ONGC will invest $730 mn in Cairn’s Rajasthan 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.

August 20th, 2009 NEW DELHI - Cairn India Thursday said it will start crude oil production from its fields in Rajasthan later this month and expects to hold cost at $5 per barrel. In a statement issued by the company, Chief Executive Officer Rahul Dhir said the initial output will be 30,000 barrels per day, which will be increased by another 50,000 barrels by the year-end.

August 3rd, 2009 MUMBAI - Construction and engineering major Larsen and Toubro (L&T), Monday said it has bagged two offshore contracts from upstream major Oil and Natural Gas Corp (ONGC) worth Rs.5,300 crore ($1.18 billion). The projects have to be completed within 33 months, 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.

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 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 - India and Syria Wednesday signed an agreement paving the way for ONGC Videsh, the foreign arm of upstream major Oil and Natural Gas Corp, to explore for oil and natural gas in Syria. The agreement was signed here by Petroleum Minister Murli Deora and Syrian Minister of Petroleum and Natural Resources Sufian Al Alaw on the sidelines of Petrotech India 2009, an international conference on oil and gas.

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 - 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 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 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).