Kolkata, May 17 : State-owned energy major ONGC Friday said there is a huge scope of upward revision of the shale gas estimates for the country.

As per the US government's EIA (Energy Information Administration) estimates, India's four basins - Damodar, KG, Cambay and Cauvery - have shale gas resources of around 290 trillion cubic feet, of which 63 TCF is considered technically recoverable.

"There is huge scope of upward revision of the EIA estimates of 63 TCF for the country, which are merely based on the available conventional data from these basins," Oil and Natural Gas Corporation (ONGC) chairman Sudhir Vasudeva said here.

State-run oil major, ONGC has said that the pricing mechanism recommended by the Rangarajan Committee are well balanced but also said that some of the aspects are too complex and needs to be simplified for implementation.

Jaipur, March 23 : The Cairn-ONGC joint venture (JV) Saturday began commercial sale of gas from its Rajasthan block.

The initial commercial volumes will be about 5 mmscf per day (equivalent to 1,000 barrels of oil per day).

The sale process was inaugurated by Minister of Petroleum and Natural Gas M. Veerappa Moily in Barmer, over 550 km from here, in the presence of Chief Minister Ashok Gehlot and Minister of State of Petroleum and Natural Gas P. Lakshmi.

State-run energy explorer Oil & Natural Gas Corporation (ONGC) on Thursday announced it discovered three new oil and gas assets in Krishna Godavari basin and Tripura.

ONGC announced that it discovered oil in a KG basin block in the state of Andhra Pradesh. The company's exploratory well Vanaduru South-1 in KG Onland Basin's West Godavari block, 8 kilometers north-west of Bantumillli town of West Godavari district in Andhra Pradesh.

The company's exploratory well Saveri-1 in NELP block KG-OSN-2004 discovered gas in the shallow waters of KG basin.

State-owned oil & gas producer ONGC emerged as the No. 1 profit making PSU, while has retained the top position in the coveted list of 10 most profit-making PSUs, while telephone giant BSNL came out as the biggest loss-making PSU in 2011-12, a recently published government study revealed.

The released figures showed that BSNL was the biggest loss-making state-run company in 2011-12, according to a government survey. ONGC generated a net profit of Rs 25,122 crore in the financeial year of 2011-12.

Government-owned Oil & Natural Gas Corp. (ONGC) on Monday said that it set a new world-record by drilling a well in record water-depths by an offshore drilling rig.

ONGC drilled the well using Transocean's ultra-deep-water drill-ship it had hired from Reliance Industries Limited (RIL).

The company said in a statement, "ONGC's chartered-hired ultra deep drillship DDKG1 has set a world-record for drilling a well at the deepest water-depth by an offshore drilling rig."

Stock in government-run Oil & Natural Gas Corp (ONGC) gained more than 2 per cent in early trade on Tuesday, thanks to the company's better-than-expected net profit for the October to December quarter.

The company's profit slipped 17 per cent year-on-year to Rs 5563 crore in the three months to December 31, but it was in line with analysts' expectations.

The Harvard Business Review (HBR) has released its list of 100 global chief executives worldwide and it includes eight Indian CEOs.

ITC's YC Deveshwar and late Subir Raha of ONGC were included among the top 20 CEOs in the world. Other Indian finding a place in the list were Subir Raha of ONGC, at 13th place, of Reliance Industries' Mukesh Ambani at 28th rank, Larsen & Toubro's AM Naik was ranked 32nd, followed by BHEL's AK Puri at 38, Bharti Airtel's Sunil Bharti Mittal at 65, Jindal Steel and Power's Naveen Jindal on 87th postion and Steel Authority of India's VS Jain at 89st position.

Indian Stocks market closed lower on Thursday as majority of stocks lost ground due to weak investor sentiment. The concerns of US fiscal issues has caused fall of Asian and European markets.

