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.
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.
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.
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.
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.
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.
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.