Search Result for : Ongc Videsh

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 In an apparent rebuff to the Indian government for cutting down oil imports from its country, Iran has decided to sign a pact with Russia’s Gazprom for developing the ONGC discovered Farzad B gas field. The Farzad B Iranian natural gas field was discovered by ONGC in 2012. Commencing production in 2013, the total in-place reserves of the gas field are around, 21.7 trillion cubic feet of which around 60% is recoverable while production is slated to be around 1.1 billion cubic feet/day. Since Iran kept delaying in awarding the rights to develop to ONGC, India decided to cut down the oil imports by a fifth or 190,000 barrels per day from 240,000 bpd, in 2017-18. In return, Iran ...

The Dollar Business Bureau India Inc has increased their overseas investments in the month of March, the data by Reserve Bank of India (RBI) showed on Tuesday. Foreign direct investment (FDI) by Indian firms in their international businesses surged more than two-fold to $2.99 billion last month. In March 2016, the companies from India had invested worth $1.42 billion in their overseas subsidiaries/joint-ventures. In March this year, the investments were much more compared to the preceding month of February, at $867.53 million, RBI data revealed. The companies’ investments came by way of equities at $1.99 billion, loans of $742.6 million and in the form of issuance of guarantee around $251.4 million. The major investors are Bharti Airtel Ltd with investment worth $765.2 million and Tata International ...

The Dollar Business Bureau India’s largest international oil and gas exploration and production company ONGC Videsh  on Fridaysaid that it will acquire 15% interest in Vankor oil field located in East Siberia of the Russian Federation. ONGC Videsh Limited signed definitive agreements to acquire up to 15% share in CSJC Vankorneft which is the owner of Vankor field and North Vankor licences, ONGC said in a statement. Rosneft Oil Company holds 100% share in Vankorneft. “The acquisition is subject to relevant board, government and regulatory approvals and is expected to close by mid of 2016,” the statement said. The agreement was signed between ONGC Videsh’s CEO & Managing Director Narendra K Verma and Rosneft’s Chairman Board of Directors Igor Sechin during ...

Source: PIB, Government of India The Minister of State for Petroleum and Natural Gas (Independent Charge), Dharmendra Pradhan and the Minister of Energy of Republic of Kazakhstan, Vladimir Shkolnik signed the protocol at the 12th India-Kazakhstan, Inter-Governmental Commission meeting, in New Delhi on June 17, 2015. Source: PIB, Government of India   India and Kazakhstan have agreed to conduct a feasibility study on transportation of crude oil and gas from Kazakhstan to India via pipeline or as LNG, said Minister of State (I/C) for Petroleum and Natural Gas Dharmendra Pradhan at the 12th India-Kazakhstan, Inter Governmental Commission meeting, which he co-chaired with Vladimir Shkolnik, Minister of Energy of Republic of Kazakhstan. The meeting also discussed issues pertaining to Economic, Scientific, Technical Industrial and Cultural ...

The Dollar Business Bureau Rejecting the government’s proposal to list its fully owned subsidiary ONGC Videsh Ltd. (OVL), ONGC has said the time is not right to hit the capital market. “There is no proposal with the company to list OVL at present,” ONGC Chairman and Managing Director Dinesh K. Sarraf, said on Thursday.   That Sarraf couldn’t have been more right can be gauged from the fact that despite a 6.2% y-o-y rise in production, OVL’s bottom line has seen a 57.2% drop to Rs.1,904 crore in FY2015, on the back of falling crude oil prices. It’s worth noting that at the end of FY2015, OVL has a stake in 36 projects in 17 countries, including Azerbaijan, Kazakhstan, ...

 The Dollar Business Bureau In order to boost energy trade with Latin America, Minister of State (Independent Charge) for Petroleum & Natural Gas Dharmendra Pradhan is on tour Mexico and Columbia from today for mutual cooperation in the area of hydrocarbons and to seek long-term linkages for the nation’s energy security. The Oil Minister is accompanied by a high level delegation which includes B. Ashok (Chairman, Indian Oil), Narendra Kumar Verma (Managing Director, ONGC Videsh Ltd) and other senior ministry officials. Apart from PSUs, Atul Laul (President, Reliance Industries), Mayank Ashar (CEO, Cairn India) and Rajeev Sharma (CEO, Adani Gas CEO) have also joined the 15-member delegation. He is also expected to meet the energy ministers of Mexico ...

 Sai Nikesh | The Dollar Business Indian oil companies are likely to make an investment of around $ 6 billion in Mozambique’s oil and gas exploration sector. A statement to this effect was made by Dharmendra Pradhan, Indian Minister of State (Independent Charge) for Petroleum and Natural Gas, on Monday, say the reports. The Minister was said to have informed that the State-run Oil & Natural Gas Corporation (ONGC), Oil India Limited (OIL) and Bharat Petroleum Corporation Limited (BPCL), will be investing around $ 6 billion for development of a giant gas field off the Mozambique coast, over the next four years. Besides the development of the gas field, the investments are also focused at converting the fuel into ...