Directorate General of Hydrocarbons (DGH) may be rethinking its plan to sell 60% stake in hydrocarbon blocks held by Oil and Natural Gas Corp. Ltd (ONGC) and Oil India Ltd (OIL), two people familiar with the development said.
The Budget 2018allocation of Rs 24,933 crore for petroleum subsidy may fall short considering the appreciation in crude oil prices and revised target of providing 8 crore Liquified Petroleum Gas (LPG) connections under Pradhan Mantri Ujjwala Yojana (PMUY), experts say.
The Oil and Natural Gas Corporation Ltd.’s acquisition of 51 percent stake in public sector refiner Hindustan Petroleum Corporation Ltd. to help the government meet its divestment target isn’t the first-of-its-kind deal.
State-owned ONGC has torn into regulator DGH’s proposal for auctioning its discovered oil and gas fields, saying national oil companies can raise production if they are offered the same fiscal concessions as being extended to private companies.
Union Minister Petroleum & Natural Gas Dharmendra Pradhan on Friday said the Centre is determined to make Assam the petroleum hub for the entire South East Asian region even as the minister asked the Oil India Ltd (OIL) not to use the State only for its commercial ventures.
A strong balance sheet coupled with limited investment avenues can make the world’s largest coal producer, Coal India Ltd., a good candidate to acquire the government’s stake in GAIL (India) Ltd., according to brokerage Antique Stock Broking.
Citing poor performance by autonomous national oil companies (NOC) ONGC and Oil India Ltd, the petroleum ministry has further tightened the screws on them by handing over approval of their exploration and development activities to the upstream technical arm Directorate General of Hydrocarbons (DGH).
Oil India Ltd standalone revenue for the quarter came in at Rs. 2473.2 crore, registering 6.1% yoy increase. This was primarily driven by 12.5% yoy increase in revenues from crude oil segment.
India has identified 15 discovered fields — with collective reserve of 791.2 million tonnes of crude oil and 333.46 billion cubic metres of gas
India needs overseas help to raise production from its aging oil fields and meet its goal of lowering crude imports by 2022, according to consultant Wood Mackenzie Ltd.