It would make more sense for Indian Oil (IOCL), the country’s biggest refiner, to acquire rival Bharat Petroleum or Hindustan Petroleum or natural gas marketing company GAIL (India) than a producer like Oil India as part of the government’s plan to create a major state-owned energy company
India has an estimated 96 trillion cubic feet of recoverable shale gas reserves and the government is eager to tap them. Oil and Natural Gas Corporation and Oil India have already spent Rs 199.47 crore on shale gas exploration in the country.
ET Intelligence Group: Earnings of oil and gas exploration and refining companies may come under pressure following the rupee’s appreciation against the dollar.
Oil India, a government-owned company that explores, develops and produces oil and gas, has received its board’s approval to buyback 5.60% of its paid up share capital for a consideration of Rs 15.27 billion
Minister of State for Petroleum and Natural Gas Dharmendra Pradhan has discussed with new Energy Secretary Rick Perry the possibility of importing LNG from the US and Indian investment in the energy sector there.
Minister of State (I/C) Petroleum & Natural Gas Sh Dharmendra Pradhan met the newly appointed US Energy Secretary Mr Rick Perry in Washington today .
The government has bailed out state-owned oil producers Oil and Natural Gas Corp (ONGC) and Oil India from a potential liability of about Rs 22,000 crore in royalty dues to states like Gujarat and Assam.
City-based PFH Oil and Gas, promoted by Harsh V Poddar of Poddar group, is in talks with London Stock Exchange (LSE)-listed companies for acquisition to expand its energy business.
The Modi government’s plans to strengthen Central Public Sector Enterprises (CPSEs) through consolidation, mergers, and acquisitions got a huge positive response from the stock market participants.
The ministry of petroleum and natural gas has started discussions with state-run oil and gas companies to take forward the Budget proposal to create a globally competitive “oil major” by consolidating the firms.