#ongc videsh ltd. subsidiaries

[indiagovtjobsinfo]

OVL Exploration Director Recruitment Notification PESB 2018

#OngcVideshHouston, #OngcVideshLtdSubsidiaries, #OngcVideshRecruitment, #Ovl2018, #OvlAirportCode, #OvlFullForm, #OvlLazada, #OvlMeaning, #OvlWiki #Careers, #CentralGovtJobs, #Companies, #GovtJobsInIndia, #GovtJobsInStates, #JobNotifications, #Jobs, #JobsforEngineering, #Notifications, #OtherCentralGovtJobs, #PrivateSectorJobs, #PublicSectorJobs, #StateGovtJobs, #Technology Click Here For More Hot Images OVL Exploration Director Recruitment Notification PESB 2018 India Govt Jobs

[dailynews9]

ONGC Videsh set to retake its Sakhalin - 1 stake

ONGC Videsh set to retake its Sakhalin – 1 stake

New Delhi: ONGC Videsh Ltd, the overseas arm of the state – own ed Oil and Natural Gas Corporation ( ONGC ), has submitted an application to Russian authorities to retake a 20 percent stake in the Sakhalin – 1 oil and gas fields in the far east region of the country, the company said. Russian President Vladimir Putin last month disbanded Exon Neftegaz – a regional subsidiary of US super major…

[digitaltrand]

ONGC Videsh announces new oil discovery in Colombia

ONGC Videsh announces new oil discovery in Colombia

ONGC Videsh had discovered oil earlier in the blocks Mariposa and Indico fields in the years 2017 and 2018, respectively. June 23, 2022 / 07:24 PM IST Representative image ONGC Videsh Limited (OVL), the wholly-owned subsidiary and overseas arm of Oil and Natural Gas Corporation Ltd. (ONGC), on June 23 announced that it has made an oil discovery in the Llanos Basin region of Colombia. The…

[thenetionalnews]

Oil movement from Sakhalin-1 disrupted due to sanctions against Russia: OVL

Oil movement from Sakhalin-1 disrupted due to sanctions against Russia: OVL

ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), is facing temporary disruptions in moving its share of oil from the Sakhalin-1 project in Far East Russia due to sanctions against Russia, its Managing Director Alok Gupta said. OVL holds a 20 per cent stake in Sakhalin-1 where ExxonMobil’s Russian subsidiary, Exxon Neftegaz, is the operator.…

[marugujaratonline]

ONGC Recruitment | Oil and Natural Gas Corporation Jobs @ www.ongcindia.com

ONGC Recruitment

  ONGC Recruitment: ONGC | Oil and Natural Gas Corporation has Published Latest Jobs. This is Great Opportunity for Candidates Who Want to Make Their Future in ONGC. Candidates Should Be find More Details about ONGC Vacancies 2019. For More Details About Vacancies or Post Recruitment Check Official Website or Visit MaruGujarat Online. https://marugujarat.online/ongc-apply-online

ONGC Recruitment 2019

    Other Details Like Age Limit, Educational Qualification, Salary Scale, Selection Process, Application Fee and How to Apply in This Job. All Details Are Given in Below Post Read Full Notification and Apply for It.  

ONGC Recruitment 2019 for Field Medical Officer Posts (Last Date 20-05-19)

Name of Position and Detail: Field Medical Officer   Education Qualification: Candidate should possess MBBS Degree from a recognized University with one year internship and valid permanent registration.   Age Limitation:   Pay Scale | Salary: Rs.75,000/- per month (Consolidated)  

ONGC Vacancies 2019

  How to Apply in ONGC Recruitment 2019 for Research Associate Posts: Candidates should come prepared to stay for one more day if required. No expenses towards travelling shall be paid nor shall any accommodation be provided for attending the interviews. Candidates should bring original certificates (along with one set of self-attested photocopies) and one recent passport size photograph.   General Instructions: The engagement shall be purely on contract basis up to the period of 30.06.2020. Only Indian Nationals are eligible to attend the Interview. Candidates who report after 10.30 Hrs. shall not be allowed for interview. Candidates for above mentioned posts shall be selected directly based on their performance in interview.   ONGC Latest Job 2019   Last Date of Apply: Walk in Interview 20-05-2019   Address: Guest house, ONGC Colony, Phase-I, Magdalla, Surat.   ONGC Apply Online - Read Official Notification: Official Document Find Local Job: https://bit.ly/2sTm70p   || Share This Post to Your Friends and Social Media || Join Our Whatsapp Group Join Telegram Channel Follow Facebook Page  

