ONGC may get 40 percent stake in Kazakh block

October 1st, 2009 NEW DELHI - The overseas investment arm of state-run Oil and Natural Gas Corp (ONGC) has secured the government's nod for an additional investment of $149.46 million in a gas block in Vietnam, as part of India's quest for energy security. The permission was given by the Cabinet Committee on Economic Affairs during a meeting here Thursday presided over by Prime Minister Manmohan Singh, officials said.

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 13th, 2009 NEW DELHI - The state-run Oil and Natural Gas Corp. Ltd will invest $730 million in a Cairn India block in Rajasthan, despite expecting negative returns, Petroleum Minister Murli Deora said Monday.

July 5th, 2009 ASTANA - Kazakhstan has resolved its issues with steel magnate Lakshmi N. Mittal and with India's largest oil explorer ONGC Videsh and the "situation is coming to a successful end", a top diplomat has said, adding that the country supported India's aspirations for a greater role in an expanded UN Security Council.

June 24th, 2009 NEW DELHI - The consolidated net profit of state-run oil refiner, the Oil and Natural Gas Corp (ONGC), fell 0.4 percent last fiscal to Rs.19,795.34 crore from Rs.19,872.28 crore in 2007-08, the company said Wednesday. The refiner, however, registered its highest turnover in 2008-09 at Rs.109,294 crore, up 7.4 percent from Rs.101,835 crore earned the previous fiscal.

June 2nd, 2009 NEW DELHI - Oil exploration major Oil India Ltd (OIL) is likely to launch an initial public offering (IPO) in September, Petroleum Secretary R.S. Pandey said here Tuesday.

May 27th, 2009 NEW DELHI - Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of state-run Oil and Natural Gas Corp (ONGC), has recorded a 6.3 percent drop in profits in 2008-09 at Rs.1,192.54 crore, down from Rs.1,272.23 crore earned the previous fiscal. In 2008-09 we suffered a huge inventory loss...

April 30th, 2009 Kazakhs boost access to key oil export routeALMATY, Kazakhstan — Kazakh state oil company KazMunaiGaz struck a deal Thursday that will significantly boost its access to the Caspian Pipeline Consortium, the only oil pipeline on Russian territory not controlled by the Russian government. KazMunaiGaz will pay BP PLC $250 million for the British company's 49.9 percent stake in Kazakhstan Pipeline Ventures, which holds a 1.75 percent interest in the CPC.

March 14th, 2009 NEW DELHI - India and Kazakhstan will sign an exploration and production agreement for the the Satpayev oil block on the Caspian Sea before the new domestic Kazakh law on reviewing contracts of foreign companies comes into force, it was announced here Friday. This was decided at the seventh meeting of the two-day India-Kazakhstan Inter-Governmental Commission (IGC) on trade, economic, scientific, technological, industrial and cultural cooperation that ended in Astana Friday, a government release said.

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 23rd, 2009 NEW DELHI - India's ONGC and its partner Lakshmi N. Mittal Saturday signed an agreement with Kazakhstan's national oil company for a stake in a block in the Caspian oil fields of the Central Asian country.

January 13th, 2009 NEW DELHI - The state-run Oil and Natural Gas Corp (ONGC) will take a decision on exploration of hydrocarbon assets in a block offered by the Sri Lankan government within a month, the oil minister of the island nation said here Wednesday. Sri Lanka had in 2007 offered ONGC a hydrocarbon block in Mannar Basin for exploration.

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 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).