The likely 17 percent cut in domestic natural gas prices to be announced by the government today would impact earnings of upstream players including the largest petroleum explorer Oil and Natural Gas Corporation (ONGC) and Oil India (OIL). But the cut in prices will shower significant savings on consumers in the user industries of power and fertilizer and the city gas consumers using Compressed Natural Gas (CNG) and Piped Natural Gas (PNG).

Oil and Natural Gas Corporation (ONGC) has found hydrocarbon (gas) deposits at Meidum area in Mizoram-Assam border Kolasib district, state Industries Minister H Rohluna today said in the state assembly.

Replying to a query from Lalrinawma of the Mizo National Front (MNF), Rohluna said that the Oil exploration companies have been conducting tests on the gas found while drilling and hydro-fracturing have been conducted to find out whether more deposits were available.

State-owned exploration firm Oil and Natural Gas Corporation (ONGC) on Monday said its board has approved a Rs 34,000 crore investment plan to bring into production a flagship hydrocarbon block in the Krishna-Godavari basin off the Andhra coast.

“The investment will be made over a period of 3-4 years to bring Cluster 2A and 2B into production. At peak production in 2023, the field will contribute 15 per cent of oil and 25 per cent of our gas output," ONGC Chairman D K Sarraf said after the board meeting in New Delhi.

Russian government has approved ONGC Videsh Ltd's deal to buy 15% in the country's second biggest oil field of Vankor from Rosneft for $1.268 billion (nearly Rs 8648.57 crore) .

OVL, the overseas arm of the state explorer Oil and Natural Gas Corp (ONGC), had in September last year signed an agreement to buy 15% stake in Vankorneft, the developer of the Vankor oil and gas condensate field in Turukhansky district of Krasnoyak Territory in Russia.

Government has extended by three months the tenure of A P Shah Committee looking into the dispute over natural gas migrating from state-owned ONGC's idle blocks in KG basin to neighbouring fields of Reliance Industries.

The committee has been asked to submit by July 31 its report on "acts of omission and commission" as well as compensation to ONGC, an oil ministry official said.

MUMBAI: Oil and Natural Gas Corporation Ltd, India's biggest explorer, plans to enter into partnerships with overseas oilfield service providers to boost output from ageing oil and gas fields, its chairman said.

Under the terms of the tie-up being discussed, firms such as

State-run oil companies including ONGC Videsh (OVL), Indian Oil Corporation (IOC), Oil India (OIL) and Bharat PetroResources (BPRL) are set to clinch deals worth $2 billion with Russia’s Rosneft on Wednesday for acquiring hydrocarbon assets. Rosneft’s chief executive Igor Sechin will arrive in New Delhi Tuesday afternoon for this purpose.

In one of the deals, IOC, OIL and BPRL would acquire up to 30% stake in the Taas-Yuryakh oil and gas fields in East Siberia, an official privy to the development told FE.

ONGC is set to regain possession of the Ratna and R-series shallow-water oil fields, roughly 130 km southwest of Mumbai, after an interval of about two decades. The CCEA on Thursday decided to let ONGC operate the fields.

Petroleum minister Dharmendra Pradhan said that the government has decided to give the assets to ONGC on nomination basis, so that they can start production.

NEW DELHI: The Cabinet today decided to revert to the Oil and Natural Gas Corporation (ONGC) the Ratna and R-series oil and gas fields, off the Mumbai coast, which were previously awarded to Essar Oil but the contract could not be signed.

The Ratna and R-series oil fields, 130-km off the Mumbai coast, hold an estimated 87 million barrels of oil and 1.2 billion cubic metres of gas reserves.

In a boost to firms like ONGC and Reliance Industries, the government plans to raise natural gas price by about 60% for their undeveloped gas discoveries in difficult areas.

While domestically-produced gas is currently priced at an average of rates in gas-surplus countries like the US, Canada and Russia, for deep-sea discoveries yet to be developed, the government plans to price them at an average cost of alternative fuels -- naphtha and fuel oil as well as imported LNG.

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