BSE Sensex closed 148 points lower at 18471 after Diwali. NSE Nifty closed 36 points lower at 5631. Among major losers were heavyweight counters including Grasim, ITC and Tata Steel.

State-run Oil & Natural Gas Corp (ONGC) on Thursday reported the biggest drop in quarterly profit in almost four years.

ONGC revealed that its net profit slipped 31.8 per cent to Rs 5,897 crore, or Rs 6.89 per share, in the three months through September 30, from Rs 8,642 crore in the corresponding period of previous year.

After paying visit to the spot of state-run oil explorer ONGC's oil spill in a pipe in Nagapattinam district of Tamil Nadu, Union Environment Minister Jayanthi Natarajan said she would review the rules and conditions for green clearances and regulation of oil & gas pipelines spread across the country.

Natarajan raised concerns about the operational practices of ONGC, and said, "I am going to review the conditions applied when giving clearances for pipelines and if required impose new ones."

Japan's oil giant Inpex Corp has acquired 26 per cent stake in India's state-run explorer Oil & Natural Gas Corp's (ONGC's) Krishna Godavari basin deep-sea block.

Announcing the stake sale, ONGC said, "ONGC and Inpex have entered into a strategic partnership for exploration of hydrocarbons in one of the acreages in KG basin."

To begin with, deep water exploration expert Inpex will invest $35 million as part of its share of the past cost the group has spent on the block thus far.

Indian Prime Minister Manmohan Singh has directed central government officials to take steps to address concerns expressed by public sector companies in implementing their plans.

Government-owned Oil & Natural Gas Corporation (ONGC) has met severe condemnation from the Comptroller & Auditor General (CAG) for being inefficient in its core exploration performance.

In its report, the CAG said that ONGC did not place sufficient emphasis on its oil & gas exploration activities and added that the public sector company did not finish work in 74 per cent of exploration blocks.

Oil & Natural Gas Corporation (ONGC) has confirmed that it has penned an agreement with Japan-based Mitsui & Company for a comprehensive cooperation in the natural gas and LNG businesses.

The memorandum of understanding (MoU), which was signed on 14th of August, will pave the way the installation of a re-gasification terminal in India besides marketing of re-gasified LNG.

Mangalore Refinery and Petrochemicals has said that it was unable to import the contracted volume of crude from Iran during the month of July due to a serious of tough international sanctions against the Islamic republic.

Managing Director PP Upadhya said that the import will soon resume on Indian vessels. He pointed out that the refiner had agreed to import four cargos during July but was able to import only one.\ due to sanctions against tankers from Iran.

International ratings agency, Moody's has downgraded the local currency rating of Oil and Natural Gas Corporation (ONGC) and GAIL India but pointed out that the outlook for the rating of GAIL and ONGC was stable.

The press note from the company said that ONGC has been downgraded to Baa1 from A2 while GAIL India has been downgraded from A3 to Baa2. The note also said that GAIL's Baa2 rating is now aligned with its foreign currency rating.

The union Petroleum and Natural Gas Ministry has signed Production Sharing Contracts (PSC) with 16 oil and gas blocks that were awarded under the IX round of New Exploration Licensing Policy (NELP).

State-run Oil and Natural Gas Corporation (ONGC) has emerged as the biggest winner with six blocks. The government rejected a total of eight bids from the company due ot various reasons, including five for deep-sea blocks.

Investors reacted coolly to the much hyped stake sale by the government in Oil and Natural Gas Corporation (ONGC), until the LIC stepped in to save the show.

Market analysts say that the floor price of Rs. 290 a share is to be blamed for the lukewarm response by investors. They say that the government should have set the market price at a discount to guarantee success of the auction.

The government is offering about 428 million of its shares in ONGC on Thursday, which will reduce its stake in the company from about 74 per cent at present to 69.1 per cent.

The state run oil maker has a market value of more than $49 billion. The stake sale, which will help the government get closer to achieving its target of generating Rs 40,000 crore from disinvestments, will happen on Thursday.