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Oil fields News

15 Feb 2017

Cabinet nod for 31 bids for small oil, gas fields exploration

The Cabinet Committee on Economic Affairs, Wednesday gave its approval to award contract in 31 contract areas (44 fields – 28 onland and 16 offshore) of discovered small fields of Oil and Natural Gas Corporation (ONGC) and Oil India Limited (OIL).

16 Mar 2016

IOC, OIL, BPRL to buy Russian oil field for $1.3 billion

Indian Oil Corp, Oil India and Bharat Petroleum today signed an agreement to buy stakes in Russia's Taas-Yuriakh oil field in East Siberia for about USD 1.3 billion

04 Dec 2015

Russia bombs nearly 1,500 Syrian targets, oil fields: Military

The airstrikes also "destroyed a large militant base" at a strategic location near Kassab in Latakia region, leading to Syrian army "taking the high ground.

03 Sep 2015

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.

19 Jul 2015

RIL to relinquish two gas discoveries off east coast

RIL and its partners -- BP plc of UK and Canada's Niko Resources -- will relinquish discoveries D-40 in NEC-25 block off the Odisha coast and D-31 in KG D6 block, sources privy to the development said.

07 Jun 2015

ONGC to invest Rs 41,678 crore on new fields

The company, which produced 25.94 million tonnes of crude oil and 23.52 billion cubic meters of gas in 2014-15, is boosting investment to reverse the declining trend in output at bulk of its old and ageing fields.

21 Apr 2015

Govt to auction 69 small oil fields of ONGC, Oil India to private firms

The government will soon auction 69 small and marginal oil fields of state-owned ONGC and Oil India to private firms as a precursor to a full fledged licensing round, Oil Secretary Saurabh Chandra said on Tuesday.

14 Apr 2015

Govt to auction oil fields of ONGC to private companies

Government plans to auction 69 small and marginal oil fields of state-owned ONGC and Oil India Ltd to private firms on a new revenue sharing model.

21 Dec 2014

Oil Ministry says $5.6 bn production loss at PMT fields

Sources said the ministry told PMO that BG and its partners Reliance Industries and ONGC, had initiated arbitration on the issue related to cost recovery limit prescribed in the Production Sharing Contract (PSC).

16 Jun 2014

ONGC to hike stake in Cairn block

Though the royalty is later cost recovered, the company faces cash flow issues because of the payment.

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