  About ONGC | Oil and Natural Gas Corporation Jobs @ www.ongcindia.com   This Public Enterprise Represents India's Energy Security Through its Pioneering Efforts.   Maharatna ONGC is the largest crude oil and natural gas Company in India, contributing around 70 per cent to Indian domestic production. Crude oil is the raw material used by downstream companies like IOC, BPCL, and HPCL to produce petroleum products like Petrol, Diesel, Kerosene, Naphtha, and Cooking Gas-LPG.   This largest natural gas company ranks 11th among global energy majors (Platts). It is the only public sector Indian company to feature in Fortune’s ‘Most Admired Energy Companies’ list. ONGC ranks 18th in ‘Oil and Gas operations’ and 183rd overall in Forbes Global 2000. Acclaimed for its Corporate Governance practices, Transparency International has ranked ONGC 26th among the biggest publicly traded global giants. It is most valued and largest E&P Company in the world, and one of the highest profit-making and dividend-paying enterprise.   ONGC has a unique distinction of being a company with in-house service capabilities in all areas of Exploration and Production of oil & gas and related oil-field services. Winner of the Best Employer award, this public sector enterprise has a dedicated team of over 33,500 professionals who toil round the clock in challenging locations.   ONGC Videsh is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the National Oil Company of India, and is India’s largest international oil and gas Company. ONGC Videsh has participation in 41 projects in 20 countries namely Azerbaijan, Bangladesh, Brazil, Colombia, Iraq, Israel, Iran, Kazakhstan, Libya, Mozambique, Myanmar, Namibia, Russia, South Sudan, Sudan, Syria, United Arab Emirates, Venezuela, Vietnam and New Zealand. ONGC Videsh maintains a balanced portfolio of 15 producing, 4 discovered/under development, 18 exploratory and 4 pipeline projects. The Company currently operates/ jointly operates 21 projects. ONGC Videsh had total oil and gas reserves (2P) of about 711 MMTOE as on April 1, 2018. For more information visit: www.ongcvidesh.com.   Global Ranking ONGC received Dun & Bradstreet Award 2018 in the 'Oil and Gas Exploration' category ONGC received 4 PSE Excellence Awards from Indian Chamber of Commerce in 2016 This Top Energy Company in India, ranked 11th globally as per Platts Top 250 Global Energy Rankings, 2017 Ranked 464 in the Newsweek Green Rankings World's Greenest Companies 2016 Ranked 14th among global Oil and Gas Operations industry in Forbes Global 2000 list, 2017 of the World's biggest companies for 2017; Ranked 443 in the overall list, 2017 - based on Sales (US$ 19.89 billion), 288 on Profits, 470 in Assets and 300 Market Value. Ranked 26 in 'Transparency in Corporate Reporting' among the world's 124 largest listed companies published by Transparency International, 2014(Up from 39 in 2012) ONGC is one of India's Most Valuable Corporations ONGC is one of the most valuable public sector enterprises working on Indian stock exchanges. ONGC Represents India's Energy Security through its Pioneering Efforts ONGC is the only fully–integrated oil and gas company in India, operating along the entire hydrocarbon value chain. It has single-handedly scripted India's hydrocarbon saga. Some key pointers: ONGC has discovered 6 out of the 7 oil and gas producing basins in India: This largest energy company in India has established 8.70 billion tonnes of in-place hydrocarbon reserves. It has to its credit more than 570 discoveries of oil and gas with Ultimate Reserves of 3.02 Billion Metric tonnes (BMT) of Oil Plus Oil Equivalent Gas (O+OEG) from domestic acreages. It has cumulatively produced 998 Million Metric Tonnes (MMT) of crude and 645 Billion Cubic Meters (BCM) of Natural Gas. ONGC has won 115 out of a total 254 Blocks (more than 50%) in the 8 rounds of bidding, under the New Exploration Licensing Policy (NELP) of the Indian Government. ONGC's wholly-owned subsidiary ONGC Videsh Ltd. (OVL) is the biggest Indian multinational, with 41 Oil & Gas projects in 20 countries. ONGC produces over 1.26 million barrels of oil equivalent per day, contributing around 70% of India's domestic production. Of this, over 75% of crude oil produced is Light & Sweet. The Company holds the largest share of hydrocarbon acreages in India (61% in PEL Areas & 81% in ML Areas). ONGC possesses about one tenth of the total Indian refining capacity. This E&P Company has a well-integrated Hydrocarbon Value Chain structure with interests in LNG and product transportation business as well. A unique organization in world to have all operative offshore and onshore installations (403) accredited with globally recognized certifications. Competitive Strength All crudes are sweet and most (76%) are light, with sulphur percentage