Oil and Natural Gas Corp (ONGC) would invest Rs 19,338 crore in oil and gas exploration in the existing fiscal (2008-09), which is around 10% more than its investment of Rs 17,651 crore during the previous year. 

Mr. R S Sharma, ONGC Chairman, said, “Improving the reserve replacement ratio by intensifying exploratory efforts is company's first priority.” 

“Improving recovery factor, arresting decline in mature fields and expeditious development of discovered fields are the other priorities,” Mr. Sharma said. 

Vienna - After dropping more t

Oslo - Petrol stations operated by Norwegian energy group Statoil Hydro were to keep their original name Statoil, the group's chairman said Thursday, indicating it meant massive savings.

Statoil operates some 2,000 petrol stations in eight countries.

Retaining the Statoil name for the petrol stations was believed to save huge sums. Oslo-based consulting firm Det Norske Veritas (DNV) had estimated that rebranding the stations and creating a new logo would cost 1.9 billion kroner (325 million dollars).

State-run Oil and Natural Gas Corporation (ONGC) has unveiled its plan to pump $5.3 billion in developing gas fields in two of its eastern offshore Krishna Godavari basin blocks by 2013.

Sydney - Russia's incursion into neighbouring Georgia had prompted Australia to think twice about shipping uranium under a deal negotiated last year by the former conservative government, Prime Minister Kevin Rudd said Thursday.

Under a deal yet to be ratified, Australia agreed to sell Moscow uranium as long as it was used for power generation rather than for making nuclear weapons.

Nicosia, Sept 18 : The Organisation of Petroleum Exporting Countries (OPEC) in its latest monthly report has lowered its forecast for 2009 world oil demand to 0.9 million barrels a day (b/d), that is 1.00 per cent, compared with 1.03 per cent, as was the previous estimate.

Oil consumption next year OPEC forecasts will average 87.7 million b/d. The basic reason for the lowering of the forecast is falling demand in the United States which is the largest consumer in the world