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.
State-owned ONGC has got environmental clearance for drilling 45 development wells and other related infrastructure involving a cost of over Rs 53,000 crore in the Krishna-Godavari basin in Andhra Pradesh.
Reliance Industries has disputed the one-man AP Shah Committee constituted by government to decide on the firm's KG gas dispute with ONGC, saying the panel has no legal basis and only arbitration can decide on such disputes, as per the contract.
In the ONGC-Reliance Industries natural gas dispute, the Justice A P Shah Committee on fixing responsibility and compensation has started off on a stormy note with the private sector firm challenging its jurisdiction and deciding not to cooperate.
The Union Cabinet chaired by Prime Minister Narendra Modi on Tuesday gave its approval for converting the Rs 5,000-crore loan extended by state-owned Oil and Natural Gas Corporation (ONGC) to its overseas investment arm ONGC Videsh Ltd (OVL) into equity.
The Comptroller and Auditor General of India (CAG) has pulled up state-owned Oil and Natural Gas Corporation (ONGC) for poor planning in hiring and use of drilling rigs, which resulted in a loss of Rs 7,995 crore.
Over the last several years, public sector undertakings or PSUs have been known for playing second fiddle to the private sector. Worse, PSU managements have remained largely passive players in most businesses where they operate.
Shares of oil exploration and production companies such as Oil India, Cairn India and Oil and Natural Gas Corporation (ONGC) have slipped more than 3% on the BSE after crude oil tumbled to its lowest level in nearly seven years.
The board of Oil and Natural Gas Corporation (ONGC), led by its vocal independent directors and government nominee, had forced the firm’s management to take legal recourse that has now led to a damning finding that Rs 11,000 crore worth of its
International oil and gas consultant DeGolyer & MacNaughton (D&M) on Tuesday gave its final report on the dispute between Oil and Natural Gas Corporation (ONGC) and Reliance Industries (RIL), establishing natural gas — believed to be worth
More than a year after it sacked three UPA-appointed independent directors on ONGC board, the government has appointed ex-IFS Ajai Malhotra and two others as non-oficial part-time directors on the board of the nation's biggest oil and gas producer.
About 11.12 billion cubic metres of natural gas worth Rs 11,055 crore have flowed from idling Bay of Bengal blocks of the state-owned Oil and Natural Gas Corporation (ONGC) to neighbouring KG-D6 fields of Reliance Industries, US-based consultant D&M
The shares of crude oil producers such as Oil and Natural Gas Corporation (ONGC), Oil India Ltd (OIL), and Cairn India (Cairn) have fallen about 40 per cent each in the past year and have under-performed the S&P BSE Sensex.
ONGC Videsh Ltd (OVL), the overseas investment arm of state-run explorer Oil and Natural Gas Corporation (ONGC) is planning to double its investments in Africa from the current $8 billion over the next three years.
Oil and Natural Gas Corporation (ONGC) is expected to increase its upstream capital expenditure by 10% next year and intensify its exploration activities, taking advantage of the current depressed global energy market.
The NDRF, country's elite disaster mitigation combat force, has tied up with about 30 PSUs in order to develop mutual understanding and enhance capabilities to jointly tackle man-made or natural emergencies.