Sudhir Vasudeva

The Oil Ministry proposed a new subsidy sharing proposal by which upstream companies ONGC and Oil India would not make any contributions towards subsidy burden if crude prices are at or below USD 60 per barrel.

Govt can now abolish subsidies amid crude fall: Ex-CMD ONGC

According to Sudhir Vasudeva, Former CMD, ONGC, investors need clarity on gas pricing and subsidy formula, as new gas price revisions have fallen short of expectations.

Will diesel price deregulation drive re-rating for OMCs?

Sudhir Vasudeva, former chairman and managing director of ONGC says cost of gas production needs to be raised from USD 4.4 mmBtu soon. He believes gas pricing is the biggest issue faced by oil and gas companies now and an increase in prices is a must at this point.

ONGC, Oil India to buy 5% stake each in IOC at Rs 220/share

ONGC will have to shell out a little more than Rs 2,500 crore. Sudhir Vasudeva, former ONGC chairman does not see strain on cash positions on balance sheet post the buy. He believes ONGC will be able to enter FY15 with comfortable cash positions.

IOC jumps 5% on EGoM nod for 10% stake sale

Oil Secretary Vivek Rae said there will be no lock-in period and both ONGC and OIL would be free to encash their shares anytime. "We had wanted that there should be no lock-in period (for selling off the shares) and I think the EGoM has agreed to this. And this meets our concern," Vasudeva said.

IOC stake sale: Entire circus very disappointing: Taneja

IOC stake sale is likely to happen within a week, which may fetch the government Rs 4,800-Rs 5,000 crore. ONGC and OIL may pick up 50 percent stake each.

EGoM to examine alternatives for IOC divestment

The finance ministry in the EGoM meet told the oil ministry that the Fin Min was expecting Rs 4500 crore from this disinvestment. So, if the oil ministry was opposing IOCL divestment then they need to come up with an alternative plan. to raise Rs 4500 crore.

ONCG to drill more wells in Cambay to explore shale gas

"ONGC had drilled the first well in Jambusar in the last week of October in 2013 to exploit the natural gas trapped within the shale formations located in Cambay basin, which is estimated to have a shale gas potential of 20 TCF (trillion cubic feet)," said G C Katiyar.

Expect diesel deregulation to continue into 2014: ONGC

With diesel under-recoveries still at a steep Rs 10.5 per litre, it is only a matter of time before the government does away completely with price controls, believes Sudhir Vasudeva, CMD, Oil and Natural Gas Corporation.

ONGC to appeal against Gujarat High Court order

The Gujarat High Court had last week directed ONGC to pay royalty on crude oil on the gross price it bills to refiners. The company currently pays royalty on the net or actual price realised after allowing for fuel subsidy discounts.

Realisation to depend on subsidy, oil prices: ONGC

ONGC chaiman Sudhir Vasudeva said going forward gross realisations would depend on oil prices and subsidy burden although the latter is expected to show a year-on-year decline in FY14.

ONGC inducts third offshore supply vessel

The vessel has been named after former ONGC Chairman L J Johnson. This is ONGC's third supply vessel and the PSU will add nine more by the end of 2014, he said on the occasion.

Q2 subsidy burden indicated at over Rs 13,000cr: ONGC

ONGC CMD Sudhir Vasudeva told CNBC-TV18 that the company is in talks with ministries on reduction of subsidy burden.

IOC Chairman walks 15 km to office to save fuel

State gas utility GAIL's Chairman and Managing Director B C Tripathi too walked from his residence to office and back while two joint secretaries in the Oil Ministry rode bicycles.

ONGC aims to start commercial drilling for shale gas in '14

India approved a policy to allow state-owned companies to start exploration for shale oil and gas last month, as the world's fourth-biggest energy consumer moves slowly to seek alternatives to expensive oil imports.

Subsidy burden in FY14 will not be worse than FY13: ONGC

If the rupee trades at around 62/USD and the oil price is about USD 110/barrel then the subsidy burden would be something like Rs 159,000 crore, which is just about the same as last year which was Rs 1,61,029 crore.

Diesel price hike only way to cut FY14 subsidy burden: ONGC

Speaking to CNBC-TV18, Sudhir Vasudeva, chairman, ONGC says the company will be facing a far larger subsidy burden this year (FY14) than it did in FY13. The company paid Rs 49421 crore in FY13 as subsidy burden.

ONGC, GAIL, Oil may pay higher subsidy share of 45% in FY14

Upstream Companies might have to shell out larger portion to compensate oil firms who sell petroleum products at government rates

ONGC may find more oil in Mumbai's D1 block, shares up 3%

Oil and Natural Gas Corp (ONGC) shares are up 2.85 percent to Rs 317.30 on reports that is on the threshold of discovering additional oil reserves in the Mumbai offshore field.

ONGC's FY14 output target at 28.6 MT: CMD

Oil and Natural Gas Corporation (ONGC) is confident of upping production to 28.6 million tonnes of crude in current financial year as it is expanding its capacities. In FY13, the state-run upstream firm produced 26.12 MT from its reserves

ONGC inks MoU with KK Birla Group co for fertiliser unit

Oil and Natural Gas Commission (ONGC) today signed a Memorandum of Understanding (MoU) with KK Birla Group company, Chambal Fertilisers and Chemicals in the presence of Tripura Chief Minister Manik Sarkar for setting up a fertiliser unit in Unakoti district.

ONGC's Rs 8K cr western fields to be completed this yr

Oil and Natural Gas Corp's over Rs 8,000 crore development of western offshore B-193 cluster fields will be completed this year that will add 28,000 barrels per day to peak oil production.

ONGC to raise $900m in overseas bond issue

State-run Oil and Natural Gas Corp will raise $900 million through overseas bonds to fund an acquisition in Azerbaijan, Chairman Sudhir Vasudeva told reporters on Thursday.

See FY13 subsidy share rising by Rs 10,000cr: ONGC

The Ministry of Petroleum and Natural Gas has proposed to double the price of gas to USD 8-8.5 per million metric British thermal unit (mmBtu) sometime this calendar year, as recommended by the Rangarajan committee.

ONGC pays Rs 2,961 cr dividend to the govt

State-owned Oil and Natural Gas Corp (ONGC) paid an interim dividend of Rs 2,961 crore to the government for the current fiscal. ONGC Chairman and Managing Sudhir Vasudeva presented a cheque of Rs 2,961 crore to Oil Minister M Veerappa Moily, an official statement said.