ONGC to invest Rs.7,327 cr in four projects
The Dollar Business Bureau Government-owned Oil and Natural Gas Corporation Ltd (ONGC) said on Thursday that it will invest around Rs.7,327 crore for developing four projects that include the Ratna oil field which it got back from private player Essar Oil. The Board has approved investment worth of Rs.4,104.63 crore for the development of R-Series oil fields that include reviving of an R-12 (Ratna), said ONGC in a statement. Discovered in 1979, Ratna field had started production in the year 1983 and continued the production till 1994. The contract had been awarded by the Government in 1996 for the development of Ratna and R-Series oil fields to a consortium of companies headed by Essar Oil. However, due to several issues, the contract could not ...
India has huge energy market; unique opportunity for investors: Pradhan
The Dollar Business Bureau The Minister of State (I/C) for Petroleum & Natural Gas Dharmendra Pradhan has invited foreign investors to participate in the Discovered Small Fields Bidding Round – 2016. Speaking at a road show in London today, he said that the huge energy market in India provides unique opportunity to invest in Indian oil and gas sector. Pradhan said these 67 Small Fields were discovered long back but could not be monetised mainly due to restrictions in government policies. Now, progressive policies have been ushered in and private and foreign investments are being proactively facilitated. Small fields provide an investment opportunity in already discovered fields with no signature bonus, no requirement of prior technical experience and no mandatory work programme. The ...
Government okays auctioning of 69 oil fields under new policy
Source: PIB, Government of India The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday gave its approval to the Marginal Fields Policy (MFP), for development of hydrocarbon discoveries made by national oil companies; Oil & Natural Gas Corporation Ltd. (ONGC) and Oil India Ltd. (OIL). These discoveries could not be monetized for many years due to various reasons such as isolated locations, small size of reserves, high development costs, technological constraints, fiscal regime etc. Under the new policy, 69 oil fields which have been held by ONGC and OIL for many years, but have not been exploited, will be opened for competitive bidding. Under this policy, exploration companies will be able to submit bids for exploiting these oil fields. These ...
