In the recent review, it has been found that state-owned Oil and Natural GasCorp (ONGC) has over 1.7 billion tonnes of oil reserves in its domestic and foreign fields. ONGC has about 64 domestic fields which have a total reserve of 1.06billion tonnes of oil and oil equivalent natural gas, whereas, its 12 properties in countries like Russia and Sudan holds about 640 million tonnes of minerals.
Oil & Natural Gas Corp (ONGC) has informed that it is coming up with its FPO in the month of March this year. It will file for the FPO by the end of February. The company has said that it is expecting to introduce the FPO in mid-March of the current fiscal. ONGC is looking forward to raise around US$3billion from the market by this FPO.
ONGC's director of finance, Mr. D. K. Sarraf has said that the pricing of the FPO is also dependant on the government.
India's biggest oil and gas Exploration Company, Oil & Natural Gas Corporation Ltd, has finally announced that the company board has approved special dividend, bonus shares and stock split form a Rs 10 to Rs. 5 FV stock at their meeting on 16 December. This decision of the board has come ahead of a public offering.
Oil & Natural Gas Corporation Ltd, India's major oil and gas Exploration Company after market hours on Tuesday announced that the company will consider special dividend and bonus shares at their meeting on 16 December.
The board is also planning for a public offering. The company will be splitting the stock into two to make it attractive for the retail investors for their first public offering.
They are planning to raise a whopping sum of 11,000 crore by this FPO. The strategy is similar to the state-run Engineers India ltd. that the government followed in the first part of the year.
Natural Gas Corporation (ONGC) increased by more than five percent in the early trade on BSE today, accompanied by the government's agreement to the share divide and issue of bonus shares of the company.
On Wednesday, the government agreed to a share split in ONGC and on the issue of bonus shares as an introduction to the company's follow-on public offer in March next year.
Instigated by this step, the share of the state-run oil and gas major has had a good initial start and increased by 5.07 percent to an initial high of Rs 1,353.85 on the BSE.
Oil exploring companies, drilling for oil and gas in various oil blocks, have been granted a time span of three years more for continuing their operations in a meeting of the cabinet committee of economic affairs chaired by Prime Minister Dr. Manmohan Singh.
The firms including ONGC, ENI of Italy and Reliance Industries, have assured to do exemplary work in the coming period for making the country rich in energy. The firms remained fail to meet their contractual obligation in the 30 oil blocks awarded to them by the ministry.
State owned Indian oil Company, Oil and Natural Gas Corp. Ltd (ONGC) has been invited by Mauritius to set up and start a refinery in their country. This, they said, should be made in collaboration with Mauritius' State Trading Corporation (STC).
The invitation is for a period of three years and petroleum products worth $2 billion are expected to be sourced as the effect of the same.
At present, Mauritius has no refinery capacity of its own and the country imports petroleum products from ONGC's subsidiary, Mangalore Refinery and Petrochemicals Ltd (MRPL).
The government has doubled the price of natural gas produced by ONGC and Oil India.
Now the fuel used in automobiles and households in Mumbai and Delhi is going to be costlier by 20 to 35%. The price of CNG is expected to rise by this hike. The government has increased the administered price mechanism (APM) gas price to$4.20 per unit.
Now it is just the same as Reliance Industries' KG-D6 gas price. As per sources this price has been approved by an empowered group of ministers in the government.
The Cabinet yesterday more than doubled the price of APM (Administered Price Mechanism) gas to USD 4.2 per mmbtu finally after the industry has been demanding it for five years. The price initially was to happen in three equal installments, however at the insistence of the Finance Ministry. APM gas has been hiked in one go. It may be noted that the government gas price $4.20 per unit is at par with Reliance Industries ‘KG – D6 gas price, discovered on the basis of market principles.
India's Oil and Natural Gas Corp (ONGC) has entered into and agreement with Angola's state-owned Sonangol to bid for oil field in the African nation. Angola has also been offered a multi-billion dollar refinery by Indian Oil Corp (IOC).