The board of India's biggest gas explorer Oil and Natural Gas (ONGC) on Thursday approved the share buyback of 253 million shares worth Rs 40.22 billion at Rs 159/share, which is around 7 per cent premium to the current market price of Rs 149.
The company has fixed January 4, 2019 as the record date for determining the entitlement and the names of the shareholders/ beneficial owners to whom the letter of offer will be sent and will be eligible to participate in the buyback.
The board of India's top explorer, Oil and Natural Gas Corp Ltd, will consider a proposal this week to list its overseas investment arm, ONGC Videsh Ltd, on domestic bourses, two sources privy to the matter said on Wednesday.
The move to float the unit, which has investments in 11 producing assets in countries including Russia, Brazil, United Arab Emirates, Sudan and Venezuela, is part of a government push to sell state assets to raise funds.
ONGC, OIL spent Rs 13,000 cr on 115 discoveries govt took away from them: Pradhan
New Delhi: State-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) spent over Rs 13,000 crore on 115 oil and gas discoveries which were taken away from them by the government for auctioning to private companies, Oil Minister Dharmendra Pradhan said Monday.
State-owned Oil and Natural Gas Corp (ONGC) Friday said its board will consider buyback of company shares at a meeting on December 20.
This follows Government pushing cash-rich PSUs to use their funds to buy back shares or pay a higher dividend. The Government is looking to bridge budgetary deficit through higher receipts of dividend as well as selling its shares in PSUs in the buyback programmes.
New Delhi: India’s Oil and Natural Gas Corp has received a payment of $32 million from Petroleos de Venezuela (PDVSA) as part of a settlement of outstanding dividend payments and said it now hopes that Venezuela’s state oil firm will be regular in making further payments, a senior ONGC official said.
“It is a good development,” said N. K. Verma, managing director of ONGC Videsh, the overseas investment arm of ONGC.
New Delhi: State-owned Oil and Natural Gas Corp’s (ONGC) natural gas production has hit an all-time high of about 70 million standard cubic meters per day as it doubles up efforts to raise domestic output to curb imports, sources privy to the development said.ONGC produced about 64 million standard cubic meters per day (mmscmd) of gas in November last year and this year the output is close to touching 70 mmscmd, sources said.
India’s natural gas production will rise by a third provided the output locked in a dozen fields of state-owned ONGC and OIL is opened up by giving remunerative market prices, people with knowledge of the matter said. India currently produces about 90 million standard cubic meters per day (mmscmd) of natural gas and has ambitious plans to double output by 2022 to reduce its reliance on imports and replace some of the polluting liquid fuels to cut emissions.
State-run energy major Oil and Natural Gas Corp (ONGC) has informed the Ministry of Finance that it may defer the interim dividend plan for the current financial year 2018-19, as it can either pay interim dividend or buy back government shares in the company, but not the both as it needs some time to build a corpus for the payout, The Indian Express reported.
The government is mulling selling as many as 149 small and marginal oil and gas fields of ONGC to private and foreign companies and allow the state-owned firm to focus only on big fields, sources with knowledge of the development said.
Venezuela’s state-run PDVSA has shipped a crude cargo valued at $35 million as partial payment to Indian oil company ONGC Videsh Ltd for overdue dividends from a joint venture, according to two people familiar with the matter.
The payment is based on an agreement signed in 2016 by PDVSA and ONGC Videsh, the overseas investment arm of India’s Oil and Natural Gas Corp, to repatriate about $530 million in dividends due from their San Cristobal oil project in Venezuela.
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