Oil and Natural Gas Corp has agreed to take over a part of the abandoned assets of the western offshore Tapti gas field from its joint venture partners Reliance Industries and BG once output falls to zero.
With crude oil prices falling from $106 a barrel in March 2014 to below $60, 2014-15 could have been a dream year for oil companies in India, which, buried under a subsidy dole, are unable to perform well.
State-run ONGC, Oil India Ltd (OIL) and BPCL will in the next four years invest $6 billion in developing a giant gas field off the Mozambique coast and converting the fuel into LNG for export to nations like India, Oil Minister Dharmendra Pradhan said
Domestic gas prices are set to fall about nine per cent to $5.01 per million British thermal units (mBtu) on the basis of net calorific value (NCV) and $4.56 on gross calorific value (GCV) from April 1, owing to lower global benchmark prices last
Shares of companies engaged in oil exploration and production business have hit 52-week lows after the government lowered the domestic gas price by over 10% to $5.02 mmBtu (metric million British thermal units).
Shares of Reliance Industries, Oil and Natural Gas Corporation (ONGC), Tata Steel, Bank of India and Reliance Communications are among 258 stocks that hit 52-week low on the BSE (Bombay Stock Exchange) in intra-day trade today.
The government could raise Rs 22,574 crore ($3.6 billion) from the sale of stakes in four state-run firms including Oil and Natural Gas Corp (ONGC) and National Aluminium Co Ltd (NALCO), Junior Finance Minister Jayant Sinha said on Friday.