Oil India Company News

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India May Peg Local Gas Price to Asia LNG
The proposal reportedly would peg the price to the popular benchmark Japan-Korea Marker.
8:00 PM EST | September 24, 2020
India, Iran Plan to Seal Deal to Develop Offshore Farzad B Field by October
India expects to finalize contract with Iran to develop the Farzad B gas field in the Persian Gulf by October.
8:00 PM EST | June 05, 2016
India Launches Auction for 67 Small Oil, Gas Fields Under a New Bid Scheme
India launches a new bid round to invite investors to participate in the exploration and production at 67 small oil and gas fields in the country.
8:00 PM EST | May 25, 2016
ONGC Plans to Drill 17 Exploration Wells in India's Shale Oil, Gas Blocks
ONGC intends to drill up to 17 shale oil and gas exploration wells in India for around $105 million.
8:00 PM EST | April 25, 2016
Iran, India Sign MoU to Develop Oil, Gas Projects
Iran and India sign a memorandum of understanding to develop oil and gas projects, according to Iranian Petroleum Minister Bijan Zangeneh.
8:00 PM EST | April 10, 2016
PetroNeft Agrees 2016/17 Work Program with Oil India
PetroNeft reaches an agreement with Oil India for a budget and work program in 2016 and 2017 within license 61.
8:00 PM EST | March 20, 2016
India ONGC Submits Revised Development Plan for Iran Gas Field
India's ONGC Videsh submits a revised proposal seeking the development rights of Iran's giant gas field Farzad B.
8:00 PM EST | August 23, 2015
India to Use Market Pricing for Part of Future Gas Finds in Complex Fields
India plans to introduce a new market price formula for part of future gas finds made in challenging environment, according to the country's Petroleum and Natural Gas Minister.
8:00 PM EST | August 10, 2015
PetroNeft: Significant Production Growth Expected in 2015
PetroNeft announces in its annual results statement for 2014 that it expects a significant boost in production this year.
8:00 PM EST | June 22, 2015
Official: India to Auction 69 Marginal Fields Owned by ONGC, Oil India
India will soon auction 69 marginal oil and gas fields owned by state explorers Oil and Natural Gas Corp and Oil India Ltd, the country's oil secretary says.
8:00 PM EST | April 20, 2015
Oil India Boosts War Chest as Company Plans to Acquire More Upstream Assets
Oil India plans to increase its budget by around 10% next year as the company embarks on an acquisition trail for upstream assets worldwide.
7:00 PM EST | November 26, 2014
Executives: ONGC, Oil India Complete $873M Stake Buy in IOC
India's ONGC and Oil India complete the purchase of a 10-percent stake in state refiner India Oil Corp for $873 million.
8:00 PM EST | March 13, 2014
Minister: India Approves 10% IOC Stake Sale to State Oil Firms
The Indian government approves the sale of a 10-percent stake in state refiner Indian Oil Corp to state exploration firms ONGC and Oil India.
7:00 PM EST | January 15, 2014
India Firms Relying on Foreign Companies for Domestic Shale Drilling
ONGC and Oil India Ltd. will tap the expertise of foreign firms to hunt for shale oil and gas in the energy-hungry nation, officials at the two firms say.
8:00 PM EST | October 03, 2013
Oil India, ONGC to Buy Mozambique Gas Stake; Kazakh Deal Looms
Oil India and ONGC say they will pay $2.48B for a 10% stake in an offshore Mozambique gas field, just one week before the deadline for an ONGC bid for Kazakhstan oil assets.
8:00 PM EST | June 24, 2013
ONGC, Oil India to Buy Stake in Mozambique Gas Field
ONGC and Oil India agree to buy a 10% stake in a Mozambique oil and gas field from a unit of Videocon Industries for $2.47 billion.
8:00 PM EST | June 09, 2013
ONGC, Oil India in Mozambique Gas Field Bid
India's Oil & Natural Gas Corporation and Oil India have jointly bid to buy a 20-percent stake in an Anadarko-operated Mozambique oil and gas field.
8:00 PM EST | March 14, 2013
India State Cos Acquire 30% Stake in Carrizo's Shale Asset
Oil India Ltd. and Indian Oil Corp. said they will acquire a 30% stake in Carrizo's Niobrara shale oil acreage in Colorado, gaining entry to America's booming shale industry.
8:00 PM EST | October 03, 2012
Indian Consortium Bids for ConocoPhillips Assets in Canada
A consortium of India's state-run companies have jointly bid to acquire stakes in oil-sands assets owned by ConocoPhillips in Canada that are valued around $5B.
8:00 PM EST | September 23, 2012
India to Allow Foreign Company Bids in Shale Gas Licensing Round
India will allow foreign companies to bid in its first round of shale-gas licensing, as part of efforts to fast-track exploration of unconventional resources.
8:00 PM EST | July 31, 2012
Oil India Plans to Invest $4B in Five Years to Raise Output
Oil India plans to raise its capex 73% to about $4B in the 5 years starting April 2012 as the state-run explorer seeks to sharply raise O&G production.
8:00 PM EST | September 12, 2011
India Approves Award of 33 Oil and Gas Blocks
The Indian government Friday approved the award of 33 oil and gas blocks nearly six months after the blocks were auctioned under NELP VIII.
8:00 PM EST | March 18, 2010
India Gives Thumbs Up for $2B Carabobo Oil Investment
The Indian government Friday approved an investment of $2.18 billion during 2010-2015 by three state-run oil companies in Venezuela's Carabobo 1 oil block.
