ONGC to invest Rs 7,327 cr; May take control of HPCL to create oil giant

MAHARATNA PSU Oil and Natural Gas Corporation (ONGC) will invest Rs 7,327 crore in developing four oil and gas projects, including the Ratna field which it had got back from Essar Oil. The Board of ONGC approved an investment of Rs 4,104.63 crore in development of R-Series fields including revival of R-12 (Ratna), the PSU said in a statement. Ratna field was discovered in 1979 and put on production in 1983 which continued till 1994. The Government awarded the contract for...

‘Merged PSU energy giant to have global edge’

IN A big move, Finance Minister Arun Jaitley in his Budget speech proposed merger of state-run energy PSUs to create a behemoth to compete with the global counterparts. The move by finance minister aimed at creating an integrated oil behemoth, which could potentially top $100 billion in market value and enter the league of global oil heavyweights.
The will provide India the muscle to acquire assets abroad and negotiate better, but the business model of the new entity thus created will be...

Will government’s move to merge oil PSUs result in creation of oil giant?

UNION Finance Minister Arun Jaitley while presenting the General Budget announced something really big for the oil PSUs. “The Government will encourage strengthening the CPSEs through consolidation, mergers and acquisitions and soon create an integrated public sector ‘oil major’,” the Union Minister said.
Jaitley said the CPSEs will be integrated across the value chain of an industry through consolidation, mergers and acquisitions. “By these methods it will give them capacity to bear higher risks, avail economies...

Oil PSUs merger: Dharmendra Pradhan bats for it

Petroleum minister Dharmendra Pradhan

UNION Petroleum & natural gas minister Dharmendra Pradhan has batted for the merger of state-owned oil firms saying it could create synergy and boost efficiency. He adds that the idea is worth discussing. “Both ONGC and OIL (the exploration companies) are taking a hit on profits. The issue had recently been flagged by a director of one of the PSUs that it was in the interest of the E&P firms...