ONGC Videsh Ltd (OVL), the overseas investment arm of ONGC, has agreed to acquire LSE-listed Imperial Energy Corporation plc for approximately £1.4 billion (about Rs 11,400 crore).

Under the terms of the share offer, Imperial Energy shareholders will be entitled to receive 1,250 pence in cash for each Imperial Energy share held.

Islamabad, Aug 27: If sources in Pakistan Petroleum Ministry are to be believed, Balochistan has demanded its share in the transit fee for the part of the proposed Iran-Pakistan-India (IPI) gas pipeline to be passed through the province.

The demand was made during a top-level meeting on August 18, the Daily Times quoted the sources as saying.

Baloch leaders have for long accused the successive federal government of adopting a step-motherly treatment in allocating development funds for the area.

London, Aug 27 : Cairn India, a subsidiary of the UK-based Cairn Energy, may produce up to 71 per cent more oil from the Rajasthan field and is close to securing the credit lines that will ensure sufficient funding is in place to start production next year.

The Rajasthan field is the largest oil find in the country after Oil and Natural Gas Corporation’s (ONGC) Bombay High discovery in 1974. ONGC holds 30 per cent in the block.

Chief Executive Sir Bill Gammell said the company “is on track to deliver crude oil from Rajasthan in the second half of 2009.”

Stock market analysts have maintained ‘buy’ rating on ONGC stock with an intraday target of Rs 1030.

According to them, interested traders can purchase the stock above Rs 1020 with a strict stop loss of Rs 1010. If the stock market remains positive, the stock pricing becomes more attractive, and reach above Rs 1035.