Oil and Natural Gas Corporation (ONGC) has surged 6% to Rs 206 on BSE in early morning trade after the state-owned oil exploration company announced that it will acquire the 51.1% government stake in Hindustan Petroleum Corporation (HPCL) at a cost of Rs 369.15 billion.

ONGC will acquire the government stake in HPCL by paying Rs 473.97 per share which works out to a 14% premium to HPCL’s closing market price of Rs 417 on Friday, 19 January.

State-owned ONGC today said it will acquire the government's entire 51.11 per cent stake in HPCL for Rs 369.15 billion (Rs 36,915 crore).

ONGC will pay the government Rs 473.97 per share, a premium of over 10 per cent of the 60-days weighted average of HPCL's scrip.

Riding on the back of expected HPCL-ONGC deal, the government is eyeing to end FY18 with record disinvestment receipts of over Rs 90,000 crore as against the Budget target of Rs 72,500 crore, media sources reported. It is almost the double of over Rs 46,000 crore recorded last year. However, the exact amount to be raised after stake sale in HPCL is still uncertain. The deal, if finalized by March this year, should raise over Rs 30,000 for the government.The fiscal deficit reached Rs 6.12 trillion or 112% of the full-year budget during eight months to November.

Two senior officers of ONGC are feared to have been killed along with two others in a helicopter crash off Mumbai on Saturday.

A Pawan Hans helicopter, which was heading to ONGC's north field with seven people on board, went missing off the Mumbai coast, official sources said.

The Core Group of Secretaries on Disinvestment (CGD) headed by the Cabinet secretary has approved the broad contours of Oil and Natural Gas Corporation’s proposed acquisition of the government’s 51.11% stake in Hindustan Petroleum Corporation, paving the way for the transaction later this month, sources said. The deal would boost non-tax revenues of the Centre considerably as proceeds from disinvestment alone would be about Rs 1 lakh crore as against the Budget target of Rs 72,500 crore this year.

L&T Hydrocarbon Engineering has secured a Rs 14.83 billion offshore contract from ONGC.

L&T Hydrocarbon Engineering, a wholly-owned subsidiary of Larsen and Toubro, has signed an offshore contract for the 'Bassein Development 3 Well Platform and Pipeline Project' with Oil and Natural Gas Corporation (ONGC) valued at approximately Rs 14.83 billion, Larsen and Toubro stated in a BSE filing on Friday.

NEW DELHI: A consortium of Indian state-run oil and gas hunters led by ONGC Videsh Ltd (OVL) appears set to drop anchor in Israeli waters for the first time amid New Delhi's growing closeness with Tel Aviv and a widening chasm with Iran over its recalcitrance in awarding the Farzad-B gas field discovered by the same Indian grouping.

India’s biggest oil explorer plans to snatch up producing assets to reach its goal of raising overseas output by more than half in about three years, a faster route than drilling for new reserves. ONGC Videsh Ltd., the overseas investment unit of state-run Oil & Natural Gas Corp., spent $2.2 billion last year on an existing Russian project, which raised production by 4 million tons, or 44 percent. The company still needs to add more than 7 million tons to achieve its target of 20 million tons by 2020.

MUMBAI: The Karnataka High Court last week allowed a ship loaded with petroleum products to set sail, averting an energy crisis in Mauritius.

The island nation recently lost a Singapore arbitration award to local shipping company Betamax worth $120 million. Betamax sought to attach the fuel worth nearly $40 million from ONGC's Mangalore refinery meant to be shipped to Mauritius to recover its dues.

New Delhi: State-owned ONGC has torn into regulator DGH's proposal to auction its discovered oil and gasfields, saying the national oil companies can raise production if they are offered the same fiscal concessions as extended to private companies.

In para-wise comments on the directorate general of hydrocarbons' (DGH) proposal to auction 60 per cent stake in some producing oil and gasfields of ONGC and Oil India Ltd, ONGC said national oil companies (NOCs) should also be allowed to participate in the auction.

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