8:00 PM EST | March 18, 2010
OVL Consortium to Develop Heavy Oil Blocks in Orinoco Belt
An OVL-led consortium was awarded a 40% ownership interest in a Mixed Company that will develop the Carabobo 1 Norte and Carabobo 1 Centro blocks located in the Orinoco Heavy Oil Belt.
7:00 PM EST | February 10, 2010
Companies Face Stiff Competition for Iraq's Prized Oil Fields
Competition is expected to be fierce between international companies for some of Iraq's 10 oil and gas fields at a licensing auction in Baghdad Friday and Saturday.
7:00 PM EST | December 09, 2009
India Finalizes Farsi Gas Block Development Plan with Iran
The Indian government is in the process of finalizing the master development plan with National Iranian Oil Co. for the Farzad-B gas field, according to junior petroleum minister Jitin Prasada.
7:00 PM EST | December 02, 2009
India May Revamp Oil Round Terms; OK on Oil Price
India hopes to raise nearly $3 billion in investment via its 2009 oil and gas exploration licensing round.
8:00 PM EST | September 27, 2009
India Cos Unlikely to Produce Oil from Iran Block
According to a senior executive, India's state-run oil companies will likely not produce any oil from Iran's Farsi block due to the low value of high-sulfur crude and low returns on investment, but natural gas resources could be developed.
8:00 PM EST | September 14, 2009
Indian Oil Cos Could Invest $5B in Iran Gas Field Devt
ONGC Videsh and its partners Indian Oil and Oil India could invest $5 billion to develop a massive gas field they discovered in offshore Iran.
8:00 PM EST | September 06, 2009
India's Oil Cos Propose $5B Investment in Iranian Gas Block
India's state-controlled oil companies are proposing to invest some $5 billion in a gas discovery located in Iran's Farsi Block.
8:00 PM EST | June 24, 2009
Rocksource Clarifies Operations at Block CY-DWN-2001/1
Rocksource has clarified that the partnership has completed the first of three wells in the work program for block CY-DWN-2001/1, and that the well did not encounter any moveable hydrocarbons.
7:00 PM EST | November 02, 2008
Rocksource Farms-In to ONGC's Offshore India Block
Rocksource signed an agreement with ONGC to farm into 10% of the exploration block CY-DWN-2001/1 located in the Cauvery Basin, offshore south eastern India. ONGC is the Operator with Oil India and Petrobras as partners.
8:00 PM EST | September 15, 2008
Rocksource Nabs 10% Equity Stake in Indian Shelf Block
Rocksource has concluded negotiations to complete a farm-in agreement with ONGC for a 10% equity stake in exploration block CY DWN 2001/1 on the Indian Shelf.
8:00 PM EST | September 07, 2008
Indian Oil Exec Says Iran Farsi Block Gas Devt. May Cost $3B
Indian Oil Corp., along with other state-run Indian oil firms, is eyeing a $3-billion project to develop the gas find in Iran's Farsi block, a senior company executive said Friday.
8:00 PM EST | June 12, 2008
NOC Signs Exploration and Production Sharing Agreement in Libya
The National Oil Corporation signed an Exploration and Production Sharing Agreement with a Consortium, including Sonatrach, Oil India and Indian Oil.
8:00 PM EST | May 26, 2008
IOC, Oil India Join Hands with Algerian, Explore Libyan Block
Indian Oil Corporation Ltd (IOC) and Oil India Ltd (OIL) have joined hands with Sonatrach, the national oil company of Algeria, for production of oil in a Libyan onshore block.
7:00 PM EST | January 22, 2008
Gail India and OIL to Bid Jointly for Exploration Blocks
Gail India Ltd and OIL India Ltd signed a MoU for joint cooperation in various business areas, including jointly participating in NELP VII bidding round as well as the possibility of bidding jointly for overseas exploration blocks.
7:00 PM EST | December 26, 2007
ONGC Videsh Consortium Finds Oil, Gas Offshore Iran
A consortium led by India's ONGC Videsh Ltd. has recently struck oil and gas offshore Iran in what could be India's biggest hydrocarbon gas find overseas in recent years.
8:00 PM EST | May 08, 2007
GeoGlobal Signs Four PSCs for Onshore India Blocks
GeoGlobal Resources Inc. has signed production sharing contracts (PSCs) on its four previously awarded exploration blocks in India.
7:00 PM EST | March 06, 2007
ONGC: No Plans to Sell Assam Assets
In response to media reports claiming that Oil and Natural Gas Corporation Ltd. (ONGC) plans to sell all of its oil fields in the country's Assam state to Oil India Ltd. (OIL), Assam, ONGC has issued the following statement:
8:00 PM EST | August 07, 2006
ONGC Videsh & IOC-OIL to Bid in Nigeria's Licensing Round
ONGC Videsh Ltd. and the Indian Oil Corp.-Oil India Ltd. consortium will bid for four or five blocks in Nigeria's upcoming upstream round.
8:00 PM EST | June 07, 2005
Vanco Announces Drilling Plans for Block CI-112
Vanco and its partners finalize drilling plans for Block CI-112 offshore Cote d'Ivoire.
7:00 PM EST | December 15, 2004
ONGC Videsh Begins Survey in Farsi Block Offshore Iran
Fugro's seismic ship, GeoBaltic, recently sailed from Sharjah port to the Farsi block offshore Iran to begin seismic data acquisition work.
7:00 PM EST | March 01, 2004