ranging from 0.02-0.10, API gravity range 26°-46° and hence attract a premium in the market. Strong intellectual property base, information, knowledge, skills and experience. Maximum number of Exploration Licenses, including competitive NELP rounds. ONGC has bagged 121 of the 254 Blocks awarded in the 9rounds of NELP. ONGC owns and operates more than 25,500 kilometers of pipelines in India, including sub-sea pipelines. No other company in India operates even 50 per cent of this route length. Perspective Plan 2030 (PP2030) PP2030 charts the roadmap for ONGC's growth over the next two decades. It aims to double ONGC's production over the plan period with 4-5 per cent growth against the present growth rate of 2 percent. In physical terms the aspirations under Perspective Plan 2030 aims for - Production of 130 MMTOE of oil and oil equivalent gas (O + OEG) per year and accretion of over 1,300 MMTOE of proven reserves. Grow ONGC Videsh Limited (OVL) six fold to 60 MMTOE of international O+OEG production per year by 2030. More than 20 MMTOE of O+OEG production per year in India coming from new unconventional sources such as shale gas, CBM, deepwater and HPHT (High Pressure & High Temperature) reservoirs. Over 6.5 GW power generations from nuclear, solar and wind and 9 MTPA of LNG. Scaling up refining capacity to over 20 MMTPA and targeted investments to capture downstream integration in petrochemicals. Sourcing Equity Oil Abroad ONGC Videsh is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the National Oil Company of India, and is India’s largest international oil and gas Company. ONGC Videsh has participation in 41 projects in 20 countries namely Azerbaijan, Bangladesh, Brazil, Colombia, Iraq, Israel, Iran, Kazakhstan, Libya, Mozambique, Myanmar, Namibia, Russia, South Sudan, Sudan, Syria, United Arab Emirates, Venezuela, Vietnam and New Zealand. ONGC Videsh maintains a balanced portfolio of 15 producing, 4 discovered/under development, 18 exploratory and 4 pipeline projects. The Company currently operates/ jointly operates 21 projects. ONGC Videsh had total oil and gas reserves (2P) of about 711 MMTOE as on April 1, 2018. ONGC Videsh was incorporated as Hydrocarbons India Pvt. Ltd. on 5 March 1965 to carry out exploration and development of the Rostam and Raksh oil fields in Iran and undertaking a service contract in Iraq. The company was rechristened as ONGC Videsh Limited on 15 June 1989 with the prime objective of marketing the expertise of ONGC abroad. The nineties saw the Company engaged in limited exploration activities in Egypt, Yemen, Tunisia and Vietnam. In its new avatar as ONGC Videsh, the company from mid-nineties re-oriented its focus on acquiring quality overseas oil and gas assets. ONGC Videsh, which had one asset in the year 2000, gradually succeeded in competing with the best in international arena and could conclude many large transactions across the world in subsequent years. During the year ended March 31, 2018, following awards and recognitions were conferred upon ONGC Videsh: The President of India conferred the prestigious SCOPE award for Excellence and Outstanding Contribution to the Public Sector Management – Institutional Category II (Miniratna-I & II PSEs) for 2014-15 on April 11, 2017. Golden Peacock Award for Risk Management 2017 instituted by the Institute of Directors (IOD) during Global Convention on Corporate Ethics & Risk Management. The ICICI Lombard & CNBC-TV18 India Risk Management Award in the category of “Best Risk Management Framework & Systems – Risk Technology”. Strategic Performance Award in Miniratna-I category at the 5th edition of Governance Now PSU Awards-2017. Frontiers of Technology State-of-the-art seismic data acquisition, processing and interpretation facilities Uses one of the Top Ten Virtual Reality Interpretation facilities in the world Alliances with Transocean, Schlumberger, Halliburton, Baker Hughes, IPR, Petrobras, Norsk, ENI and Shell One of the biggest ERP implementations in the Asia Best in Class Infrastructure and Facilities This public sector enterprise operates with 14 seismic crews, manages 262 onshore production installations, 268 offshore installations, 69 drilling (plus 37 hired) and 54 work-over rigs (plus 25 hired), owns and operates more than 25,500 kilometers of pipeline in India, including 4,500 kilometers of sub-sea pipelines. ONGC has adopted Best-in-class business practices for modernization, expansion and integration of all Infocom systems. The Road Ahead   ONGC looks forward to becoming an integrated energy provider, with: New discoveries and fast track development Equity oil from abroad Downstream value additions & forward integration Leveraging state-of-the art technology and global best practices New sources of energy Production from small and marginal fields This