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India, Venezuela sign deals to increase oil production
India and Venezuela have signed an oil production deals worth about 1.45 billion US dollar to increase oil production. The agreement was signed between Oil and Natural Gas Corporation (ONGC), Venezeulas Petroleos de Venezuela SA (PDVSA), and Venezuela’s consortium Delta ..
Month: Current Affairs - November, 2016
National Seismic Programme launched in Odisha
The Union Government has launched National Seismic Programme (NSP) to trace hydrocarbon resources like oil and natural gas in Mahanadi basin. It was launched by Union Minister of State (MoS) for Petroleum and Natural Gas at Taranga village under Soro ..
Month: Current Affairs - October, 2016
Russia approves OVL’s deal to acquire 15% stake in Vankor oilfield
The Russian Government has approved a deal of ONGC Videsh Ltd (OVL) to acquire 15% stake in Vankor oilfield from Rosneft. The deal was signed between the OVL and Rosneft in September 2015 and is worth 1.3 billion US dollars. ..
Month: Current Affairs - March, 2016
ONGC gets environmental clearance for project in Krishna-Godavari basin
State owned Oil and Natural Gas Corporation Limited (ONGC) has received environmental clearance for a project in the Krishna-Godavari (KG) basin in Andhra Pradesh. Under this clearance, ONGC project has been allowed to drill 45 development wells and other related ..
Month: Current Affairs - January, 2016
ONGC buys 15% stake in Russia's 2nd-largest oil field from Rosneft
State-owned Oil and Natural Gas Corporation (ONGC) has bought a 15 per cent stake in Russia’s second-largest oil field Vankor from Rosneft for about 1.35 billion US dollars. In this regard, ONGC Videsh Ltd (OVL) the overseas investment arm of ..
Month: Current Affairs - September, 2015
Union Cabinet approves MFP for Development of Hydrocarbon discoveries
Union Cabinet has approved Marginal Fields Policy (MFP) to aunction small and marginal unexploited hydrocarbon discoveries by state owned oil companies. Decision in this regard was taken by Union Cabinet Meeting chaired by Prime Minister Narendra Modi in New Delhi. Key ..