L&T bags ONGC contracts worth over $1 bn

October 12th, 2009 NEW DELHI - State-run Oil and Natural Gas Corp (ONGC) has bagged 13 blocks in the latest round of auction of hydrocarbon assets, which saw only about half of the oil blocks receiving bids. If ONGC is getting those blocks, then they should find resources to meet their commitments, said Petroleum Secretary R.S.

August 5th, 2009 MUMBAI - Construction and engineering major Larsen and Toubro (L&T) Wednesday said it had bagged contracts worth Rs.853 crore for setting up coal handling plants in Uttar Pradesh and Tamil Nadu. L&T has received a contract from Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVNL) and Neyveli Lignite Corp for setting up coal handling plants at Anpara in Uttar Pradesh and Tuticorin in Tamil Nadu, the company said in a regulatory statement.

August 2nd, 2009 KOCHI - It will take at least 100 days to confirm whether there is hydrocarbon presence off Kochi coast, Oil and Natural Gas Corp (ONGC) chairman R.S. Sharma has Sunday.

July 23rd, 2009 MUMBAI - The net profit of state-run energy major Oil and Natural Gas Corp (ONGC) dipped for the fourth consecutive quarter, declining 27 percent to Rs.4,847.92 crore (about Rs.48.48 billion) for the quarter ending June 30 owing to lower oil prices. ONGC had logged a revenue of Rs.6,636.33 crore (Rs.66.37 billion) in the corresponding quarter the previous fiscal.

July 10th, 2009 NEW DELHI - Engineering and construction conglomerate Punj Lloyd Friday said it has bagged three projects in Libya worth Rs.5,904 crore ($1.2 billion) for building commercial and residential complexes. The contracts were awarded to Sembawang Engineers and Constructors - a wholly-owned Punj Lloyd subsidiary in Tripoli, Libya - by the International Investment and Services Co, the company said in a regulatory statement.

July 2nd, 2009 NEW DELHI - Engineering and construction major Punj Lloyd has bagged three contracts worth Rs.1,873.18 crore ($392 million) from the Housing and Infrastructure Board of Libya, the company said Thursday. As per the contract, the Indian company will build roads, networks for drinking water, sewage water and storm water and electrical and communication infrastructure in three towns in Libya, the company said in a regulatory statement.

April 16th, 2009 MUMBAI - Engineering and construction firm Punj Lloyd has won orders worth Rs.308 crore ($62 million) from Bangalore Metro Rail Corp to build eight stations, the company said Thursday. The projects are to be completed in 22 months.

March 26th, 2009 NEW DELHI - The state-run Oil and Natural Gas Corp (ONGC) has postponed its investments in its biggest acquisition, Imperial Energy, and will consolidate operations in western Siberia, the top company official said here Thursday. 'We have decided to do analytical and consolidation studies rather than investing more in raising output,' ONGC chairman and managing director R.S.

March 26th, 2009 NEW DELHI - Government-run oil producer Oil and Natural Gas Corp Thursday conceded that this quarter's production may drop on account of the recent employees' strike. Speaking to reporters on the sidelines of an industry conference, ONGC chairman R.S.

March 6th, 2009 NEW DELHI - State-run major Oil and Natural Gas Corp Thursday said it will invest Rs.24.65 billion (Rs.2,465 crore) for revamping oil fields in Assam. The board of the upstream major approved the investment for the first phase of renewal of the Lakwa and Lakhmani surface facilities in the northeastern state, a company statement said.

February 6th, 2009 AHMEDABAD - The state-run oil producer Oil and Natural Gas Corp (ONGC) has discovered two new oil wells in Patan district in Gujarat, which have estimated oil reserves of over one million tonnes, an official said here Saturday. The oil find was made at a crucial time as the upstream major's Mehsana production unit in the state was witnessing fall in output, said the official, who did not want to be identified.

January 11th, 2009 NEW DELHI - Oil and Natural Gas Corp (ONGC) is set to invest over $600 million for the development of assets of Imperial Energy, in addition to its acquisition price of $2.1 billion, said a company official Monday. ONGC acquired Imperial Energy after more than 97 percent of its shareholders had approved the deal last December.

January 11th, 2009 NEW DELHI - India's ONGC Videsh may buy a stake of up to 40 percent in an oil block in Kazakhstan, an oil ministry official said Monday. ONGC Videsh, the overseas arm of state-run explorer Oil and Natural Gas Corp., may get a share of 30-40 percent in the Satpayev block in the oil and mineral resources rich Central Asian country, the official official said.

January 5th, 2009 AGARTALA - India's premier hydrocarbons exploration company, Oil and Natural Gas Corp (ONGC), has undertaken a Rs.43.76-billion project in Tripura to boost gas output, the company said here Tuesday. 'The investment proposal has been approved to produce and supply six million cubic metres gas per day from the state's gasfields,' ONGC executive director Biplab Guha told reporters.

January 2nd, 2009 NEW DELHI - Defending the acquisition of Imperial Energy, the state-run oil producer Oil and Natural Gas Corp (ONGC) has said the British energy major's potential was 'very good'. ONGC recently managed to get approval from 97 percent of the shareholders of Imperial Energy for its offer for acquisition at $1.89 billion (or 12.50 pounds per share).