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The Dollar Business Bureau ONGC, India’s state run oil and natural gas corporation is planning to bid to explore the Israeli oil and gas blocks. This was revealed to the media by the Oil minister, Dharmendra Pradhan today. This could be the first major deal between the two countries. Dharmendra Pradhan had met his Israeli counterpart Yuval Steinitz on the sidelines of the World Petroleum Congress soon after after Prime Minister Modi visited Israel and signed trade deals worth billions of dollars. Israel had issued tenders last year calling for licences to drill 24 blocs of upto 400 square kilometres in size and Indian energy companies like ONGC had announced their participation. According to an evaluation released by the Israeli Ministry of Energy, the Levant ...

The Dollar Business Bureau India’s crude oil production was short by 3.71% of the target at 3061.08 TMT in the month July this year, due to water cut problem and less than planned production by the state-owned refiners. In July 2017, the output of crude oil was also 0.53% lower as compared to same month in 2016. During April-July period 2017, cumulative crude oil production was 12084.55 TMT which is 2.64% lower than target for the period but 0.05% higher than production during corresponding period of last year, according to a release by the Ministry of Petroleum and Natural Gas. State-run refiner Oil and Natural Gas Corporation Ltd’s (ONGC) crude production was 1917.53 TMT during July, 2017, lower by 2.14% compared to the monthly ...

The Dollar Business Bureau Despite India’s offer to spend around $11 billion (about Rs.70,000 crore) for the development of Farzad B gas field in Iran and building the infrastructure for exporting the gas, Tehran had stated that it is under ‘no obligation’ for awarding the contract for the gas field to India, according to media reports.  New Delhi is willing to invest as long as Iran assures a “reasonable return” on the gas project. India’s state-run oil company ONGC Videsh Ltd has given the offer for investing around $6 billion in the Farzad-B gas field project and the remaining amount to spend in building a facility for liquefied natural gas (LNG) exports.  On the contrary, Iran has signed an agreement with Russian gas ...

The Dollar Business Bureau Due to massive oil production cuts being enforced by OPEC nations, major oil importing countries, especially India, are diversifying their supplier regions. India, for the first time in years, saw its Ural oil imports from Russia drastically surge, as a result of cuts in supplies from its two main oil suppliers – Saudi Arabia and Iraq. While India's crude imports from Russia have never crossed 500,000 tonnes annually, 2017 has already witnessed over 1 million tonnes of Ural import.  ONGC, India's oil and gas major, keen on securing India's energy future, intends to invest over $3 billion in Iran's newly discovered Farzad-B natural gas field. Due to disagreements with Iran's authorities over the development rights to this gas field, India has slashed quantities of oil import from ...

By Abin Daya It is very rare that you will find a month in which all the 8 core sector industries have had positive growth. No, it did not happen in Feb 2017; but it happened a year back – in Feb 2016! Before that it happened in 2010 – that too, three months in a row! In the case of Feb 2016, what made the month even more special was that 4 out of 8 core sector industries grew in double digits! Understandably, when something like that happens, you expect a significantly high rate of growth for the sector. Core sector grew at 9.4% in Feb 2016. Compare that with the core sector performance a year later, in Feb 2017. Such a ...

PTI The Oil and Natural Gas Corporation (ONGC) has established a recoverable reserve of 40-45 Million Metric Standard Cubic Meter gas (MMSCM) in the wake of massive exploration drive in Tripura, officials said. "So far, we have drilled 220 wells of which more than 100 wells are operational. Four rigs were set up and four more rigs are being set up in different parts of the state. A total of eight rigs would be operational in two months," Director of ONGC VP Mahawar said yesterday. Mahawar said that exploration drive for gas and oil has been expedited in the North-East to attract industries in the region. Though ONGC had set a target of drilling 31 wells in Assam's Nazira and Shibsagar districts by ...

PTI The government will on Monday sign contracts for the 31 small discovered oil and gas fields it had auctioned in the first bid round in more than six years. State-owned oil firms IOC, BPCL and HPCL had cornered a third of the fields whose award was confirmed by the Cabinet last month. “Contracts with successful bidders will be signed on March 27,” a senior official said. Touted as an auction round that would replicate the shale gas revolution of the US, half of the fields went to new and lesser known entrants like engineering company Megha Engineering & Infrastructure, KEI-RSOS Petroleum, Enquest Drilling and Nippon Power. The Cabinet Committee on Economic Affairs (CCEA) had approved award of 31 fields out of 34 that received ...

The Dollar Business Bureau  India’s state-owned oil major, Oil and Natural Gas Corporation Ltd (ONGC), will take control of the other public sector enterprise Hindustan Petroleum Corporation Ltd (HPCL) as a part of the government plan to set up an integrated public sector entity of oil and gas, reported a reputed media house on Monday quoting top officials. The government is planning to create a huge oil firm by combining state-run companies, Finance Minister Arun Jaitley had said in his Budget speech on February 1 as the country, which is the world's third biggest consumer of oil, is looking to compete with world’s major players in acquiring international assets. “It is a very big decision. A cabinet note will soon be moved. The government of India will ...