E&P company has taken structured initiatives to tap unconventional energy sources through unconventional gases like Coal Bed Methane (CBM), Underground Coal Gasification (UCG), Shale Gas and Gas Hydrates, or unconventional energy sources like wind, solar etc. "ONGC Energy Centre Trust", a dedicated centre created by ONGC for holistic research in non-conventional energy sources, has taken up three projects viz., Thermo-chemical reactor for Hydrogen, Geo-bio Reactors and Fuel Cells. ONGC has already commissioned a 50 MW Wind Farm in Gujarat and plan is afoot to set up another 100 MW Wind Farm in Rajasthan. ONGC has also set up 3 Solar Thermal Engines at Solar Energy Centre, Ministry of New and Renewable Energy (MNRE) campus at Gurgaon. Value-chain integration Value chain Integration ONGC's purchase of majority stake in equity in the ailing Mangalore Refinery & Petrochemicals Limited (MRPL), a stand-alone refinery of 9.69 MMT capacity in March 2003 is a standout testimony of ONGC's integrated business model. The refinery capacity has been progressively upgrqaded to 15 MMT. Besides adding that desired comfort to this Oil & Gas Company in mitigating higher risk of E&P operation, this deal also set an example in the Indian business history where a PS U has taken over a joint stock company and turned it around in a record time of one year.   Moving ahead, ONGC has taken structured initiatives towards value-multiplier integration projects like - Refinery, LNG, Petrochemicals, Power, SEZ, etc., to have presence in the entire hydrocarbon value-chain. ONGC is the key promoter in ONGC Petro-additions Pvt. Limited (OPaL) - a grass root Mega Petrochemical project in the PCPIR / SEZ zone at Port City of Dahej, Gujarat, India. Corporate Social Responsibility   In recognition of its role as a 'responsible leader', ONGC’s CSR initiative continues its quest to make positive, tangible difference in the lives of the vulnerable and disadvantaged, especially in and around its operational areas. In FY' 17 it spent as much as INR 5,259 million in its CSR initiatives. With a business paradigm that is based on an interconnected vision - of people's welfare, societal growth and environmental conservation, ONGC with its Corporate Social Responsibility activities in India continues to cater to the developmental needs across the following focus areas: Education including vocational courses Health Care Entrepreneurship (self-help & livelihood generation) schemes Infrastructure support: roads, bridges, schools, hospitals in and around the company's operational areas Environment protection, ecological conservation, promotion Protection of heritage sites, UNESCO heritage monuments etc. Promotion of artisans, craftsman, musicians, artists etc. for preservation of heritage, art & culture Women empowerment, girl child development, gender sensitive projects Water management including ground water recharge Initiatives for physically and mentally challenged Sponsorship of seminars, conferences, workshops etc. and Promoting sports/sports persons; supporting agencies promoting sports / sports persons. Corporate Governance ONGC has taken structured initiatives towards Corporate Governance and its practices which evolve around multi-layered checks and balances to ensure transparency. Apart from the mandatory measures required to be implemented as a part of Corporate Governance, ONGC has gone the extra mile in this regard and has implemented the Whistle Blower Policy, Annual Report on working of the Audit & Ethics Committee, MCA Voluntary Guidelines on Corporate Governance, Enterprise-wide Risk Management (ERM) framework.   Health, Safety & Environment ONGC has implemented globally recognized QHSE management systems conforming to requirements of ISO 9001, OHSAS 18001 and ISO 14001 at ONGC facilities and certified by reputed certification agencies at all its operational units. Corporate guidelines on incident reporting, investigation and monitoring of recommendations has been developed and implemented for maintaining uniformity throughout the organization in line with international practice. Corporate Disaster Management Plan and guidelines have been developed for uniform disaster management all across ONGC. ONGC has also developed Occupational Health physical fitness criteria for employees deployed for offshore operations. Occupational Health module has now been populated on SAP system. Human Resources   This largest energy company has vast pool of skilled and talented professionals – the most valuable asset for the company. ONGCians dedicate themselves for the excellent performance of the company. ONGC extends several welfare benefits to the employees and their families by way of comprehensive medical care, education, housing and social security.   Credit ONGC Official Read the full article

