Kg Basin

ONGC KG Basin peak production may get delayed to end-2024

Pankaj Kumar, director (production), told Moneycontrol that ONGC is currently producing from only one oilfield and was now moving towards commencing production from two others.

ONGC expects commissioning of oil production from KG Basin in May-June

The oil and gas major was initially expected to begin oil production from KG Basin in March 2020.

Singapore-based arbitrator to preside over RIL-ONGC dispute

Singapore-based arbitrator Prof Lawrence Boo has been named as the presiding judge of a three- member arbitration panel that will go into the validity of government's demand of USD 1.55 billion compensation from Reliance Industries for "unfairly" producing ONGC's gas.

ONGC signs pact to buy stake in GSPC's KG basin block

State-owned Oil and Natural Gas Corp (ONGC) has signed a preliminary agreement to take an operating stake in Gujarat government firm GSPC's KG basin gas block.

ONGC Board approves pact to take stake in GSPC gas block

The Board of state-owned ONGC has approved signing of a preliminary agreement for buying a stake in Gujarat government firm GSPC's KG basin gas block.

Justice Shah: Why ONGC is not entitled to RIL compensation

The exploration of KG-D6 block by Reliance Industries (RIL) had led to migration of gas from the adjacent KGDWN-98/2 block operated by ONGC, which led to a loss to the exchequer, a report by the Justice AP Shah panel submitted to the government concluded yesterday.

Congress demands judicial probe into GSPC scam

A delegation of Gujarat Congress leaders today met President Pranab Mukherjee and sought a judicial probe into the alleged Rs 19,760 crore scam in Gujarat State Petroleum Corporation when Narendra Modi was chief minister of the state.

KG Basin case hits legal hurdle over arbitrator appointment

The issue pertains to RIL KG Basin case, wherein RIL had moved the Supreme Court for appointment of a third arbitrator in the case earlier. RIL and government each had appointed an arbitrator for the same.

Cairn India to exit Sri Lankan block

Cairn, whose main asset are the oilfields in Barmer district of Rajasthan, will relinquish the 2,912 sq km block SL-2007-01-001 in the Mannar basin after expiry of exploration period at end of October, sources privy to the development said.

Crude fall, write-off led to weak Q4, capex on track: ONGC

In an interview with CNBC-TV18‘s Sonia Shenoy and Anuj Singhal, ONGC CMD DK Sarraf explained why the firm‘s fourth quarter earnings released yesterday came in way below estimates.

ONGC to invest Rs 40,000 crore in KG Basin in 4 years

The Chief Minister asked the ONGC officials to expedite the exploration process and ensure that substantial number of jobs (direct and indirect employment) are provided to locals, it said.

ONGC to spend Rs 16,200 cr to drill 45 wells in KG-Basin

State-owned ONGC Ltd is set to develop 45 drilling wells at a block in Krishna-Godavari basin at an estimated cost of Rs over Rs 16,000 crore.

RIL up 2.3% after panel suggests cost recovery in KG wells

Shares in petrochemicals major Reliance Industries surged 2.3 percent in afternoon Mumbai trading after a government panel recommended to the oil ministry it should allow the firm to recover cost of discoveries to the tune of USD 160.8 million for digging three wells in the KG basin gas reserve off the Andhra coast.

Some gas exploration not viable even at new price: ONGC

At a press conference Tuesday, newly-appointed chairman DK Sarraf said that the state-run company is poised to increase its revenue by Rs 16,000 crore and profits by Rs 9,000 crore, thanks to the gas price hike, but added that for some of its basins, exploration at some fields at even a price of USD 11 per unit would not be feasible.

ONGC rises 3% on reports of oil discovery in KG basin

According to the report, "oil was struck in three out of six appraisal wells drilled in the block.'

Price hike unlikely; see better days ahead: RCF

In an interview to CNBC-TV18, RG Rajan, CMD of Rashtriya Chemicals and Fertilisers (RCF) spoke current subsidy burden and the road ahead.

Reliance, ONGC to work out sharing infra in KG basin

Energy major Reliance Industries Ltd and state-run exploration firm Oil and Natural Gas Corp have signed an initial agreement to consider sharing Reliance's offshore infrastructure at the KG basin, off India's east coast.

Gas price hike: ONGC top gainer; see EPS boost, says I-Sec

ONGC would be the biggest benefactor from the natural gas price hike decision taken by the Cabinet Committee on Economic Affairs (CCEA) on Thursday, said Rohit Ahuja of ICICI Securities. He saw the company's EPS to surge by more than 21 percent.

Left wants govt to put on hold move to hike price of gas

Asking the government to explain its "hurry" on the matter, Left leaders, including Sitaram Yechury (CPI-M) and Gurudas Dasgupta (CPI), told a press conference that the issue should be discussed in Parliament in the upcoming Monsoon Session as any increase in the gas prices would be effective only from April 2014.