The ministry has said all cases of combinations involving the central public sector enterprises (CPSEs) operating in oil and gas sectors under the Petroleum Act, 1934, have been exempted from the CCI approval requirement for five years.
The 15 per cent participating interest in Namibia Petroleum Exploration License (PEL) 30, covering Block 2012A from Tullow Oil of UK, is OVL's second acquisition in the African nation in as many months.
Oil and Natural Gas Corp (ONGC) put in expression of interest for 41 areas while Vedanta's oil unit, Cairn India sought rights over 15 areas, sources privy to the development said.
"L&T Hydrocarbon Engineering, a wholly-owned subsidiary of Larsen and Toubro, has bagged an offshore contract... from Oil and Natural Gas Corporation (ONGC) valued at approximately Rs 1,267 crore (USD 194 million)," Larsen and Toubro said in a BSE filing.
ONGC Videsh, the overseas investment arm of ONGC, confirmed that PDVSA had fallen behind on the payments, but declined to give details on the delays.
Motilal Oswal is bullish on ONGC has recommended buy rating on the stock with a target price of Rs 231 in its research report dated October 30, 2017.
Axis Direct is bullish on ONGC has recommended buy rating on the stock with a target price of Rs 215 in its research report dated November 03, 2017.
A bench of Acting Chief Justice Gita Mittal and Justice C Hari Shankar refused to entertain the PIL which also sought cancellation of the appointment of Shashi Shanker as ONGC Chairman and Managing Director (CMD).
Nearly 25 years after ONGC's prime discovered oilfields were privatised, the oil ministry has identified 11 more producing oil and gas fields of the state- run firm for handing over to private firms to raise output.
ONGC Videsh is targeting production of 60 million tonnes of oil and gas by 2030 from 12.80 million tonnes in 2016/17.
India's biggest oil and gas producer is investing Rs 92,000 crore in 35 major projects which include 14 to bring new finds to production and six to improve recovery from the ageing fields.
The Cabinet had on July 19 approved the sale of government's entire 51.11 per cent stake in Hindustan Petroleum Corp Ltd (HPCL) to Oil and Natural Gas Corp (ONGC) as part of its Rs 72,500 crore disinvestment target for the current fiscal, 2017-18.
The merger is likely to take place after ONGC, country's biggest oil and gas explorer, completes acquisition of HPCL in an all-cash deal by December or January, officials in know of the development said.
KRChoksey is bullish on ONGC has recommended buy rating on the stock with a target price of Rs 250 in its research report dated October 30, 2017.
The government's selling its 51.11 per cent stake in Hindustan Petroleum Corp Ltd (HPCL) to Oil and Natural Gas Corp (ONGC) will help it achieve the disinvestment target for the current fiscal.
The PIL was filed through advocate Prashant Bhushan, who alleged that Patra, being an active member of the ruling BJP, "cannot play the role of an Independent Director or non- official director (NOD) in ONGC as it would be a violation of the Companies Act."
Vedanta Chief Anil Agrawal has stressed that the government needs to privatise the idle assets of ONGC and Coal India in order to spur the exploitation of minerals and shore up the ensuing benefits.
According to the report, though there are predictions that the government is going to have a big revenue slippage in 2017-18 which may impact fiscal deficit numbers, "such projections flunk the test of logical reasoning and are grossly misconstrued".
The Miniratna PSU is under the administrative control of the civil aviation ministry and the remaining 49 per cent stake is held by oil behemoth ONGC.
"L&T Hydrocarbon Engineering, a wholly-owned subsidiary of Larsen and Toubro, has bagged an offshore contract for the Transportation and Installation - Daman Development project from Oil and Natural Gas Corporation (ONGC) valued at approximately Rs 1,150 crore (USD 177 million)," Larsen and Toubro stated in a BSE filing today.
In the Nifty50 Index, the top gainers were GAIL India which was up 2.33 percent followed buy Bharti Infratel which added 1.79 percent while Sterlite Technologies was the top gainer in the BSE which zoomed 8.92 percent.
OVL has offered to invest about USD 5.8 billion in developing the Farzad-B gas field and another USD 5 billion to build a liquefied natural gas export facility, he said.
Oil and Natural Gas Corporation (ONGC) holds 13.77 per cent stake in India's biggest refiner Indian Oil Corporation (IOC), which at today's market price is worth over Rs 27,800 crore. It has another 4.87 per cent stake in GAIL India Ltd worth of Rs 1,600 crore.
Desalination is a process to remove dissolved minerals from feed water sources such as seawater and brackish water.
A Petroleum Engineer from Indian School of Mines (ISM), Dhanbad, he also holds an MBA degree with specialisation in Finance