Park and Wildlife Sanctuary. We are yet to get the necessary clearances from the Forest, Environment and Climate Change Ministry and National Board for Wildlife," ONGC Executive Director S.C. Soni told IANS.

State-owned Oil and Natural Gas Corporation (ONGC) has won government approval for acquisition of Gujarat State Petroleum Corporation’s (GSPC) entire 80 per cent holding in a KG basin gas block for Rs 7,738 crore, the company said.

ONGC had in December last year agreed to buy the entire 80 per cent interest of GSPC along with operatorship rights, in Deen Dayal West (DDW) gas field in Block KG-OSN-2001/3 in the Bay of Bengal for $995 million (Rs 6,443 crore).

The country's crude oil output rose 0.24 per cent and natural gas production was up 4.04 per cent in the June quarter of 2017 due to a push from state-run companies like Oil and Natural Gas Corporation (ONGC) and Oil India (OIL).

Cumulative crude oil production by ONGC in Q1 was 5,640.77 thousand metric tonne (tmt), which is 0.22 per cent lower than the period's target but 2.71 per cent higher than production during the year-ago period. OIL produced 839.86 tmt, about 5.22 per cent higher than the last year's corresponding period.

State-run Hindustan Petroleum Corporation (HPCL) will retain its cultural uniqueness and brand identity even after the strategic sale of 51.11 per cent government equity in the company to the Oil and Natural Gas Corporation (ONGC), Petroleum Minister Dharmendra Pradhan informed the Lok Sabha on Monday.

The Cabinet Committee on Economic Affairs had given its in-principle approval for the sale of government equity in HPCL, along with the transfer of management control to ONGC, on July 19 this year.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Most Read News

Air India to sell 41 flats in Mumbai

SBI collects Rs235 crore in minimum balance fine in 1st quarter

DLF stock rated HOLD by Edelweiss as operational issues cast shadow on Q1

Sebi to defreeze bank accounts of NSEL, MCX ex-chiefs

Larsen & Toubro sells unit to IMC International for Rs174 crore

More India News

India Resource Center
» Free India Classifieds
Introducing IndiaCatalog Free Classifieds. Post your free classified ads. Inviting Real Estate Agents, Travel Agents, Job Placement Agents and others to post their advertisements for free.
» Global Web Directory
Web directory listing of Global companies. Send enquiries to international companies.
» India Yellow Pages
Yellow Pages for Mumbai, Delhi, Bangalore, Chennai, Kolkota, Hyderabad, Pune and more Indian cites.
» Logistics Directory
Find supply chain management consultants, freight forwarders, trucking companies in India.
» Photo Gallery
This page provides you with links to images of India displaying Celebrities Photos,Automobiles Photos,latest Movies Photos,Sports Photos,Photos of Bollywood Stars and many more.
» Agriculture Directory
Find Fresh Vegitables, Fruits, Basmati Rice, Meat, Poultry and Seafood producers in India.
» Real Estate in India
Real Estate directory of India. Find agents, builders and suppliers.
» Gems & Jewellery
Find jewellery, gems and diamond merchants in India.
  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Safety Tips For Classifieds
Order Premium Listings
Submit a Site
Business Reviews
About us
Link to us
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory, India Free Classifieds
    © 1999 - 2017
    All Rights Reserved
Privacy Statement    
    © 1999 - 2017
    All Rights Reserved
Privacy Statement