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State-owned Oil and Natural Gas Corp (ONGC) has sought access to a data room to help fix the price at which it can acquire government's 51.11 per cent stake in HPCL.

India's largest oil and gas producer has so far been given an information memorandum (IM) by government's transaction advisor which ONGC feels is not sufficient to arrive at a valuation of Hindustan Petroleum Corp Ltd (HPCL), sources privy to the development said.


 
New Delhi: State-owned Oil and Natural Gas Corp (ONGC) has sought access to a data room to help fix the price at which it can acquire government's 51.11 per cent stake in HPCL.

India's largest oil and gas producer has so far been given an information memorandum (IM) by government's transaction advisor which ONGC feels is not sufficient to arrive at a valuation of Hindustan Petroleum Corp Ltd (HPCL), sources privy to the development said.


 
Given the government’s inability to take tough decisions on privatising PSUs, it is not clear how it plans to take away various performing oil/gas fields from ONGC and give these away on a profit-share to various private oilcos—the one that promises the most output will likely win the bid and get a 60% share in these fields. These fields produce around a fourth of ONGC’s oil and gas output, so logically the PSU’s board has to oppose the move—unless the government can demonstrate to it that the increase in oil/gas will be so much after the fields are given to the private sector that ONGC stands to gain with even a lower equity share in the fields.

 
New Delhi: A proposal being considered by the oil ministry to privatise 11 prime fields of state-run ONGC will strip the company of its family silver and saddle India's flagship explorer with mature blocks nearing the end of their productive lives. It will also result in new prospects that will need huge investments to develop.

The proposal — inspired by case studies from Nigeria, Mexico, Iraq and Egypt — has demoralised ONGC's technical and scientific officers who have, through their association, appealed to the PM to stop the move. All serving and former executives TOI spoke to rejected these examples, saying discoveries in those countries were made by foreign companies.


 
Mumbai: State-run Oil and Natural Gas Corp. Ltd (ONGC) may take legal action if the Directorate General of Hydrocarbons’ (DGH) plan to sell 60% stake in the company’s hydrocarbon fields is taken forward, two company officials said.

Upstream regulator DGH plans to sell a 60% stake in 15 hydrocarbon blocks—11 of ONGC and four of Oil India Ltd—as part of a plan to increase output, a 6 November Times of India report said. Such a sale, if the proposal goes through, would mean that operational control will go to private firms.


 
Oil and Natural Gas Corp (ONGC) officers association has sought Prime Minister Narendra Modi's intervention to stall Oil Ministry's plan to sell the company's producing oil and gas fields, saying the move has highly damaging implications for the country.

The Association of Scientific & Technical Officers (ASTO) cited examples of falling production at the western offshore Panna/Mukta fields that were privatised in the 1990s, and Reliance Industries' flagging KG-D6 fields to state that ONGC has done well with its ageing fields.


 
Amid reports that the government plans to offer 60% stake in government-owned companies’ existing oil and gas fields to private players, state-run ONGC on Friday wrote a letter to the Prime Minister opposing any such move. Upstream regulator Directorate General of Hydrocarbons has reportedly identified 15 hydrocarbon blocks — 11 of ONGC and 4 of Oil India — which it deems are not producing adequate oil and gas. These fields were given to the two national oil explorers during the nomination era. FE has earlier reported that ONGC will defend the government’s move to privatise the fields.

 
The overseas arm of Oil and Natural Gas Corporation ONGC Videsh will acquire 15 percent stake in offshore Namibia block from Tullow Oil.

OVL executed the deal through its subsidiary ONGC Videsh Vankorneft Pte Ltd,

ONGC Videsh (OVL) has signed definitive binding agreements with Tullow Namibia Ltd (Tullow), a wholly owned subsidiary of Tullow Oil plc, for acquiring 15 per cent participating interest in Namibia Petroleum Exploration License 0030 for Block 2012A and related agreements (License) from Tullow’s existing participating interest of 25% in the License, the company said in a statement.


 
State-owned ONGC and Vedanta Ltd on Wednesday emerged as the biggest bidders for oil and gas blocks, putting in 41 out of 56 bids received in India's maiden auction under open acreage licensing regime.

Oil and Natural Gas Corp (ONGC) put in expression of interest for 41 areas while Vedanta's oil unit, Cairn India sought rights over 15 areas, sources privy to the development said.


 
The State-run ONGC has said it will resist the government’s reported move to hand over its 11 “discovered” hydrocarbon fields to private operators for their expeditious development. The fields, where hydrocarbon deposits were found before 1999, were given to ONGC on a nomination basis. Fellow PSU Oil India also holds four such fields and these too are under threat of being transferred to private firms via auction. “Obviously we will defend (auctioning off the assets to private firms),” said an ONGC executive, asking not to be named. But the executive clarified that no official information about transfer of fields has been communicated to the company. OIL officials could not be contacted immediately.

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