| Oil and Natural Gas Corporation Limited (ONGC) Related news |
ONGC says will resist Centre’s move to hand over 11 discovered fields to private operators
Posted on 14th November 2017 |
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The State-run ONGC has said it will resist the government’s reported move to hand over its 11 “discovered” hydrocarbon fields to private operators for their expeditious development. The fields, where hydrocarbon deposits were found before 1999, were given to ONGC on a nomination basis. Fellow PSU Oil India also holds four such fields and these too are under threat of being transferred to private firms via auction. “Obviously we will defend (auctioning off the assets to private firms),” said an ONGC executive, asking not to be named. But the executive clarified that no official information about transfer of fields has been communicated to the company. OIL officials could not be contacted immediately. |
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ONGC yet to arrive at valuation for HPCL
Posted on 13th November 2017 |
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Oil and Natural Gas Corporation Ltd (ONGC) is not yet clear about the valuation of Hindustan Petroleum Corporation Ltd (HPCL), the oil marketing company it expects to acquire by around March next year. The country's largest driller is working independently to arrive at a fair price for the deal. |
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ONGC, Oil India gain up to 3% as oil prices rule at highest since 2015
Posted on 7th November 2017 |
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Shares of state-owned oil exploration & production companies – Oil and Natural Gas Corporation (ONGC) and Oil India – rallied up to 3.5% on the BSE in early morning trade on rising crude oil prices. “Oil prices rose 3% on Monday, hitting the highest since early July 2015, as Saudi Arabia's crown prince cemented his power over the weekend with an anti-corruption crackdown, while the US rig count fell and markets continued to tighten,” the Reuters report suggests. |
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Govt to give 60% stake in ONGC fields to private firms
Posted on 6th November 2017 |
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Nearly 25 years after ONGC's prime discovered oilfields were privatised, the oil ministry has identified 11 more producing oil and gas fields of the state-run firm for handing over to private firms to raise output. The ministry is approaching the Cabinet to allow private companies take 60 per cent stake in producing oil and gas fields of national oil companies, ONGC and OIL, with the view that they would raise production above the baseline estimate. |
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ONGC seeks oil assets in other regions amid Iran row
Posted on 3rd November 2017 |
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India’s ONGC Videsh has turned its focus to buying stakes in overseas oil and gas assets to meet output targets after a delay by Iran in awarding development rights for a gas field, its managing director said on Thursday. Indian firms led by ONGC Videsh, the foreign investment arm of Oil and Natural Gas Corp, have been negotiating with Iran for development rights of Farzad B gas field since its discovery in 2008. |
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ONGC cash course to fund HPCL buy
Posted on 31st October 2017 |
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New Delhi: State-owned explorer ONGC Ltd could borrow about Rs 25,000 crore to acquire downstream refiner HPCL, which will create the country's first integrated oil and gas company. The government had announced it would sell its 51.11 per cent stake in HPCL to ONGC, which will help it to achieve its disinvestment target for the current fiscal. |
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ONGC holds board meeting at high-sea
Posted on 30th October 2017 |
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State-owned Oil and Natural Gas Corp (ONGC) has become the first company in India to hold a meeting of its board of directors at high sea. Chairman Shashi Shanker convened the company’s 299th board meeting at a platform on Mumbai High field, in the Arabian Sea, on Saturday to approve the second-quarter earnings among other things. “The idea was to familiarise the independent directors, most of whom are new to the oil and gas exploration and production business, with offshore operations,” an official said. ONGC produces over 80 per cent of its oil and gas from offshore fields with Mumbai High being the biggest. |
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Microsoft drops lawsuit as US government limits use of gag orders
Posted on 25th October 2017 |
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Microsoft is dropping a lawsuit against the US government after the Department of Justice issued new rules limiting the use of secrecy orders that prevent firms from telling customers law enforcement has accessed their data. The tech giant sued the government in April last year, but declared victory yesterday and said it was ending its case after the DOJ announced it would revise its rules. |
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NGO goes to court, wants Sambit Patra, Shashi Shanker appointments on ONGC board cancelled
Posted on 25th October 2017 |
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A Delhi-based NGO has moved the Delhi High Court seeking cancellation of the appointment of Shashi Shanker and BJP national spokesperson Sambit Patra, as the chairman & managing director, and independent director, respectively, on the board of Oil and Natural Gas Corporation. The HC will hear the PIL on November 1. Energy Watchdog, through counsel Prashant Bhushan, has alleged that Shanker’s appointment was contrary to the public interest, as he was suspended in a tender matter and was also recently reprimanded by the CVC on a procurement matter. |
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ONGC hits over four-month high; stock up 3% on heavy volumes
Posted on 24th October 2017 |
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Oil and Natural Gas Corporation (ONGC) gained 3% to hit over four-month high of Rs 177 on the BSE in early morning trade on heavy volumes. The stock is trading at its highest level since June 5, 2017. In the first 10 minutes of trade, a combined 2.62 million shares have already changed hands on the counter, as against an average 4.8 million shares that were traded daily in past two weeks on the BSE and NSE. |
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