As per the contract, the service partner KRPEL will bring the investment and expertise to rejuvenate the depleted fields of the ONGC
ONGC

Oil and Natural Gas Corporation Limited (ONGC) chairman and managing director Sudhir Vasudeva said that the state-run enterprise intends to set up its own power plants, not just gas-based but also power plants based on nuclear, wind and other unconventional energy sources.

ITC, Yes Bank, HCL, Infosys, ONGC. More and more businesses are now realising there are long-term benefits in going green.

With its rising energy needs, India has emerged the fourth largest energy consumer of the world after the US, China and Russia, but its per capita energy consumption remains lower than that of deve

With its rising energy needs, India has emerged as the fourth largest energy consumer of the world after the US, China and Russia, but its per capita energy consumption remains lower than that of developed countries, says a report.

"India is the fourth largest energy consumer in the world after the United States, China, and Russia," the US Energy Information Administration (EIA) said in its latest report (for 2011) on energy outlook for India released here yesterday.

Consortium partners will sign memorandum of understanding on March 18

A consortium led by the Oil and Natural Gas Corporation Ltd (ONGC) will do a feasibility study on setting up a Liquefied Natural Gas (LNG) Regasification Terminal at the New Mangalore Port. The proposed terminal will have an initial capacity of 2-3 million metric tons per annum (MMTPA), which can be expanded to 5 MMTPA.

The company will on March 13 sign a MoU with the Rajasthan government for setting up the refinery-cum-petrochemical complex

State-owned Hindustan Petroleum Corp Ltd (HPCL) plans to invest Rs 37,000 crore in setting up a nine million tonne oil refinery and a petrochemical complex at Barmer in Rajasthan. The company will on March 13 sign a Memorandum of Understanding (MoU) with the Rajasthan government for setting up the refinery-cum-petrochemical complex, a source privy to the development said.

Rs 8,000-crore capacity expansion plan by Chennai Petroleum Corporation may get affected

Amid insurance woes, the US sanctions on Iran may well cast a shadow on expansion plans by Indian refiners. According to an official source, the Rs 8,000-crore capacity expansion plan by Chennai Petroleum Corporation Ltd (CPCL) may get hit as European companies are reluctant to give technology licensing for the upcoming six-million tonne units.

Scrips of RIL, ONGC down

The Finance Minister's announcement for the oil and gas companies did not cheer key players in the industry.

Industry players gave a thumbs down to FM's proposal to review the oil and gas exploration policy and move from profit sharing to revenue sharing contracts. "The proposal to the move from profit sharing model to revenue sharing model marks substantial increase in risk profile for exploration and production companies. From an overall perspective, Budget 2013 has a negative bias for oil and gas industry," said Nabin Ballodia, Partner-Tax, KPMG India.

The new order will take ONGC toral installed wind power capacity to 153.9 MW

Suzlon Group, India's largest wind turbine manufacturer, has received an order for a 102.9 MW project from Oil & natural gas Corporation Ltd (ONGC). The project comprises 49 units of Suzlon's S88- 2.1 MW wind turbines and will be commissioned in the FY14. The project will be commissioned in Rajasthan.

State-run ONGC, which has a 30% stake in Cairn India-operated Rajasthan oilfields, has refused to share the cost of further exploration in the block that the government had recently allowed to help