Oil companies seek cut in cess on crude

State-owned oil producers ONGC and Oil India as well as private sector Cairn India have asked the government to cut cess on crude oil they have to pay in view of slump in prices.

Oil India gets green nod to produce 1 mmscmd gas in Jaisalmer

State-run Oil India Ltd has got environment clearance for drilling 20 wells in three blocks in Jaisalmer, Rajasthan for production of 1 mmscmd gas at an estimated cost of Rs 96 crore.

Oil exploration cos in huge demand; shares rally up to 20%

Shares of oil exploration companies were in huge demand Wednesday, surging up to 20 percent, as the government decided to auction 69 idle oil and gas fields of state-owned ONGC and Oil India to private firms on a new revenue sharing model and liberalised terms.

Govt to auction 69 oil & gas fields; Rs 70,000 crore to be monetised
Govt to auction 69 oil & gas fields; Rs 70,000 crore to be monetised

In a 'paradigm' shift, government will auction 69 idle oil and gas fields of state-owned ONGC and Oil India to private firms on a new revenue sharing model and liberalised terms including pricing and marketing freedom.

Govt to auction 69 oil and gas fields of ONGC, OIL worth Rs 70,000 crore

The fields hold 89 million tonne of oil and gas resources which are worth Rs 70,000 crore at current prices.

Oil India reports marginal dip in Q4 profit to Rs 565.62 cr

State-owned Oil India Ltd on Saturday said March quarter net profit has dropped marginally to Rs 551.72 crore from Rs 565.62 crore in the same period a year ago.

Govt needs to reduce oil companies' burden over low margins: Fitch

Lower oil prices have reduced net margins of two state-owned upstream companies, Oil India Ltd and ONGC Ltd and the government needs to reduce the burden on them, credit rating agency Fitch said Friday.

India to auction 69 marginal fields owned by ONGC, Oil India: Official

"Marginal field policy will have approval soon for 69 fields which ONGC and Oil India have agreed to give. We hope to put them for bidding," Saurabh Chandra told reporters in New Delhi.

Oil India commissions 54 MW wind energy project

The project cost Rs 439 crore -- Rs 126.5 crore for the Gujarat side and Rs 312.45 crore for the Madhya Pradesh location.

Govt may exempt ONGC, OIL from payment of fuel subsidy in Q4

The government regulates price of cooking fuels -- LPG and kerosene -- to shield the poor.

India may exempt ONGC, Oil India from paying subsidy in March-quarter

India regulates retail prices of liquefied petroleum gas and kerosene to keep prices under check.

Petronet top post: GAIL directors, Oil India Chairman in race

About a dozen candidates, including top directors at gas utility GAIL India and Chairman of Oil India, are in the race to become the Managing Director and CEO of Petronet LNG, the nation's biggest liquid gas importer.

Oil diplomacy: Pradhan to visit Mozambique next month

Oil Minister Dharmendra Pradhan is likely to visit Mozambique next month to press the African nation to quickly ratify a law that will help Indian firms proceed with multi-billion dollar gas project.

Oil India Dec quarter profit halves to Rs 498.2 cr

Net profit stood at Rs 498.28 crore, or Rs 8.29 per share, in October-December 2014 compared to Rs 902.96 crore, or Rs 15.03 a share, in the same period a year ago, the company said in a statement here.

Oil India signs contract for two oil blocks in Myanmar

OIL-led consortium won these blocks under Myanmar offshore bidding round 2013 which was launched on April 11, last year.

Oil stocks continue to slip on falling crude prices

Fall in stock prices of these companies have also weakened their market valuation.

PESB invites fresh applications for Oil India top post

Government headhunters PESB has invited fresh applications for the top job at Oil India Ltd after it found none of previous six applicants, including the firm's Director (Finance) R S Borah, suitable.

Splitting subsidy with oil producers credit positive: Moody's

Global rating agency Moody's Investors Service said Monday that the oil ministry's plan to divide fuel subsidies equally between the government and the two state-owned upstream oil and gas producers namely ONGC and Oil India, is credit positive for both companies.

ONGC, Oil India submit $1.5 billion joint bid for Murphy Oil's Malaysia assets- sources

State-owned Oil & Natural Gas Corp and Oil India Ltd have submitted a joint bid worth about USD1.5 billion to buy Murphy Oil Corp`s Malaysian oil and gas assets, sources directly involved in the process said.