[nainasinghthings-blog]

Here Are Stocks That Are In The Focus Today:

HDFC and Apollo Hospitals: Corporation to acquire up to 51.2 percent stake in Apollo Munich Health Insurance Company Limited and then is proposed to be merged with subsidiary HDFC ERGO General Insurance Company.

Bharat Financial Inclusion: IndusInd Bank announced July 4 as the effective date, as well as record date following the effectiveness of the scheme, for determining the shareholders of the company who will be entitled to receive shares of the bank.

Bengal & Assam Company: Company allots equity shares to the shareholders of Florence Investech Limited and J K Fenner (India) Ltd. pursuant to the scheme of arrangement.

Parsvnath Developers: Brickwork Ratings India re-affirmed rating ‘B’ with a change in outlook to ‘Credit Watch with Developing Implications’, assigned to Rs 360 crore secured non-convertible debentures (Series A) and Rs 244.39 crore Secured Non-Convertible Debentures (Series B) of Parsvnath Rail Land Project Private Limited, a subsidiary company.

Adani Green Energy: Subsidiary Adani Renewable Energy Park (Gujarat) Limited received letters of award for 600 MW wind-solar hybrid power projects from Solar Energy Corporation of India.

Reliance Power: Company gets CERC nod to meet new environment norms at Madhya Pradesh’s Sasan UMPP – PTI

ONGC: ONGC Videsh Ltd, partners agree to invest $20 billion in Mozambique LNG project – PTI

Punjab National Bank: Board granted permission for raising capital through issuance of Basel III compliant Tier II Bonds amounting up to Rs 1,500 crore in one or more tranches.

Essel Propack: Company is issuing commercial papers for Rs 30 crore on private placement basis.

Patel Integrated Logistics: India Ratings & Research Private Ltd placed long term credit rating BBB [outlook stable] for the company’s fund based borrowings, finance lease and term loan and A3+ [outlook stable] rating for its non fund based borrowings from the banks and tA- (Stable) for its fixed deposit programme on Rating Watch Evolving (RWE) for company’s ongoing corporate restructuring through slump sale.

Brickwork Ratings India re-affirmed BWR-B rating to the Parsvnath Developers’ NCDs with a change in outlook to Credit Watch with Developing Implications

Gallantt Ispat: Brickwork Ratings India assigned long term rating at BBB+ (Outlook – Stable) and short term rating at A2.

