Speaking to CNBC-TV18's Malvika Jain from the sidelines of his visit to US, Pradhan said that the oil companies are hiring consultants to discuss merger and acquisition opportunities.
State oil firms ran up around 2.5 percent on Finance Minister Arun Jaitley‘s Budget proposal to merge them to create an oil behemoth. The move, which is on the lines of forming more autonomous corporations like Shell, British Petroleum and Rosneft, will succeed only if the meddlesome government takes a hands-off approach.
According to CNBC-TV18, BP sold around 4.2 crore shares worth Rs 1898 crore trade on BSE & NSE at Rs 440.15-445.45 per share.
Besides, another USD 2.3 billion is planned to be invested most in exploring and production oil and gas from eastern offshore. Its USD 7.2 billion spending in buying 30 percent stake in 21 exploration blocks of Reliance Industries is not being considered as capital investment.
Industry stalwarts like David Fletcher of Bupa, Gerry Grimstone of Standard Life and Shashi Mukundan of British Petroleum shared their views on the strengthening India -United Kingdom business ties.
The ministry, which had in March rejected BP's application to sell ATF on the ground that its investment does not qualify for a retailing licence, says the Europe's second-largest oil company can still get the licence provided it meets the eligibility criteria
This deal, a five year group wide supplier agreement, also marks BP's return into outsourcing and hushes all talk of the company slashing down on work with Infosys.
Reliance Industries and its partner British Petroleum have announced a new gas condensate discovery off the east coast in the Cauvery basin.
Reliance Industries Chairman Mukesh Ambani said "We will invest over USD 5 billion in a series of projects to reverse the trend." The gas output from KG-D6 fields has dipped to an all-time low of 16 mmscmd from 64 mmscmd achieved three years ago.
After warning that eastern offshore KG-D6 gas fields will stop producing in 2015 unless the government approves investments needed to keep the nation's largest gas fields alive,
Reliance Industries (RIL)-British Petroleum (BP) has received conditional nod to pump USD 1 billion in KG-D6 block, reports CNBC-TV18.
The government has given conditional approval to Relaince‘s KG-D6 budget of over USD 1 billion for the years spanning from for FY11-13, reports CNBC-TV18‘s Nayantara Rai.
BP PLC has reached an agreement with counsel for plaintiffs suing over the massive 2010 Gulf of Mexico oil spill, according to a court order on Friday.
SP Tulsian of sptulsian.com says if one takes the EBIT numbers in the oil & gas segment, there is a fall of about Rs 200 crore. But, he does see advantages.
Rakesh Gothi, managing director, JBF Industries in an interview to CNBC-TV18 said, the company could operate at higher production levels due to debottlenecking done last year. It is also expanding its UAE plant in the film line. With all this, the top line is expected to be much better than last year.
The much-hyped partnership between global oil major British Petroleum (BP) and India's largest private company Reliance Industries (RIL) has not yet gotten the stamp of approval from the Government of India, reports CNBC-TV18 quoting sources.
This BMR Alert summarizes the hearings on Day 13 in the Vodafone matter before the Supreme Court.
A year after oil major British Petroleum capped its doomed Macondo well, Tom Bergin's account of the worst offshore oil spill in US history suggests that this was an accident which was more likely to happen to BP than any other oil company.
The past week has been an eventful one for India Inc and the world. Policy decisions have come through towards the end of the week, in India and globally, but terror struck again.
In an exclusive interview with CNBC-TV18, Jagannathan Thunguntla, equity head of SMC Capital says the historical RIL-BP deal brings loads of cash to the already cash rich balance sheet of the company, and therefore, the real trigger will be seen if BP gets along its technical expertise.
The Cabinet Committe on Economic Affairs approved the USD 7.2 billion deal between Mukesh Ambani-led Reliance Industries (RIL) and British Petroleum (BP).
Reliance Industries has formed a joined Venture with UXA Resources for Uranium exploration and drilling, reports CNBC-TV18.
When the Cabinet Committee on Economic Affairs (CCEA) meets on Thursday to discuss the USD 7.2 billion Reliance Industries-British Petroleum (RIL-BP) deal, it will consider BP picking up 30% participatory interest in 21 and not 23 of RIL's oil and gas blocks as envisaged in the transaction by the two companies.
Canada's Niko Resources Ltd warned of lower oil and gas production in fiscal 2012 unless more wells are drilled in its flagship D6 block in India, sending its shares down 3%.