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, 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 […]

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 […]

ONGC, IOCL, BPCL acquire 10% in Abu Dhabi oil block

A consortium of companies, including ONGC, Indian Oil Corporation Ltd and Bharat Petroleum Corporation Ltd, have taken a 10% stake in Lower Zakum Concession. The “participation fee” paid by the Indian consortium is 2.2 billion UAE dirhams (Rs 3,850 cr). The onshore field is located inside the UAE and is owned by the Abu Dhabi […]

ONGC awards Rs 1,483 cr Bassein project to L&T

Construction giant Larsen & Toubro said it has won a Rs 1,483 cr contract from oil and gas producer ONGC to create offshore platforms, pipelines and other works in its Bassein field offshore Mumbai. “The project includes three new wellhead platforms, 23 kilometer Subsea pipeline, composite Subsea power cable, clamp-on works on an existing platform […]

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. […]

L&T wins Rs 1,150 cr order from ONGC for Daman project

Construction major Larsen & Toubro said it won a ₹ 1150 crore contract from Oil & Natural Gas Corporation (ONGC) for the transportation & installation of the oil company’s Daman Development Project. The Contract, won against international competitive bidding, encompasses total ‘EPCIC’ – Engineering, Procurement, Construction, Installation and Commissioning for the project, the company said. […]

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 […]

Natural gas price hike to boost margins at OIL, ONGC, GAIL – India Ratings

The recent gas price increase will improve the profitability of gas production operations of Oil India and ONGC, India Ratings said, while also benefiting transporter GAIL. “Although producers have been benefiting from lower rig and vessel rentals for renewed contracts due to soft crude prices, the operating cost remains close to realisations from its sale,” […]

India allows free pricing of natural gas for new projects

Giving in to a long-standing demand, the Indian government has allowed new gas producers to enter into negotiated pricing deals with their customers subject to certain ceiling tariff. At present, gas prices are fixed by the government through a formula. The policy guidelines would be applicable to future discoveries as well as existing discoveries which […]

ONGC, Rosneft sign first-stage agreement for Vankorneft JV

ONGC Videsh Ltd and Rosneft signed an agreement of confirmation of successful completion of the first stage pre-completion actions in relation to the creation of a joint venture in JSC Vankorneft. Vankorneft, Rosneft subsidiary, was established in 2004 for development of Vankor oil and gas condensate field – the largest of the fields, discovered and […]