Over a period of three days starting Friday, 7,00 delegates—mostly petroleum geophysicist will brainstorm over new technologies available across the world which can be used to improve oil and gas exploration in the country.
Oil and Natural Gas Corp (ONGC) executives have protested the government move to give private firms control over some of its producing fields to boost stagnant output, urging the prime minister to review the proposal they claim lacks process clarity.
A consortium of Indian companies led by ONGC Videsh (OVL) is likely to acquire a 49 per cent stake in Russia’s Vankor cluster oilfields owned by Rosneft by February 2018.
Nearly 25 years after Oil and Natural Gas Corporation (ONGC’s) prime oil fields were privatized, the oil ministry has identified 11 more functional oil and gas fields of the state-run firm for handing over to private firms to raise output.
India’s crude oil production in September remained flat at 2,920 Thousand Metric Tonne (TMT) as compared to the corresponding month a year ago while natural gas output grew 4.74 per cent to 2,723 Million Standard Cubic Meter (MMSCM) in the same month.
With a view to bringing in innovations and disruptions in the technology-heavy oil and gas industry, India’s state-run companies on Wednesday pledged to support more than 30 start-ups who will be funded for the next three years through a corpus of Rs 320 crore under an initiative named Start-up Sangam.
Oil India Limited (OIL) Chairman and Managing Director Utpal Bora said that while natural gas production was 2937 MMSCM in 2016-17 as against 2838 MMSCM during 2015-16, natural gas sales was 2412 MMSCM as against 2314 MMSCM during 2015-16.
Share price of Ujaas Energy advanced 10 percent intraday Friday on the back orders win.
Bharat Petroleum Corporation Limited (BPCL), India’s second largest state-owned oil marketer is mulling a merger with GAIL (India), India’s largest gas distributor, and Oil India
The results for the eighth round of city gas distribution bidding for Karnal, Kurukshetra, Ambala and South Goa were disclosed during the week. Organized development of network through bids and government’s initiatives to promote cleaner fuels has facilitated rapid expansion of city gas distribution in Indian cities in the last decade.