Key Developments: Oil and Natural Gas Corporation Ltd (ONGC.BO)

ONGC.BO on Bombay Stock Exchange

322.25INR
17 Apr 2014
Price Change (% chg)

Rs5.35 (+1.69%)
Prev Close
Rs316.90
Open
Rs316.00
Day's High
Rs322.90
Day's Low
Rs313.70
Volume
260,566
Avg. Vol
240,390
52-wk High
Rs353.00
52-wk Low
Rs234.40

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Latest Key Developments (Source: Significant Developments)

Oil and Natural Gas Corporation Ltd To Start Commercial Drilling-Reuters
Friday, 4 Oct 2013 01:43am EDT 

Reuters reported that Oil and Natural Gas Corporation Ltd aims to commence commercial drilling for shale gas next year, its chairman said.  Full Article

Oil and Natural Gas Corporation Ltd's ONGC Videsh Ltd Blocks Chinese Bid To Buy Stake In Brazilian Oilfield-Business Standard
Wednesday, 18 Sep 2013 02:30am EDT 

Business Standard reported that ONGC Videsh Ltd has exercised its pre emption rights to block China's Sinochem Group from buying 35% interest in a Brazilian oilfield for $1.54 billion. ONGC Videsh Ltd, the arm of Oil and Natural Gas Corp (ONGC), in collaboration with Royal Dutch Shell will buy the 35% stake in block BC-10, known as Parque das Conchas, that Brazil's Petrobras had planned to sell to Sinochem, sources with direct knowledge of the development said. WhileONGC Videsh Ltd will pick up 12.08% stake, the remaining 23% will go to Shell. Sources said OVL Shell, who by virtue of their existing stake in BC-10 had a first right of refusal or pre-emption when fellow participants offer stakes for sale, have informed Petrobras about their decision.  Full Article

Oil and Natural Gas Corporation Ltd, Oil India Unlikely To Buy Petronas' Stake In Venezuela Project-Business Standard
Tuesday, 10 Sep 2013 03:33am EDT 

Business Standard reported that Oil and Natural Gas Corporation Ltd and Oil India are unlikely to buy an 11% stake being shed by Malaysian state firm Petronas in Venezuela's Petrocarabobo petroleum project, sources close to the companies said on Tuesday. ONGC may not want to up its share as it is already seeking to raise debt to fund recent acquisitions in Mozambique, one of the sources said. Another source said Oil and Natural Gas Corp is studying the possibility of buying Petronas' stake. A source at Oil India also said his company was unlikely to buy Petronas' stake. Both sources declined to be identified because of the sensitivity of the subject.  Full Article

Oil and Natural Gas Corporation Ltd And Shell India In Talks To Pick Up Stake In Nagarjuna's Cuddalore Refinery-Business Standard
Wednesday, 4 Sep 2013 05:22am EDT 

Business Standard reported that Oil and Natural Gas Corporation Ltd along with Shell India, is in talks with Nagarjuna Oil Corporation to pick up a strategic stake in Nagarjuna’s Cuddalore refinery, said three people in the know of the development.  Full Article

D K Sarraf To Be Oil and Natural Gas Corporation Ltd's Chairman-Business Standard
Friday, 30 Aug 2013 07:28am EDT 

Business Standard reported that Dinesh K Sarraf will be the new Chairman and Managing Director of Oil and Natural Gas Corporation Ltd. Sarraf, who is currently Managing Director of ONGC's overseas arm, ONGC Videsh Ltd, has been selected to replace Sudhir Vasudeva in February end next year.  Full Article

Oil and Natural Gas Corporation Ltd's OVL Signs Definitive Agreements With Anadarko To Acquire 10% Interest In Rovuma Area 1 Offshore Block In Mozambique
Sunday, 25 Aug 2013 11:47pm EDT 

Oil and Natural Gas Corporation Ltd announced that its ONGC Videsh Limited has signed definitive agreements with Anadarko Mocambique Area 1 Limitada to acquire a direct 10% participating interest in the Rovuma Area 1 Offshore Block in Mozambique for USD2,640 million. The acquisition is subject to the approvals of the Governments of Mozambique and India, relevant regulatory approvals, pre-emption rights and other customary conditions.  Full Article

Great Eastern Energy Corp Ltd Picks UP 25% Stake In Oil and Natural Gas Corporation Ltd's Raniganj CBM Block-Business Standard
Tuesday, 23 Jul 2013 11:57pm EDT 

Business Standard reported that Great Eastern Energy Corp Ltd has won a 25% stake in Oil and Natural Gas Corp's (ONGC) Raniganj coal-bed methane (CBM) block in West Bengal. The company in a filing to the London Stock Exchange (LSE) said: It has been awarded a 25% participating interest in Raniganj (North) Block which was offered by ONGC through a competitive bidding process initiated in January, 2013. Raniganj (North) Block sits next to GEECL's Raniganj (South) Block in West Bengal. The company said it has accepted ONGC's offer on May 17, which is subject to execution of Farm-in related and Joint Operatorship agreements with ONGC and the approval from the Government of India.  Full Article

Oil and Natural Gas Corporation Ltd Partners To Invest INR1.1 Billion In Cambay Block-Business Standard
Tuesday, 23 Jul 2013 07:24am EDT 

Business Standard reported that Oil and Natural Gas Corporation Ltd along with its partners, Tata Petrodyne and Hindustan Oil Exploration Company, will invest over INR1.1 billion in developing the CB-OS/1 block. CB-OS/1 is an offshore block located in Cambay Gulf, of the West Coast of India. The area is an extension of onshore Cambay basin where major oil and gas fields like Gandhar are located.  Full Article

President To Inaugurate Oil and Natural Gas Corporation Ltd Tripura Power Project-Business Standard
Wednesday, 19 Jun 2013 07:57am EDT 

Business Standard reported that President Pranab Mukherjee will on June 21, 2013 inaugurate INR34.29 billion power project of Oil and Natural Gas Corporation Ltd in Tripura. The first unit of the 726.6 MW gas-based power plant has started generating electricity and will be formally dedicated to the nation at a ceremony at Palatana, Tripura on June 21, official sources said. While the first 363 MW unit was synchronised on October 2012, the second unit is expected to commence operation in August.  Full Article

Great Eastern Energy Corp Ltd Picks Up 25% Stake In Oil and Natural Gas Corporation Ltd's Raniganj CMB Block-Business Standard
Wednesday, 12 Jun 2013 06:30am EDT 

Business Standard reported that Great Eastern Energy Corp Ltd has won a 25% stake in Oil and Natural Gas Corp's (ONGC) Raniganj coal-bed methane (CBM) block in West Bengal. The Company in a filing to the London Stock Exchange (LSE) said: It has been awarded a 25% participating interest in Raniganj (North) Block which was offered by ONGC through a competitive bidding process initiated in January, 2013. Raniganj (North) Block sits next to GEECL's Raniganj (South) Block in West Bengal. As per the Directorate General of Hydrocarbons (DGH), Raniganj (North) holds an inplace gas reserves of 1.5 Trillion cubic feet. GEECL has 100% of the Raniganj (South) block. The Company said it has accepted ONGC's offer on May 17, which is subject to execution of Farm-in related and Joint Operatorship agreements with ONGC and the approval from the Government of India.  Full Article

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