Amara Raja Batteries: Board recommended a final dividend of Rs 5.08 per share (representing 508 percent) on equity share.

Future Enterprises to consider funds raising via NCDs on June 24

NTPC: Company wins 160 MW in SECI Rajasthan Tranche-II 750 MW solar tender.

South Indian Bank: RBI imposes Rs 10 lakh penalty on bank for breach of norms on bank guarantees.

Get The Latest Stock Updates, Equity Tips, Share Market Tips, Stock Market Tips, Intraday Tips  @

Investelite Research

[chestnutpost]

Anadarko Announces LNG Sale and Purchase Agreement with JERA And CPC Corporation, Taiwan

HOUSTON, May 13, 2019 /PRNewswire/ — Anadarko Petroleum Corporation (NYSE: APC) today announced Mozambique LNG1 Company Pte. Ltd., the jointly owned sales entity of the Mozambique Area 1 co-venturers, has signed a Sale and Purchase Agreement (SPA) with JERA Co., Inc. (JERA) and CPC Corporation, Taiwan (CPC). The SPA calls for the delivered ex-ship supply of 1.6 million tonnes per annum (MTPA) for a base term of 17 years from the commercial start date. Mozambique LNG’s portfolio of long-term sales now includes four of the top five LNG importing markets in the world.

“This co-purchasing agreement with JERA and CPC brings together two prominent Asian foundation customers and will ensure a reliable supply of cleaner energy to meet the growing demands of both Japan and Taiwan,” said Mitch Ingram, Anadarko Executive Vice President, International, Deepwater & Exploration. “We are excited to take the next step with the expected announcement of a Final Investment Decision (FID) for the Mozambique LNG project on June 18, as we remain on track to complete the project financing process and secure final approvals. This new SPA brings our total long-term agreements to 11.1 MTPA, and we are extremely pleased and grateful to JERA and CPC for selecting Mozambique LNG to be part of their long-term energy portfolio.”

Anadarko is developing Mozambique’s first onshore LNG facility consisting of two initial LNG trains with a total nameplate capacity of 12.88 MTPA to support the development of the Golfinho/Atum field located entirely within Offshore Area 1.  

Anadarko Moçambique Área 1, Lda, a wholly owned subsidiary of Anadarko Petroleum Corporation, operates Offshore Area 1 with a 26.5-percent working interest. Co-venturers include ENH Rovuma Área Um, S.A. (15 percent), Mitsui E&P Mozambique Area1 Ltd. (20 percent), ONGC Videsh Ltd. (10 percent), Beas Rovuma Energy Mozambique Limited (10 percent), BPRL Ventures Mozambique B.V. (10 percent), and PTTEP Mozambique Area 1 Limited (8.5 percent).

Logo – http://photos.prnewswire.com/prnh/20141103/156201LOGO

Anadarko Petroleum Corporation’s mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world’s health and welfare. As of year-end 2018, the company had approximately 1.47 billion barrels-equivalent of proved reserves, making it one of the world’s largest independent exploration and production companies. For more information about Anadarko and APC Flash Feed updates, please visit www.anadarko.com. Learn more about the Mozambique LNG project at www.mzlng.com.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Anadarko’s ability to successfully plan, secure additional government and partner approvals, take FID and the timing thereof, finance, build, and operate the necessary infrastructure and LNG park in Mozambique. See “Risk Factors” in the company’s 2018 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.

