Venezuela's state oil company PDVSA is about to clinch a deal for Oil and Natural Gas Corp (ONGC) to invest some $500 million in their San Cristobal joint venture, the South American company's president said on Tuesday.

"We're about to firm up ONGC's financing to the joint venture we have in the San Cristobal field," Eulogio Del Pino, who is also Venezuela's Oil Minister, told Reuters.

NEW DELHI: ONGC has alleged that RIL in a "well-planned and deliberate strategy" produced about $1.4 billion worth of its gas over past six years and demanded that the Mukesh Ambani firm pay full compensation with 18 per cent interest.

Reliance Industries had in 2001 and again in 2007 acquired seismic data to study hydrocarbon reservoir lying several hundred meters below the sea-bed not just in its Bay of Bengal KG-D6 block but also of neighbouring blocks of ONGC without the knowledge of the state-owned firm, it alleged.

Shares of oil exploration & production companies such as Cairn India, Oil & Natural Gas Corporation (ONGC) and Oil India – were trading higher by up to 6% on the bourses after a sharp surge in global crude oil prices.

Among individual stocks, Cairn India surged 6% to Rs 134, followed by ONGC which gained 5% at Rs 209, and Oil India jumped 3.4% to Rs 327 on the BSE. At 10:45 AM, the S&P BSE Sensex was up 1.3% or 304 points at 23,687.

New Delhi, Feb. 15: ONGC Ltd has decided to prune its expenses because of the slump in global crude prices. The PSU has appointed global consultant McKinsey to advise it on cutting costs.

However, ONGC is unlikely to cut its capital expenditure as the state-owned firm wants to take advantage of the lower rates of services and rig rates to carry out exploration and production activity, officials said.

NEW DELHI: State-owned ONGC will cut down expense on travel, advertisements and sponsorships as well as 5-star meetings as it initiates cost controls in response to revenues getting hit by slump in global oil prices.

With oil prices slumping to 12-year lows, Oil and Natural Gas Corp (ONGC) has begun cost controls as well as deferment of capital expenditure without adverse impact on operations.

NEW DELHI: Oil and Natural Gas Corporation (ONGC) has told the Justice AP Shah committee that Reliance Industries Ltd (RIL) and regulator Directorate General of Hydrocarbons (DGH) knew gas from the stateowned company's blocks in the Krishna-Godavari basin was flowing into RIL's holdings in the area.

It sought an explanation from the regulator for this along with compensation from the company for the lost gas.

State-owned petroleum explorer Oil and Natural Gas Corporation on Thursday posted a 64-per cent decline in net profit for the December quarter, on the crude oil price slump and provisioning for impairment of assets. Net profit was Rs 1,285 crore against Rs 3,571 crore.

“Our profit would have been Rs 3,898 crore, had it not been for the provision for impairment of Rs 2,612 crore,” ONGC Chairman and Managing Director D K Sarraf said.

In a significant U-turn in its approach towards the ongoing gas dispute with state-run Oil and Natural Gas Corporation (ONGC), the Mukesh Ambani-controlled Reliance Industries Ltd (RIL) has decided to participate in the proceedings of the government-appointed Shah Committee that is looking into the matter.

“The second meeting of the Shah Committee was held a couple of days ago. RIL attended the meeting and (its representatives) said we would like to participate. Niko Resources also participated,” ONGC Chairman D K Sarraf told a media gathering while announcing the company’s third quarter results. He was responding to a question on the status of the controversial gas dispute.

India’s Oil and Natural Gas Corporation (ONGC) hopes to agree new cheaper drilling contracts for its western offshore fields, two sources involved in the matter said, in its biggest ever cost-saving drive in response to lower crude prices.

The state-owned explorer wants to end existing expensive contracts for drilling rigs signed in the fiscal year 2014-15 when crude prices averaged $85 a barrel and to sign new ones at a lower price.

Caracas: Oil and Natural Gas Corp. Ltd (ONGC), India’s biggest explorer, may invest as much as a half billion dollars to revive a faltering Venezuelan field.

The company’s overseas unit ONGC Videsh Ltd, which owns a 40% stake in the San Cristobal field in the Orinoco heavy-oil belt, is seeking to boost output with partner Petroleos de Venezuela SA, said P.K. Rao, director of operations at ONGC Videsh.

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 Cootera.com Classifieds Website.