Indian state-owned company Oil India has submitted a feasibility report to the government in connection with the construction of a pipeline from Bihar to Assam to address the energy needs of the state.
Seven oil and gas firms are expected to report a 17 percent decline in revenue in the quarter-ended June over the previous three months. Net profit is expected to remain flat, while earnings before interest, depreciation and amortisation may rise 27 percent, according to Bloomberg consensus estimates.
Oil India on Tuesday joined hands with two startp companies for treating drilling water at its wells across Assam.
Even as the Union Cabinet is getting all set to bless the mega ONGC-HPCL merger, ET Now exclusively learns that the Narendra Modi government has already zeroed in on another mega transaction between PSUs to create yet one more oil behemoth.
Oil and gas minister Dharmendra Pradhan has asked officials to intensify monitoring of oil and gas fields given to state-owned firms such as ONGC and ensure that there are no slippages in domestic output.
With Prime Minister Narendra Modi setting steep target of cutting reliance on imports, the petroleum ministry has intensified monitoring of oil and gas fields given to state-owned firms like ONGC.
State-owned Hindustan Petroleum Corporation has joined the Indian consortium negotiating buying a 49% stake in Russia’s Vankor Cluster oilfields, PTI reported on Monday.
India’s crude oil production rose 0.7% to 3.10 million tonnes (mt) in May 2017 over May 2016. Crude oil output of ONGC increased 2.5% to 1.93 mt
The oil ministry has formed all- powerful review committees to monitor performance of ONGC and Oil India, and will have power to relinquish any oil and gas field for auctioning to private firms.
The government is going to monitor oilfields of ONGC and Oil India and ordered setting up separate committees led by a bureaucrat for supervision as part of its broader plan to make these firms more accountable and boost output from their ageing fields that contribute 70% of India’s crude output.