Anadarko Contacts

INVESTORS: Mike Pearl, mike.pearl@anadarko.com, +1 832.636.3271 Kyle Deakins, kyle.deakins@anadarko.com, +1 832.636.2354 Jon VandenBrand, jon.vandenbrand@anadarko.com, +1 832.636.1007

MEDIA: John Christiansen, john.christiansen@anadarko.com, +1 832.636.8736 Helen Rhymes, helen.rhymes@anadarko.com, +1 832.636.2366

SOURCE Anadarko Petroleum Corporation

Related Links

http://www.anadarko.com

The post Anadarko Announces LNG Sale and Purchase Agreement with JERA And CPC Corporation, Taiwan appeared first on The Chestnut Post.

from The Chestnut Post https://www.thechestnutpost.com/news/anadarko-announces-lng-sale-and-purchase-agreement-with-jera-and-cpc-corporation-taiwan/

[noorarora1]

I-T department slaps ONGC Videsh with Rs 76.66-billion service tax demand

The tax department has slapped ONGC Videsh Ltd a service tax demand of Rs 76.66 billion on remittance the firm makes to its overseas subsidiaries for past one decade, sources in know of the development said. OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), has stakes in 41 projects in 20 countries spanning from Venezuela to New Zealand. For the operations of these projects, the local units and joint ventures would raise a demand for money on the parent, OVL, which would transmit the funds. The service tax department now contends that the overseas units are rendering a service to OVL and as such the company is liable to pay service tax at the full rate, sources said.

[businessweekme]

Indians Pay $600 Million for Stake in Abu Dhabi Oil Field

Indian companies agreed to pay $600 million for a stake in one of Abu Dhabi’s biggest offshore oil concessions, securing a share in the emirate’s crude production for the first time.

State-owned  Oil and Natural Gas Corp. and two other Indian companies will take a 10 percent share of the concession to pump crude from the Lower Zakum field, under a 40-year contract in partnership with Abu Dhabi National Oil Co., according to an Adnoc statement. Adnoc signed the deal during a visit of Indian Prime Minister Narendra Modi to the capital of the United Arab Emirates on Saturday.

Abu Dhabi, which holds most of the U.A.E.’s oil reserves, is looking for new partners at its offshore fields in the Persian Gulf as the current production concession for some deposits expires next month. Partners in Abu Dhabi’s fields generally receive an amount of crude oil commensurate with their stakes in return for tax and royalty payments and investment to boost output.

The Indian companies will pay 2.2 billion dirhams ($600 million) to Abu Dhabi for their stake in the field, according to the statement. That puts the overall value of the concession at $6 billion. Adnoc, which retains 60 percent holdings in its fields, aims to award rights for an additional 30 percent of Lower Zakum as well as rights to two other offshore crude blocks.

The Indian consortium is comprised of ONGC’s wholly owned subsidiary ONGC Videsh, Indian Oil Corp., and Bharat PetroResources, which is a 100 percent subsidiary of Bharat Petroleum Corp., according to the Adnoc statement. Adnoc Offshore, a subsidiary of Adnoc, will operate the concession on behalf of all the partners.

Expanded production from its offshore reservoirs is part of Adnoc’s plans to raise its onshore and offshore output capacity to 3.5 million barrels a day by the end of 2018, according to the statement. Adnoc’s offshore fields currently produce about 1.4 million barrels a day, it said.

Second-Biggest Buyer

Current production at the Lower Zakum field is about 400,000 barrels a day, and the plan is to increase the plateau target to 450,000 barrels a day by 2025, according to a statement from ONGC Videsh. The Indian win gives the country a direct stake in Middle Eastern barrels. India is the second-biggest buyer of U.A.E. crude behind Japan, according Bloomberg tanker tracking.

The deal enables Adnoc to tap demand in the world’s second-most populous nation. The producer has said it received more than 10 bids from companies seeking to work on the fields.

“For India, it’s a way to secure a lot of long-term oil supply to help fuel growing demand,” said Edward Bell, a commodities analyst at lender Emirates NBD PJSC in Dubai. “For Adnoc it firms up a relationship with one of its biggest buyers and continues the company’s strategy of bringing the big Asian consumers into partnerships and joint projects.”

The state producer signed deals last year with Chinese and Korean companies to partner in its main onshore fields for the first time. Adnoc is also seeking partnerships in refining and petrochemicals and may buy assets abroad to secure market share.

Adnoc also signed on Saturday an agreement with the Indian Strategic Petroleum Reserves Ltd. for a storage facility in the southern Indian city of Mangalore, according to the Adnoc statement. The agreement covers the storage of 5.86 million barrels of Adnoc crude underground at the Karnataka facility.

