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ONGC targets $10-$12 bn foreign oil and gas investments
Posted on 20th October 2015
The foreign investment arm of India's top oil explorer ONGC is targeting $10-$12 billion of oil and gas asset purchases over the next three years, including more corporate acquisitions, its managing director said.

ONGC Videsh Ltd (OVL) hopes to capitalise on cheaper assets after a slump in oil prices and Prime Minister Narendra Modi's diplomatic efforts to boost the global presence of Indian firms.

Markets remain lacklustre; Tata Motors up 2%, Cipla dips 3%
Posted on 20th October 2015
Markets have erased early morning losses and are trading in the positive zone led by buying in the information technology and consumer durables shares.

However, metal stocks are still reeling under pressure thus capping the upside.

Saudi Aramco says fraud foiled between trading unit and ONGC
Posted on 19th October 2015
State oil giant Saudi Aramco said on Sunday that an attempted fraud that targeted its trading unit Aramco Trading and India's Oil and Natural Gas Corp (ONGC) had been foiled.

In a brief statement in Arabic, Aramco said: "The attempted fraud has been foiled and did not have any financial impact on either the two companies or on trading relations between them."

ONGC has no claims in KG gas row: RIL
Posted on 17th October 2015
State-owned Oil and Natural Gas Corporation (ONGC) will have no claims to make for natural gas migrating from its block to neighbouring contiguous fields of Reliance Industries in Bay of Bengal after all expenses are accounted for, the private firm said on Friday.

In a communication to employees, RIL said it has “scrupulously followed every aspect of the production sharing contract and has confined its petroleum operations within the (boundaries of its) KG-D6 Block” in the Krishna-Godavari basin.

ONGC takes part in Kuwait Oil & Gas Show 2015 for the first time
Posted on 15th October 2015
DUBAI: With Kuwait showing keen interest in India's oil and gas sector, Oil and Natural Gas Corporation (ONGC) has for the first time taken part in the Kuwait Oil and Gas Show (KOGS) 2015.

Minister of Oil Dr Ali Saleh Al-Omair, who inaugurated the ONGCBSE 1.45 % pavilion on October 12, showed keen interest in India's oil and gas sector, Indian embassy in Kuwait said.

Fraudsters use ‘duplicate’ email to dupe ONGC, Saudi company
Posted on 14th October 2015
In one of the biggest cyber crimes in Mumbai, the Oil and Natural Gas Corporation Limited (ONGC) lost Rs 197 crore after cyber criminals duplicated the public sector firm’s official e-mail address with minor changes and used it to convince a Saudi Arabia-based client to transfer payments to their account.

The fraud was committed on the promise that the company making the payment would not notice a minor change in the e-mail address of the ONGC representative, with whom they had been communicating.

Government awaits D&M’s final report to resolve ONGC-Reliance KG basin row
Posted on 13th October 2015
NEW DELHI: The government will examine whether Reliance Industries deliberately extracted gas from the neighbouring block of the Oil and Natural Gas Corp in the KG basin after it receives the final report on the dispute from an international consultant in about three weeks.

Officials said the issue was complex and the oil ministry will consider various points raised by Reliance and ONGC as well as the report of consultancy DeGolyer and Mac-Naughton (D&M), appointed to assess ONGC's allegation that RIL stole the state firm's gas, to find a way to resolve the dispute.

RIL drilled out atleast 9 BCM of ONGC gas: Expert report
Posted on 12th October 2015
Private explorer Reliance Industries Ltd (RIL) extracted at least 9 billion cubic metres (BCM) of gas from government-owned explorer ONGC’s block in the Krishna Godavari (KG) basin block off the Andhra Pradesh coast, according to a draft report submitted by US-based international consultant DeGolyer and MacNaughton (D&M).

This means, at an average gas price of $4.2/mBtu and exchange rate of Rs 60 against a dollar, RIL drilled gas costing Rs Rs 8000-9000 crore that belonged to ONGC, say two analysts.

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