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Tag Archives: ONGC

Sarraf may get a post-retirement gift

ONGC’s current CMD Dinesh Sarraf may retire on September 30. However, he may get another job on superannuation: he is said to have been shortlisted to head the downstream regulator Petroleum and Natural Gas Regulatory Board.

Pradhan wants short initial term for new ONGC CMD

Petroleum Minister Dharmendra Pradhan has proposed to the ACC that Shashi Shanker, selected by the PESB as CMD for ONGC, be initially appointed for one year instead of five years during which his performance would be reviewed every quarter instead of after the first year. The reason for the Minister’s…

HPCL-ONGC merger okayed

The central government would sell its 51% stake in HPCL to Oil and Natural Gas Corporation to create an oil giant to compete with global rivals, according to a Cabinet decision announced on July 19. The process of the merger is expected to take a year. The deal is exempted…

Cabinet to decide shortly on merger of HPCL with ONGC

The Cabinet may take up in the next few days a proposal of Department of Disinvestment (DIPAM) for the amalgamation of the state-run refiner Hindustan Petroleum Corp Ltd with the giant oil explorer Oil and Natural Gas Corp. However, even after the Cabinet seals the proposal, it may take over…

Twists in selection of ONGC CMD

The PESB on June 19 selected Shashi Shanker (Director, ONGC) as its CMD. This was in line with the expectation in view of the company’s plans for acquisitions, mergers, and futuristic expansion. However, the timing of the selection result drew a lot of attention. Usually, the PESB announces its decision…

Shanker selected for ONGC top post

The public sector headhunter on Monday selected Shashi Shanker (Director- T&FS, ONGC) for the post of CMD, ONGC; a post which is scheduled to fall vacant on 30 September 2017. PESB today held the selection interview to select the successor of D K Sharaf – the outgoing CMD of ONGC….

It’s a big deal: Govt moots merger of oil PSUs to create larger entities

If one goes by the statement of oil minister Dharmendra Pradhan, it may seem that the government is in favor of creating large oil PSU entities. “The Budget has laid the policy. Integration is the need of the hour. Globally, M&A (mergers and acquisitions) is the trend in the oil…

ONGC net profit up 6%; announces bonus share

Oil and Natural Gas Corp has reported a six per cent rise in its second-quarter net profit and announced a bonus share to increase liquidity ahead of government disinvestment. Net profit of Rs 4,974.92 crore in the July-September quarter of the current fiscal was 6.2 per cent higher than Rs…

Honor for PSUs

  To credit public sector units for their role in boosting the economy, Dun and Bradstreet, global business information provider, on Monday launched a special section on “PSUs: Powering a Resurgent India”. The edition was released by Coal Secretary Anil Swarup.The winners of Dun & Bradstreet  Top PSUs Award, 2016…

ONGC paid Rs18,626 cr in excess subsidy on overstated crude output: CAG

The Comptroller and Auditor General has said ONGC over-reported its output by including condensate and off-gas output while referring to its method of measurement of crude production. In a report titled ‘Crude Oil Production Measurement and Reporting System in ONGC’ tabled in Parliament on Monday, the government auditor said ‘condensate’…

Chandrasekaran selected for Dir (E&D) OIL

Public Enterprises Selection Board today selected P Chandrasekaran for Director (Exploration & Development) Oil India Limited; a post which will fall vacant on 31 March 2017 when the incumbent Director Sudhakar Mahapatra will retire. Chandrasekaran currently serves with ONGC as GM (Geo). If everything would go well with Chandrasekaran he…

Many PSUs functioning without mandatory women directors

Maharatna PSUs like ONGC, Indian Oil and GAIL (India) are among the 20-odd public sector undertakings (PSUs) that do not have a woman director on their boards, in contravention of the requirements of the Companies Act, 2013, as well as SEBI norms. Other notable PSUs that fail to meet the…

ONGC to get Reliance & BG equipment free of cost

Following the government intervention, a joint venture led by Reliance Industries and BG Group is said to hand over drilling infrastructure from an abandoned Indian gas field to ONGC. The three parties are said to have signed a deal on Tuesday that will see the equipment handed over without charge,…

Pradhan invites UAE to invest in India’s oil and gas sector

Minister of State (Independent Charge) for Petroleum and Natural Gas Dharmendra Pradhan offered investors in the United Arab Emirates investment opportunities worth between $1.5-1.8 billion in projects of state-owned firms, according to a statement issued by his office. Pradhan who is visiting Dubai, addressed businesses leaders in the emirate and…

PSU award to ONGC, SJVNL, THDC, BEML, IREDA & NSPCL on Monday

Five Central Public Sector Enterprises will receive the SCOPE Excellence Award under institutional category from President of India Dr. Pranab Mukherjee on April 11 for 2013-2014. Oil sector giant ONGC will be conferred the award under the Maharatna/Navratna category whereas Sutluj Jal Vikas Nigam Ltd (SJVNL) and Tehri Hydroelectric Development…

ONGC to invest $5 billion in KG basin deepwater blocks

The ONGC board has approved a $ 5.076-billion field development plan for a portion of its deepwater oil and gas block in the Krishna-Godavari basin on the east coast. The investment translates into ₹34,012 crore and the total production estimated is 23.526 million tonnes of crude oil and 50.706 billion…

ONGC looking for overseas partners

Indianmandarins has learnt that ONGC is looking for partnerships with overseas oilfield service providers to boost output from its ageing oil and gas fields. Under the terms of the tie-up being discussed, firms such as Schlumberger NV and Halliburton Co will invest capital and share technical expertise in stagnant but…

ONGC to invest $4-5 billions in KG basin

State-owned Oil and Natural Gas Corporation plans to make a multi-billion dollar investment in the KG-DWN 98/2 Cluster 2 block in FY17, according to CMD DK Sarraf. “With the new gas pricing model, the discovery had become more viable for production,” Sarraf said, adding that the financing decision would be…

SCOPE Excellence Awards announced

The SCOPE Jury of Awards for Excellence & Outstanding Contribution to Public Sector Management under the chairmanship of Justice R.C. Lahoti, former Chief Justice of India along with Padma Bhushan Moosa Raza, former Secretary (Steel), Padma Bhushan Dr. M. B. Athreya, Renowned Management Consultant, C. Phunsog, former Chairman, PESB, Arvind…

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