“The oil storage facility will help ensure India’s energy security, as well as enable Adnoc to efficiently and competitively meet market demand in India and across the fast-developing southeast Asian economies,” it said.

The post Indians Pay $600 Million for Stake in Abu Dhabi Oil Field appeared first on Bloomberg Businessweek Middle East.

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[sarkarimirror]

A blunt message to Iran, India will now drill Oil and Gas in Israeli Waters

A consortium of Indian state-run oil and gas hunters led by ONGC Videsh Ltd (OVL) appears set to drop anchor in Israeli waters for the first time amid New Delhi's growing closeness with Tel Aviv and a widening chasm with Iran over its recalcitrance in awarding the Farzad-B gas field discovered by the same Indian grouping. Israel's energy ministry gave its preliminary nod on December 11to the bid for one block submitted by the Indian consortium of OVL, IndianOil, Oil India Ltd and Bharat Petroleum subsidiary Bharat Petro Resources Ltd. Energean of Greece was the other bidder to have secured approval for five blocks. ONGC Videsh MD N K Verma confirmed the development, saying the consortium will go through certain processes before deciding on drilling for oil or gas in the block. This was the first auction of exploration licences, consisting of 24 blocks, in four years since Israel blocked foreign companies from exploration in its eastern Mediterranean waters. The permission to the Indian consortium comes ahead of Israeli PM Benjamin Netanyahu's three-day visit to India from January 14 and indicates the willingness of both governments to expand the horizon of bilateral ties from security and defence to energy security. So far, oil and gas has not been part of the bilateral discourse, which has been largely dominated by defence equipment and water management. The only relationship the two countries had in the oil sector was Reliance Industries Ltd, India's largest private oil company, leasing Eilat-Ashkelon Pipeline Company's petroproducts storage capacity. The process to include oil in areas of bilateral cooperation began ahead of PM Narendra Modi's July visit to Israel. Israeli energy minister Yuval Steinitz called oil minister Dharmendra Pradhan in June to invite Indian participation in that country's exploration business, dominated by Delek Group and Isramco Negev. The two connected again earlier this month as the Indian bid was being cleared. Israel, with major gas reserves, has emerged as a greener pasture for the Indian grouping as Iran plays truant on Farzad-B. But New Delhi's decision to allow state-run companies to bid in Israeli block auctions also packs a strong message to Iran — Israel's arch rival — as it comes in the face of global players keeping off for fear of reprisal from their Arab benefactors. India's relations with Iran have cooled off recently over Tehran's failure to award Farzad-B to the OVL-led consortium in spite of commitments made by top leaders on both sides to see the deal through quickly. Feeling slighted, India, which had stood by Iran during western sanctions, has retaliated by reducing by a third Iranian crude imports. Tehran responded by scrapping benefits it gave to Indian refiners on crude purchase and approaching Russian companies for Farzad-B. "India stood with Iran during its difficult days and will continue to do so in the future also. But, at the same time, we also expect our economic interests to be protected," Pradhan had said in June soon after TOI reported Iran signing preliminary deal with Russian companies for the gas field. Source Link: https://timesofindia.indiatimes.com/business/indian-oil-cos-to-drop-anchor-in-israeli-waters-as-iran-deal-hangs-fire/articleshow/62272531.cms Read the full article

[sharemarkettipsripplesadvis-blog]

ONGC Videsh Ltd (OVL), the overseas investment arm of the country’s top explorer Oil and Natural Gas Corp, said on Tuesday it had acquired a 15 percent stake in Namibia’s offshore Block 2012A from Tullow Oil.

OVL executed the deal through its subsidiary ONGC Videsh Vankorneft Pte Ltd, it said in a statement.

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Tullow Namibia Ltd had a 25 percent stake in the block in Namibia’s Petroleum Exploration License area (PEL)0030.

Eco Oil and Gas Namibia (Pty) Ltd, with a 32.5 percent stake, is the operator of the block.

ONGC Videsh last month bought a 30 percent stake in PEL 0037 from Tullow Oil.

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