ONGC inches ahead
ONGC rose 0.7% to Rs 861.50, on reports that it is gearing up to produce 20 million tonnes of foreign oil and oil equivalent gas by 2020.
The ONGC scrip has surged since late-October 2006. Market men say, the stock is getting rerated upwards ahead of the IPO of Cairn Energy. From Rs 789.30 on 27 October, it surged to Rs 877.70 on 3 November. It retracted later to Rs 855.45 by 8 November 2006.
Meanwhile, ONGC Videsh is planning to bring the first two cargos of crude oil of 7,00,000 barrels each, from Sakhalin-1 project in Russia to India. ONGC has a 20% stake in Sakhalin-1.
Recently, Oil and Natural Gas Corporation (ONGC) and the Hinduja Group announced intentions for a joint venture to pursue oil exploration and production business globally. ONGC is expected to be the major stakeholder in the proposed tie-up with 49.8%. Hinduja-promoted Ashok Leyland Project Services (ALPS) will hold 48.02% and foreign institutions and banks will have the remaining 2%. The joint venture will look at sourcing LNG at competitive terms.
ONGC is also looking at joint ventures with State-owned oil companies of Russia to acquire oil and gas assets. The joint ventures will look for properties in Russia and other countries but not India. In the proposed joint venture, the Russian company will hold 51% stake while ONGC will own the remaining 49%.
The ONGC scrip has surged since late-October 2006. Market men say, the stock is getting rerated upwards ahead of the IPO of Cairn Energy. From Rs 789.30 on 27 October, it surged to Rs 877.70 on 3 November. It retracted later to Rs 855.45 by 8 November 2006.
Meanwhile, ONGC Videsh is planning to bring the first two cargos of crude oil of 7,00,000 barrels each, from Sakhalin-1 project in Russia to India. ONGC has a 20% stake in Sakhalin-1.
Recently, Oil and Natural Gas Corporation (ONGC) and the Hinduja Group announced intentions for a joint venture to pursue oil exploration and production business globally. ONGC is expected to be the major stakeholder in the proposed tie-up with 49.8%. Hinduja-promoted Ashok Leyland Project Services (ALPS) will hold 48.02% and foreign institutions and banks will have the remaining 2%. The joint venture will look at sourcing LNG at competitive terms.
ONGC is also looking at joint ventures with State-owned oil companies of Russia to acquire oil and gas assets. The joint ventures will look for properties in Russia and other countries but not India. In the proposed joint venture, the Russian company will hold 51% stake while ONGC will own the remaining 49%.
posted by SY at 6:11 PM
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