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HPCL stake sale: Govt seeks bids for bankers, legal firms

New Delhi : Kicking off the process for sale of HPCL stake to ONGC, the government has invited bids for appointing merchant bankers and legal consultants for the Rs 28,000-crore deal.

ONGC takes step to raise natural gas output

Agartala : The Oil and Natural Gas Corporation is taking steps to increase production of natural gas in Tripura, a top ONGC official said on Thursday.

FM to head panel on HPCL stake sale to ONGC

New Delhi : Finance Minister Arun Jaitley will head a 3-member ministerial panel to oversee and expedite the sale of government stake in oil refiner HPCL to explorer ONGC, Oil Minister Dharmendra Pradhan said on Monday.

CCEA approves government stake sale of HPCL to ONGC: Pradhan in Lok Sabha

New Delhi, The Cabinet Committee on Economic Affairs (CCEA) has given in-principle approval for the sale of the government’s 51.11 per cent stake along with the management control of HPCL to the ONGC, Oil Minister Dharmendra Pradhan said today.

HPCL to become subsidiary of ONGC

New Delhi : The Cabinet on Wednesday approved sale of government’s stake in Hindustan Petroleum Corp Ltd (HPCL) to India’s largest oil producer ONGC for Rs 30,000 crore, a top government source said.

HPCL plans to invest Rs 61,000 cr by 2021 on expansion projects

New Delhi : State-owned HPCL will invest Rs 61,000 crore over the next four years in expanding and upgrading its existing refining capacity to meet higher quality fuel norms, the company said in an investor presentation.

Cabinet may decide on HPCL stake sale to ONGC this month

New Delhi : The Cabinet is likely to consider this month sale of government’s 51 per cent stake in Hindustan Petroleum Corp Ltd (HPCL) to Oil and Natural Gas Corp (ONGC) for over Rs 26,000 crore. The Department of Investment and Public Asset Management (DIPAM) in the Ministry of Finance is moving a note for consideration of the Cabinet for divesting government’s entire 51.11 per cent shareholding in India’s third-biggest fuel retailer HPCL to oil producer ONGC.

3-day rescue op to save toddler in borewell fails

Hyderabad : After three days of operation to rescue an 18-month-old girl from a borewell in Telangana’s Rangareddy district, she was found dead at a depth of 180 feet.

ONGC-Unesco join hands to get Chilika Lake heritage label

Bhubaneswar : A joint team of the ONGC and Unesco has carried out a preliminary survey for the conservation of Chilika Lake to help the country’s largest coastal lagoon secure the world heritage site tag, said an official on Wednesday.

ONGC Bassein gas field to touch record output in 2018

New Delhi : India’s largest natural gas field Bassein in the Arabian Sea has seen a remarkable turnaround with the natural decline that had set in at the 28-year old field reversed and output slated to rise by a quarter to a record high in 2018.

ONGC keen to buy HPCL, may cost about Rs 42,254 cr

New Delhi : State-owned Oil and Natural Gas Corp (ONGC) is keen to acquire India’s third-biggest fuel retailer HPCL in a Rs 42,254 crore deal after finding Bharat Petroleum Corp Ltd (BPCL) too expensive to buy.

ONGC’s VA, S1 deepwater fields ready for production

New Delhi : State-owned Oil and Natural Gas Corp Ltd’s Vashishta and S1, or VA and S1, deepwater gas fields in the Krishna-Godavari offshore basin are ready for commercial production and the company has invited bids from prospective buyers of gas from these fields, a senior company official with direct knowledge of the matter told. ONGC wants to sell 5.45 mscmd gas from the two fields for a period of five years.

ONGC makes 23 oil and gas finds

New Delhi : State-owned Oil and Natural Gas Corp (ONGC) made 23 oil and gas discoveries in the fiscal year ended March 31 as a record number of wells drilled helped it uncover new reserves.

Natural gas price cut to $2.48 mmBtu

New Delhi : Natural gas price was on Friday  cut marginally to $2.48 per million British thermal unit, the fifth reduction in two years.

Arbitration on compensation demand in RIL-ONGC row starts

New Delhi: A three-member arbitration panel has started hearing validity of the government’s demand of USD 1.55 billion as compensation from Reliance Industries for “unfairly” producing ONGC’s gas.

ONGC signs pact to buy out GSPC’s KG block stake for $1.2 billion

New Delhi : State-owned Oil and Natural Gas Corporation (ONGC) has signed definitive agreements to buy out debt-ridden GSPC’s entire 80 per cent stake in KG-basin natural gas block for $1.2 billion. “Subsequent to board approving the deal on February 23, we have now signed farm-in and farm-out agreements,” a senior company official said.

ONGC will invest `21,500-cr in India’s deepest gas discovery

New Delhi :  State-owned ONGC will invest over Rs 21,500 crore to develop India’s deepest gas discovery by 2022-23, helping it more than double output from its prime KG basin block.

ONGC to invest Rs 21,500-cr in India’s deepest gas find

New Delhi: State-owned ONGC will invest over Rs 21,500 crore to develop India’s deepest gas discovery by 2022-23, helping it more than double output from its prime KGbasin block. Oil and Natural Gas Corp (ONGC), which had last year firmed up an investment of Rs 34,012 crore (USD 5.076.37 billion) in bringing to production 10 oil and gas discoveries in its Bay of Bengal block KG-DWN-98/2 (KG-D5), plans to invest another Rs 21,528.

ONGC may acquire HPCL for Rs 4000 crore

New Delhi : State-owned Oil and Natural Gas Corporation (ONGC) may acquire India’s third-biggest fuel retailer HPCL in an about Rs 44,000 crore (USD 6.6 billion) deal as part of the government’s plan to create an integrated oil giant.

ONGC to invest Rs. 7,327 crore in four projects

New Delhi : State-owned Oil and Natural Gas Corp (ONGC) on Thursday said it will invest Rs 7,327 crore in developing four oil and gas projects, including the Ratna field which it had got back from Essar Oil. The Board of ONGC approved an investment of Rs 4,104.63 crore in development of R-Series fields including revival of R-12 (Ratna), the company said in a statement.

GSPC is mulling financial restructuring post ONGC deal

New Delhi: After selling its stake in KG gas block to ONGC for $ 1.2 billion, Gujarat State Petroleum Corp (GSPC) is mulling a big financial restructuring, including trimming stake in some business like LNG and portfolio readjustment, its Managing Director J N Singh said.

ONGC to pay over $1.2 bn for GSPC stake buy

New Delhi : State-run ONGC will pay over $ 1.2 billion for buying debt-laden GSPC’s entire 80 per cent stake in KG-basin natural gas block, which is struggling to start commercial production despite trial outputs starting nearly two-and-half years back.

Daily Pain - Thoughts On USD, Oil And Natural Gas

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OVL raises $1 bn in bonds to fund Vankor acquisition

New Delhi : ONGC Videsh Ltd (OVL) has raised USD 1 billion through a US dollar bonds issue to finance its acquisition of 15 per cent stake in Russia’s second biggest oil field Vankor, its Managing Director Narendra K Verma said.

ONGC Videsh inks agreements in Venezuela for JV redevelopment

Kolkata : Oil and Natural Gas Corp Ltd said its subsidiary ONGC Videsh Ltd and Petroleos De Venezuela have signed two agreements for redevelopment of the San Cristobal joint venture project in Venezuela, reports PTI.

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