New Delhi - The government is likely to exempt ONGC and Oil India Ltd from payment of fuel subsidy during the rest of the fiscal due to steep decline in global oil rates to around USD 50 per barrel.
Upstream producers Oil and Natural Gas Corp (ONGC) and OIL made good nearly half of the revenue loss or under- recoveries that fuel retailers incurred on selling cooking fuel and diesel until recently at government controlled rates.
This subsidy contribution was by way of discount on crude oil they sold to the downstream firms and it was capped at USD 56 per barrel in 2013.
Singapore - India's second largest public sector company Oil India Limited (OIL) is seeking more hydrocarbon concessions across the globe, including Brazil and Mexico.
"We are aggressively looking for a lot of good property from where we can bring crude oil into India," Sunil Kumar Srivastava, chairman and managing director, said Tuesday.
"The government of India is very supportive of our overseas ventures. They are encouraging us to go global to help reduce energy import volumes," he said.
"The more oil and gas we bring into the country, it would help reduce the country's energy import bill," he said on the sideline of the Singapore International Energy Week.
New Delhi: Oil India Ltd, the second biggest state-run explorer in the country, today signed an agreement with Russia's Gazprom for joint pursuit of exploration opportunities across the globe.
Through the memorandum of understanding (MoU), OIL and Gazprom plan to jointly participate in upstream oil and gas exploration and production opportunities in different parts of the world as well as collaborate on LNG.
"The MoU also provides an option to the companies for technological association. Any area or project of common interest would also be covered under the purview of MoU," OIL said in a statement.
New Delhi, April 9 : State-run explorer Oil India Limited (OIL) Wednesday announced it has become the first Indian company to make a foreign currency bond issuance worth $1 billion in its debut US dollar bond sale programme.
"Oil India has made an inaugural $1 billion dual-tranche US Dollar (USD) unsecured bond issue in the international capital markets. The Regulation S Bonds were issued in two tranches of $500 million each for 5-year and 10-year tenor," the company said in a statement here.
A Regulation S transaction implies that US-based investors cannot participate in the issue.
Mumbai, March 31 : An Oil India-led consortium has won two offshore oil blocks in Myanmar for exploration.
"Mercator Petroleum Ltd, in consortium with Oil India Ltd and Oilmax Energy Pvt Ltd has been chosen as the selected candidate by the Ministry of Energy of Myanmar, for two shallow water offshore oil blocks in the Myanmar Offshore Block Bidding Round - 2013," city-base conglomerate Mercator said in a filing to the Bombay Stock Exchange (BSE).
Mercator Petroleum is a subsidiary of Mercator.
As the petroleum ministry is firmly opposing disinvestment of Indian Oil Corp (IOC) in the market, the finance ministry has proposed the option of selling a stake in IOC to other oil public sector units (PSUs).
Petroleum Secretary Vivek Rae has confirmed that P Chidambaram-led finance ministry has proposed the option of Oil & Natural Gas Corp (ONGC) and Oil India Ltd (OIL) picking up a 10 per cent stake in IOC.
Rae told reporters that the finance ministry was concerned about its revenues from disinvestment in public sector units and not on the mode of generation of the revenues.
New Delhi, Nov 12 : State-run explorer Oil India (OIL) Tuesday posted a 5.34 percent drop in net profit for the second quarter ending September at Rs. 903.64 crore, as compared to Rs. 954.57 crore in the same period of the previous fiscal, owing to lower production and sales.
The turnover of the company during the quarter increased by 12.58 percent to Rs. 2,836.40 crore as compared to Rs. 2,519.37 crore during the corresponding period last year,
Shares of energy companies like Reliance Industries Ltd (RIL), ONGC and Oil India jumped on Friday, a day after the government announced a considerable increase in the price of natural gas.
The government on Thursday increased the price of natural gas from current price range of $3.5-5.73 per million metric British thermal units (mmBtu) to $8.4 per mmBtu.
The new price will take effect from 1st of April, 2014, for a period of five years.
State-owned firms Oil & Natural Gas Corporation (ONGC) and Oil India Limited (OIL) have signed a deal with Videocon Industries to buy its 10 per cent stake in a Mozambique gas field for around $2.5 billion.
The acquisition, which will be done through a special purpose vehicle jointly owned by ONGC Videsh (OVL) and OIL, is expected to provide India with an estimated 6 million tonnes of liquefied natural gas (LNG) per year.
New Delhi, June 25 : State-run explorers Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) will buy the 10 percent stake of Videocon Industries in a Mozambique gas field for about $2.5 billion.
Videocon Mozambique Rovuma 1 Ltd, a subsidiary of Videocon Mauritius Energy Ltd, holds 10 percent participating interest in the Rovuma Area 1 Offshore Block in Mozambique.
Mozambique's offshore Area 1 may hold as much as 65 trillion cubic feet (Tcf) of gas and has the potential to be one of the world's largest liquefied natural gas (LNG) hubs.
