ONGC’s capex plans at Rs 83,000 cr – CMD

India’s oil and gas major ONGC Ltd said it is in the process of investing Rs 83,000 cr in various projects that will boost its oil and gas output. Shashi Shanker said the investment of Rs 83,000 crore rupees will be done via 25 projects. “15 of these projects currently under execution will directly contribute […]

Ratnamani Metals and Tubes receives order worth Rs 255 crore from oil and gas sector

Steel tubes and pipes manufacturing firm Ratnamani Metals and Tubes Ltd said it received a Rs 255 crore order from the oil and gas sector for the supply of coated carbon steel pipes. Carbon steel, also called mild steel, are used in oil and gas pipeline, plumbing and water supply systems. The order will be […]

With HPCL under its belt, ONGC to come out with new roadmap

ONGC Ltd will redraw its long-term roadmap in coming days to bring it in line with the changed operating realities of the company, the state-owned company’s chairman and managing director Shashi Shanker said. The company’s current vision document, known as Perspective Plan 2030, was drawn up seven years ago and laid out the company’s long […]

L&T, Subsea 7 wins two more projects from Saudi Aramco

Larsen & Toubro said it has won two more projects from Saudi Aramco, the world’s second largest oil producer, in consortium with Subsea 7. “The award consists of engineering, procurement, construction and installation (EPCI) of three Oil Production Deck Manifolds and Subsea Pipelines in Zuluf and Berri Fields of Saudi Aramco,” said India’s largest construction […]

Vedanta gets 10-year extension for Cairn oil block in Rajasthan

After years of uncertainty, Vedanta Resources received a 10-year extension for its lucrative Rajasthan oil block that it obtained with the Cairn India acquisition. “The tenure of the RJ Block PSC has been extended for an additional period of 10 years with effect from 15th May, 2020,” the mining major said. The block was originally […]

L&T, partners win mega KG basin deepwater project from ONGC

Larsen & Toubro said it, along with its consortium  partners Baker Hughes and McDermott International, has won the contract for constructing one of India’s largest deepwater oil and gas projects. The contract is for construction at ONGC’s KG DWN-98/2 basin that lies close to the KG-D6 block of Reliance Industries. “The integrated subsea package includes […]

Vedanta wins 41 oil exploration blocks in OALP for Rs 3,900 cr

Vedanta Limited, which operates the country’s largest on-shore petroleum mining facility, said it has emerged as the favored bidder to explore 41 oil and gas blocks in India at a cost of US$551 million (Rs 3,900 cr) over the next six years, including 8 offshore blocks. It is eligible to mine and sell the petroleum […]

India hedges energy bets: Starts LNG supply from Russia

Within weeks of starting the first ever long-term LNG supply from the US, India opened up yet another source of natural gas with the arrival of the first LNG shipment from Russia. Russia is currently, world’s largest crude oil & second largest gas producer in the world. While, lndia is world’s 3rd largest energy consumer […]

L&T wins major order from Saudi Aramco

Construction major Larsen & Toubro said its Hydrocarbon Engineering unit, along with its partner, won an order to supply three Gas Production Deck Modules from Saudi Aramco, one of the world’s largest oil companies. “This is the fourth award for the consortium of L&T Hydrocarbon Engineering (LTHE) with Subsea 7,” the Indian company said. The […]

Vedanta to increase crude output 50% in 3 years, invest Rs 5,500 cr

Vedanta, one of the world’s biggest producers of minerals, said it plans to increase its oil and gas output by around 100,000 barrels per day to 275,000-300,000 barrels per day by March 2020, and expand its Tuticorin copper plant to the world’s largest. At present, the Tuticorin copper smelter is producing 400,000 tons per year. […]

Reliance, Essar triple petrol outlets in 2 yr, continue to expand fast – India Ratings

Private players such as Reliance Industries and Essar — owned by Russia’s Rosneft — have tripled the number of petrol and diesel outlets in India in the last two years, and could double their market share by implementing their ongoing expansion plans, India Ratings said. From practically nothing in 2014, private players including Shell and […]

Reliance Industries sells Marcellus shale assets for $126 mln

Reliance Industries said it had signed agreements to sell all of its interest in certain upstream assets in north-eastern and central Pennsylvania, known as Marcellus shale. The assets, which are currently operated by Carrizo Oil & Gas, Inc., were sold to BKV Chelsea, LLC, an affiliate of Kalnin Ventures LLC, for consideration of $126 million, […]

Reliance Industries sells Marcellus shale assets for $126 mln

Reliance Industries said it had signed agreements to sell all of its interest in certain upstream assets in north-eastern and central Pennsylvania, known as Marcellus shale. The assets, which are currently operated by Carrizo Oil & Gas, Inc., were sold to BKV Chelsea, LLC, an affiliate of Kalnin Ventures LLC, for consideration of $126 million, […]

ONGC Videsh completes Namibia offshore block acquisition

ONGC Videsh Limited, the overseas subsidiary of ONGC, said it completed the acquisition of 30% interest in Namibia’s offshore block, as announced earlier. The acquisition involves blocks 2112A, 2012B and 2113B. The stake was purchased from Tullow Namibia Limited (Tullow), a wholly owned subsidiary of Tullow Oil plc. T Tullow with continue to be the […]

HPCL appoints bankers for Rs 6,000 cr FCCB issue

Hindustan Petroleum Corp Ltd said it had appointed banking intermediaries for organizing investor meetings in the run up to raising Rs 6,000 cr ($930 mln) by selling foreign-currency denominated bonds. The bonds will be non-convertible, and will be issued if the meetings discover favorable market conditions and demand, the state-owned oil marketing company said. Shareholders […]