State-owned ONGC and Vedanta Ltd today emerged as the biggest bidders for oil and gas blocks, putting in 41 out of 56 bids received in India’s maiden auction under open acreage licensing regime.
India’s ONGC Videsh has turned its focus to buying stakes in overseas oil and gas assets to meet output targets after a delay by Iran in awarding development rights for a gas field, its managing director said on Thursday.
Vedanta Resources Plc will invest roughly $9 billion in India over the next few years to expand its hydrocarbons, metals and mining businesses and meet more of India’s requirements of these commodities locally, executive chairman Anil Agarwal said in an interview.
As major carmakers shift towards electric vehicles, a group of major oil and gas firms announced today an investment into a diesel engine.
Union Petroleum Minister Dharmendra Pradhan on Wednesday said that Indian oil and gas sector will attract more than 300 billion dollar investment in next 10 years as it will remain the most attractive market for the energy.
ABU DHABI – Leading companies from the largest oil producing region outside OPEC, the Commonwealth of Independent States
India’s upstream petroleum regulator Directorate General of Hydrocarbons (DGH) has received 51 Expressions of Interest (EoI) since July for various fields being bid out under the mega Hydrocarbon Exploration Licensing Policy (HELP) auctions.
Indian oil-to-telecoms conglomerate Reliance Industries Ltd has agreed to sell a shale oil and gas block in the United States for USD126 million, a third of the price it paid seven years ago, amid a downturn in global oil prices.
The government is making the decision after failing to draw investment from global oil majors in new fields.
The government has granted 18 Petroleum Mining Leases to winning bidders under DSF Round I and is in advanced stages of granting the rest, upstream regulator Directorate General of Hydrocarbons (DGH) said in a notice today.