State-owned, Oil India Ltd (OIL) has said that it has opened a new wind turbine power plant with a capacity of 54-MW in the western state of Rajasthan.
The wind turbine power plant project includes 27 wind turbine generator (WTG) units of 2,000 kilo-watt each. The plant will be located at Dangri in Jaisalmer district, according to a statement released by the company.
"The project was completed at a cost of Rs. 360 crore and within 142 days from the date of issuing the letter of award (LOA) to the bidder," it said.
The government is planning stake sale of three public sector units (PSUs), viz. Hindustan Copper, NMDC and Oil India, by the end of December this year to pocket estimated proceeds of Rs 12,000 crore, disinvestment secretary Mohammad Haleem Khan said.
Speaking to reporters, Khan said, “HCL (Hindustan Copper) disinvestment will be next, followed by NMDC and OIL (Oil India). We hope to garner Rs 12,000 crore through three issues by December end.”
India's public sector companies Oil India Ltd (OIL) and Indian Oil Corp. (IOC) have jointly acquired a 30 per cent stake in Houston-based Carrizo Oil & Gas Inc's Colorado-based liquid rich shale assets.
The assets, situated in Denver-Julesburd Basin, are comprised of 69 per cent of crude oil, 17 per cent of gas, and the remaining is rich liquid.
OIL will own 20 per cent stake in the US oil company, while IOC hold 10 per cent of the equity acquired by the duo.
The Union Government’s Cabinet Committee on Economic Affairs (CCEA) on Friday approved plan of disinvestment in four public sector units (PSUs) for the current fiscal.
According to the CCEA approval, the government will slash its stake in Hindustan Copper, Oil India Ltd., MMTC and Nalco. The Centre will offload 10 per cent and 9.59 per cent of its stakes in Oil India Ltd and Hindustan Copper respectively.
As for Nalco and MMTC, the Centre has plans to offload its stakes to the extent of 12.15 per cent and 9.33 per cent respectively.
State-run Oil India Ltd (OIL) has said on Monday that it is holding discussions to acquire 51 per cent in Mukesh Ambani owned Reliance Gas Transportation Infrastructure Ltd (RGTIL).
OIL Director of Finance, T K Ananth Kumar said that the company has expressed interest in buying 51 per cent stake in RGTIL. OIL is among the 11 firms, including six foreign firms that have expressed interest to buy stake in RGTIL.
Technical analyst Prakash Gaba said that the stock of Oil India is feeble and slumping.
There is no indication of strength as yet, he added.
But, the risk reward proportion is positive for capitalists.
Mr. Gaba said that there is a possibility that it can reach 465 levels.
"But I must say there is no sign of strength. Investors may have a stop below 450. It is a good level for Oil India to bounce back," he added.
Stock market analyst Nalin Shah of NVS Brokerage has maintained 'buy' rating on Oil India Limited stock with long-term target of Rs 1850.
According to analyst, the said target can be achieved in a period of 12 months.
Today, the stock of the company opened at Rs 1417.65 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 1635 and a low of Rs 1104 on BSE.
As per announcement by the department of Petroleum and Natural Gas, oil marketing companies (OMCs) would increase supplies of LPG in order to cover the whole population of the country.
The country’s second-largest public sector oil exploration company, Oil India Ltd, is set to go for Initial Public Offer (IPO) in a bid to raise Rs 2,772 crore, offering shares at Rs 1,050 per share.
The empowered group of ministers (EGoM), headed by Finance Minister Pranab Mukherjee, recently held a high level meeting to work out share price and to pave the company’s way for its listing on Indian bourses on September 30.
The initial public offer of Oil India Limited, a Mini-Ratna Category-I public sector undertaking company, has finally subscribed over 30.81 times on the final day of closing today.
The oil explorer's IPO received bids for 81.50 crore shares against 2.64 crore on offer. The issue received 1.15 crore bids at cut-off-price.
According to an official communiqué, the net proceeds from the issue will be utilized to fund capex requirement for 2009-10 and 2010-11, for which it has planned expenditure of Rs 2300 crore and Rs 2400-crore respectively.
The price of natural gas sold under a regulated regime may be hiked in the next few days, as the Union Petroleum Ministry has been working on a proposal to hike natural gas prices by 14 per cent.
Currently, state-owned oil firms ONGC and Oil India Ltd (OIL) sell gas on a nomination basis under the administrated price mechanism (APM). Public Sector Company, Oil and Natural as Commission, has been under huge pressure for selling gas at government fixed administrative prices, asking for price re-look during the last few months.
- IBM Watson’s Uses Artificial Intelligence techniques to Teach Robots Better Understand Human Communication
- Haggen Grocery Chain Wants Permission to Shutter Hundred More Stores
- New-Home Sales in the U.S. Increased in August by 5.7 Percent
- Federal Reserve Chair, Janet Yellen Feels Dehydrated during Speech; Gets Medical Attention
- Sanford C. Bernstein Reaffirms ‘Market Perform’ Rating for Lockheed Martin