Cabinet reduces ONGC’s burden of levies in pre-NELP oil blocks

THE Cabinet has changed pre-1999 oil and gas contracts to provide for proportionate sharing of statutory levies like royalty and cess among the operators of an area, and not put the entire burden on state-owned ONGC.
The Cabinet Committee on Economic Affairs (CCEA) also extended the special dispensation of marketing and pricing freedom to natural...

Modi launches OVL oil block project in Kazakhstan

PM Modi with Kazakh PM

ENERGY is high on the agenda of Prime Minister Narendra Modi's visit to five Central Asian countries and on July 7 PM Modi and his Kazakhstan counterpart Karim Massimov launched the first exploratory drilling of the Satpayev oil block by India's OVL and KazMunaiGaz.

They launched the drilling through live video conferencing.

ONGC Videsh Ltd. (OVL) -- the overseas wing of state-run ONGC -- had in 2011 picked...