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ONGC went offshore in early 70's and discovered a giant oil field in the form of Bombay High, along with subsequent discoveries of huge oil and gas fields in Western offshore changed the oil scenario of the country. Subsequently, over 5 billion tonnes of hydrocarbons, which were present in the country, were discovered.
March 1999,
ONGC, Indian Oil Corporation (IOC) - a downstream giant and Gas Authority of India Limited (GAIL) - the only gas marketing company, agreed to have cross holding in each other's stock. The Government sold off 10 per cent of its share holding in ONGC to IOC and 2.5 per cent to GAIL. With this, the Government holding in ONGC came down to 84.11 per cent.
ONGC has also entered the global field through its subsidiary, ONGC Videsh Ltd.
(OVL). ONGC has made major investments in Vietnam, Sakhalin and Sudan and earned its first hydrocarbon revenue from its investment in Vietnam.
Oil price hit $84 a barrel a few days ago, amidst fears that the Kurdish rebel problem would lead to the snapping of Iraq’s supplies. (Are Indian Oil Companies ‘Bidding On The Riskiest Properties’ Overseas?, Business Line, Editorial, Business Line, Nov 07, 2007)
Major disasters were averted on Tuesday in Upper Assam's Sibsagar district with the recovery of a powerful Improvised Explosive Device (IED) on an ONGC oil pipeline and a bottle bomb near the office of Superintendent of Police here . . . . . (Ulfa’S Attempts To Blast Ongc Pipeline Foiled, Ied, Bomb Found, New Indian Express, Correspondent or Reporter, Nov 07, 2007)
IS the war in Iraq and Afghanistan really a fight for the last traces of oil and gas left on earth? After Alan Greenspan’s (former chairman of the US Federal Reserve) outburst comes the report of the Germany-based Energy Watch Group to . . . . . (Oil Wars Have Already Started, Dawn, Editorial, Dawn, Nov 07, 2007)
Just as thousands of saffron-clad Buddhist monks hit the streets of Rangoon to protest against the military junta, India's oil minister was in the Burmese capital negotiating greater involvement for Indian gas companies.
(India's Foreign Policy Pragmatism , British Broadcasting Corporation, Correspondent or Reporter, Nov 06, 2007)
I have often regretted my cautious approach towards the Indian stock market. (Oil’S Not Well, Indian Express, Vikram S Mehta, Nov 06, 2007)
Weak global cues coupled with selling pressure saw the BSE-Benchmark index losing 385.45 points on Monday.
(Sensex Sheds 385 Pts On Weak Global Cues, Business Line, Correspondent or Reporter, Nov 06, 2007)
A stronger rupee has cushioned the impact of higher oil prices but the government may soon have to pass on the price hike to consumers. (Oil’S Century, Business Line, Editorial, Business Line, Nov 03, 2007)
Given runaway international crude oil prices, India's top energy firms are gearing up massive expansion and exploration plans both at home and abroad.
(India's Oil Majors In Global , Singapore Times, Correspondent or Reporter, Nov 03, 2007)
The relentless drive of international crude oil prices towards the $100 mark — with the price topping $96 a barrel in the US market on Thursday — has put the government in a tight spot as it finds it difficult to take a politically . . . . . . (Oil Prices Put Govt On A Sticky Wicket, Times of India, Correspondent or Reporter, Nov 02, 2007)
If Britain wasn't so dependent on Saudi Arabia's oil it might have a more equitable platform from which to criticise its government. (The Gulf: Having Them Over A Barrel , Deccan Herald, Correspondent or Reporter, Nov 02, 2007)
Militants in Nigeria Tuesday released six abducted workers, including four Indians, because of their "poor hostage value".
(Four Abducted Indian Oil Workers Freed In Nigeria, Times of India, Correspondent or Reporter, Oct 31, 2007)
Oil and Natural Gas Corporation (ONGC) on Tuesday reported a 22 per cent rise in net profit for the second quarter ended September 30 on the back of surge in international oil price despite paying Rs 3,799 crore to subsidise cooking fuel prices.
(Ongc Net Rises 22% In Q2, Pioneer, Correspondent or Reporter, Oct 31, 2007)
Qatar has said it will consider offering a major chunk of the Liquefied Natural Gas (LNG) on a priority basis to India after its expanded capacity of 77 Million Metric Tonnes (MMT) becomes operational by 2010. (Qatar Assures Priority Liquefied Natural Gas Supply To India, Hindu, Sujay Mehdudia, Oct 31, 2007)
The country's premier stock exchange BSE's frontline index on Monday crossed 20,000 mark in late trade but closed a shade lower at 19,978 points. (Bulls Blitzkrieg Sees Sensex Kiss Mount 20k , Deccan Herald, Correspondent or Reporter, Oct 30, 2007)
The Sensex airbrushed a kiss to the magical 20,000 mark on Monday just 15 minutes before the close of trade as a new set of scrips boosted its fortunes. (Sensex Hits 20k, Makes Mukesh World’S Richest, Asian Age, Correspondent or Reporter, Oct 30, 2007)
In yet another case of the infamous abductions for ransom in Nigeria, four Indians — three young technicians from a village in Tamil Nadu and one from Thane in Maharashtra — were picked up along with two Polish crew by armed militants from . . . . (4 Indians Seized In Nigeria, Asian Age, R. Bhagwan Singh, Oct 29, 2007)
ONGC has lined up Rs 7,750-crore investment to revamp the age-old installations and pipelines of its onshore assets, which produce over 8 million tonnes of oil and oil equivalent a year. (Ongc Lines Up Rs 7,750 Cr To Revamp Onshore Assets, Business Line, Pratim Ranjan Bose, Oct 29, 2007)
Darfur rebels on Thursday gave a foreign oil consortium involving India's ONGC a week to pull out or face further attacks after they kidnapped five oil workers including foreigners, during a raid on a Sudanese oilfield.
(Foreign Oil Workers Abducted In Darfur, Times of India, Correspondent or Reporter, Oct 26, 2007)
Pays 260 per cent dividend to the Petroleum Ministry (Oil Plans Ipo In 2008, Hindu, Correspondent or Reporter, Oct 26, 2007)
Bombay High is producing 2,50,000 barrels per day, up from 2,00,000 bpd as part of it redevelopment programme, said Mr R.S. Sharma, chairman and managing director of ONGC in Mumbai on Wednesday. (Ongc To Finish 11 Projects By ’08, Asian Age, Correspondent or Reporter, Oct 25, 2007)
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