Rs 17,000 cr – What state elections cost IOC, HPCL & BPCL

The three main state-owned oil refining and marketing companies have so far lost $2.25 bn (Rs 17,000 cr) due to the freeze on petrol and diesel price imposed by the government ahead of state elections in Uttar Pradesh, Punjab and Goa, according to a report by Moody’s. The rating agency pointed out that Indians are […]

ONGC to connect rigs, ships with high-speed data

ONGC, India’s largest producer of oil and gas, has appointed satellite services provider Nelco to upgrade its in-house Ku band satellite communication system to enable high-speed data and voice services for its sites off India’s western shoreline. The move will improve connectivity between ONGC’s offshore platforms, drilling rigs, vessels and onshore locations and improve the […]

With HPCL under its belt, ONGC to come out with new roadmap

ONGC Ltd will redraw its long-term roadmap in coming days to bring it in line with the changed operating realities of the company, the state-owned company’s chairman and managing director Shashi Shanker said. The company’s current vision document, known as Perspective Plan 2030, was drawn up seven years ago and laid out the company’s long […]

L&T, partners win mega KG basin deepwater project from ONGC

Larsen & Toubro said it, along with its consortium  partners Baker Hughes and McDermott International, has won the contract for constructing one of India’s largest deepwater oil and gas projects. The contract is for construction at ONGC’s KG DWN-98/2 basin that lies close to the KG-D6 block of Reliance Industries. “The integrated subsea package includes […]

CCI probe to have no material impact – ONGC

India’s largest oil and gas producer said the move by the Competition Commission of India to initiate a full investigation into the way the company hires offshore support vessels will have no material impact on the company. Under SEBI guidelines, listed companies must disclose any development that will have a material impact on the company […]

ONGC, IOCL, BPCL acquire 10% in Abu Dhabi oil block

A consortium of companies, including ONGC, Indian Oil Corporation Ltd and Bharat Petroleum Corporation Ltd, have taken a 10% stake in Lower Zakum Concession. The “participation fee” paid by the Indian consortium is 2.2 billion UAE dirhams (Rs 3,850 cr). The onshore field is located inside the UAE and is owned by the Abu Dhabi […]

ONGC awards Rs 1,483 cr Bassein project to L&T

Construction giant Larsen & Toubro said it has won a Rs 1,483 cr contract from oil and gas producer ONGC to create offshore platforms, pipelines and other works in its Bassein field offshore Mumbai. “The project includes three new wellhead platforms, 23 kilometer Subsea pipeline, composite Subsea power cable, clamp-on works on an existing platform […]

L&T wins Rs 1,150 cr order from ONGC for Daman project

Construction major Larsen & Toubro said it won a ₹ 1150 crore contract from Oil & Natural Gas Corporation (ONGC) for the transportation & installation of the oil company’s Daman Development Project. The Contract, won against international competitive bidding, encompasses total ‘EPCIC’ – Engineering, Procurement, Construction, Installation and Commissioning for the project, the company said. […]

ONGC Videsh completes Namibia offshore block acquisition

ONGC Videsh Limited, the overseas subsidiary of ONGC, said it completed the acquisition of 30% interest in Namibia’s offshore block, as announced earlier. The acquisition involves blocks 2112A, 2012B and 2113B. The stake was purchased from Tullow Namibia Limited (Tullow), a wholly owned subsidiary of Tullow Oil plc. T Tullow with continue to be the […]

Natural gas price hike to boost margins at OIL, ONGC, GAIL – India Ratings

The recent gas price increase will improve the profitability of gas production operations of Oil India and ONGC, India Ratings said, while also benefiting transporter GAIL. “Although producers have been benefiting from lower rig and vessel rentals for renewed contracts due to soft crude prices, the operating cost remains close to realisations from its sale,” […]

ONGC, Rosneft sign first-stage agreement for Vankorneft JV

ONGC Videsh Ltd and Rosneft signed an agreement of confirmation of successful completion of the first stage pre-completion actions in relation to the creation of a joint venture in JSC Vankorneft. Vankorneft, Rosneft subsidiary, was established in 2004 for development of Vankor oil and gas condensate field – the largest of the fields, discovered and […]

Russia, India to jointly drill for Arctic oil through Rosneft, ONGC

India’s Oil and Natural Gas Corp (ONGC) will drill for oil in the Russian Arctic region in association with Rosneft, the biggest oil company in Russia. The companies will co-operate in subsurface surveys, exploration and appraisal activities and hydrocarbons production in Russia’s offshore Arctic, ONGC said in a statement. India has been hungry for hydrocarbons […]