New Delhi Rising global crude oil prices over the last four years have inflated India’s subsidy bill, but the burden on the exchequer could have been higher hadn't the fiscally-conscious government reduced its share of the onus, at the cost of upstream oil companies.

According to official data, between 2008-09 and 2011-12, the Centre reduced its direct funding of oil marketing companies’ losses — from 69.02% of the total estimated under-recoveries to 46.24%. Consequently, upstream firms such as ONGC, OIL and GAIL funded 38% of the under-recoveries in 2011-12, as against 30.98% in 2008-09.

GAIL pulled up for undue benefit of Rs 246 crore to private firms

The Comptroller and Auditor General (CAG) has pulled up Oil and Natural Gas Corporation (ONGC) for hiring a drilling rig from Reliance Industries (RIL) without calling for competitive bids. It also indicted GAIL (India) for giving over Rs 246 crore of undue benefit to private power companies by selling natural gas at subsidised rates.

Agartala: The 726 MW first commercial power plant of state-owned ONGC at Palatana in southern Tripura will start generating electricity this month-end, company officials said here Monday.

ONGC, the Tripura government and infrastructure and financial service company IL&FS have jointly floated the ONGC-Tripura Power Company Limited (OTPC). The plant will help ONGC to monetise its huge gas reserves and assets in Tripura.

Going ahead with its ambitious 'Clean India' campaign, the Tourism Ministry has roped in oil PSU ONGC to keep six major tourist sites, including Taj Mahal and Konark Temple clean and environment-fr

The Tamil Nadu Government has commenced the implementation of its ambitious programme to provide solar-powered lights to 300,000 homes in the State.

The Comptroller and Auditor General (CAG) has said Oil and Natural Gas Corporation (ONGC) did not try hard enough to complete the committed work in 75 per cent of the blocks it had acquired through bidding. Also, ONGC could not monetise the discoveries made during the 2002-2011 period, leading to low production.

The CAG report on ONGC’s hydrocarbon exploration efforts said the company did not complete its committed work in 25 prospective blocks, drilling only 30 of the 90 committed wells in the specified period. The auditor said the company had succeeded in monetising only two of the 56 offshore discoveries and 73 of its 158 discoveries during 2002-2011. “Non-monetised offshore discoveries contained major reserve accretion,” the report stated.

North East Electric Power Corporation (NEEPCO) plans to add 950 MW to its existing power generation capacity in the region in the next five years.

"We are already generating 1,130 MW in the region. Seventy per cent houses are powered by NEEPCO. We shall add 950 MW by the next 5 years in the region. If we get new projects, we might give more," NEEPCO Chief Managing Director P C Pankaj said.

Forced to scale down petroleum retail operations, Reliance Industries Ltd and Essar have taken their predatory pricing complaint against government oil marketing companies (OMCs) to the Appellate Tribunal for Electricity.

In July, the PNGRB (petroleum and natural gas regulatory board) had dismissed a plea of these private fuel retailers against government oil marketing companies. Though the two companies are pursuing the case, Shell India has decided to withdraw.

ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil & Natural Gas Corp (ONGC), is eyeing stake in Russia’s ambitious Arctic Ocean oil and gas projects with US major ExxonMobil and Italian energy giant ENI.

OVL on May 4 wrote to Russian state oil company Rosneft expressing interest in taking stake in one of the three joint ventures announced to explore for oil and gas beneath Arctic Ocean, sources privy to the development said.

Sudhir Vasudeva, CMD of the Oil and Natural Gas Corporation (ONGC), on Tuesday launched the ‘Save the House Sparrow’ campaign to mark the 57th ONGC Day at Tel Bhavan here.

The campaign, initiated by ONGC in association with Action and Research for Conservation in Himalayas (ARCH), a local NGO, aims at the conservation of the dangerously dwindling house sparrow population in the locality and the surrounding region.