Oil and Natural Gas Corporation Ltd (ONGC) is not yet clear about the valuation of Hindustan Petroleum Corporation Ltd (HPCL), the oil marketing company it expects to acquire by around March next year.

The country's largest driller is working independently to arrive at a fair price for the deal.

Shares of state-owned oil exploration & production companies – Oil and Natural Gas Corporation (ONGC) and Oil India – rallied up to 3.5% on the BSE in early morning trade on rising crude oil prices.

“Oil prices rose 3% on Monday, hitting the highest since early July 2015, as Saudi Arabia's crown prince cemented his power over the weekend with an anti-corruption crackdown, while the US rig count fell and markets continued to tighten,” the Reuters report suggests.

Nearly 25 years after ONGC's prime discovered oilfields were privatised, the oil ministry has identified 11 more producing oil and gas fields of the state-run firm for handing over to private firms to raise output.

The ministry is approaching the Cabinet to allow private companies take 60 per cent stake in producing oil and gas fields of national oil companies, ONGC and OIL, with the view that they would raise production above the baseline estimate.

India’s ONGC Videsh has turned its focus to buying stakes in overseas oil and gas assets to meet output targets after a delay by Iran in awarding development rights for a gas field, its managing director said on Thursday.

Indian firms led by ONGC Videsh, the foreign investment arm of Oil and Natural Gas Corp, have been negotiating with Iran for development rights of Farzad B gas field since its discovery in 2008.

New Delhi: State-owned explorer ONGC Ltd could borrow about Rs 25,000 crore to acquire downstream refiner HPCL, which will create the country's first integrated oil and gas company.

The government had announced it would sell its 51.11 per cent stake in HPCL to ONGC, which will help it to achieve its disinvestment target for the current fiscal.

State-owned Oil and Natural Gas Corp (ONGC) has become the first company in India to hold a meeting of its board of directors at high sea. Chairman Shashi Shanker convened the company’s 299th board meeting at a platform on Mumbai High field, in the Arabian Sea, on Saturday to approve the second-quarter earnings among other things.

“The idea was to familiarise the independent directors, most of whom are new to the oil and gas exploration and production business, with offshore operations,” an official said. ONGC produces over 80 per cent of its oil and gas from offshore fields with Mumbai High being the biggest.

Microsoft is dropping a lawsuit against the US government after the Department of Justice issued new rules limiting the use of secrecy orders that prevent firms from telling customers law enforcement has accessed their data.

The tech giant sued the government in April last year, but declared victory yesterday and said it was ending its case after the DOJ announced it would revise its rules.

A Delhi-based NGO has moved the Delhi High Court seeking cancellation of the appointment of Shashi Shanker and BJP national spokesperson Sambit Patra, as the chairman & managing director, and independent director, respectively, on the board of Oil and Natural Gas Corporation. The HC will hear the PIL on November 1. Energy Watchdog, through counsel Prashant Bhushan, has alleged that Shanker’s appointment was contrary to the public interest, as he was suspended in a tender matter and was also recently reprimanded by the CVC on a procurement matter.

Oil and Natural Gas Corporation (ONGC) gained 3% to hit over four-month high of Rs 177 on the BSE in early morning trade on heavy volumes. The stock is trading at its highest level since June 5, 2017.

In the first 10 minutes of trade, a combined 2.62 million shares have already changed hands on the counter, as against an average 4.8 million shares that were traded daily in past two weeks on the BSE and NSE.

ONGC has drawn a blueprint to raise crude oil production by 4 million tonnes (mt) and almost double its natural gas output by 2020 to meet Prime Minister Narendra Modi’s target of cutting India’s import dependence by 10 per cent, Chairman Shashi Shanker has said.

The state-owned firm will raise crude oil production from 22.6 mt in 2017-18 to 26.42 mt in 2021-22.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.