ONGC VIDESH
ONGC uses stuck Russian dividend dues for Sakhalin fund, seeks operatorship of Venezuela oilfields
ONGC has utilized funds from its Russian dividends to meet its obligations for the Sakhalin-1 abandonment fund. The company is negotiating with Venezuela's PDVSA to take operational control of the San Cristobal and PetroCarabobo projects. This move is expected to enhance ONGC's ability to recover historical dividends and improve cash flow management. Discussions with relevant parties have progressed, and new agreements are anticipated soon.
ONGC Q2 profit jumps 57% to Rs 15,489 crore on higher oil prices, rupee depreciation
ONGC has reported a significant 57% increase in quarterly profit, reaching Rs 15,489 crore. The profit surge is attributed to higher oil and gas prices combined with rupee depreciation. Gross revenue also rose by 33% to Rs 43,875 crore during the July-September quarter. The company announced an interim dividend of Rs 8 per share, marking its highest-ever interim dividend.
ONGC Q2 Results: Consolidated PAT jumps 47% YoY to Rs 18,535 crore; co declares interim dividend Rs 8/share
ONGC reported a 46.9% YoY rise in consolidated Q2 FY27 profit to Rs 18,534.82 crore, while revenue grew 25.6%. The company declared an Rs 8 interim dividend and approved a Rs 10,000 crore loan to ONGC Videsh.
India, Azerbaijan move to reset ties, boost energy investments and connectivity
Delhi and Baku are currently taking steps to improve bilateral relations through enhanced economic cooperation and connectivity initiatives. After a positive meeting, the Foreign Ministers of both nations emphasized the importance of the International North-South Transport Corridor. There has been a notable increase in Indian investment in Azerbaijan's energy sector, with cumulative investments reaching $1.26 billion. Additionally, both countries are working to strengthen security cooperation against transnational crime.
Russian crude deliveries to India crossed $43 billion in 2025 and rose 25% in the first half of 2026
Russia is strengthening its role as a key energy partner for India, supplying about half of its oil imports, with crude purchases exceeding $43 billion in 2025. A senior Russian diplomat said deliveries rose 25% in the first half of 2026, while both countries are exploring investments across oil, gas and nuclear energy.
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ONGC chairman selection: Seven shortlisted candidates to face second round of interviews
Seven candidates have been shortlisted for the ONGC chairman and managing director post, with a second round of interviews expected this week. The shortlist includes Oil India CMD Ranjit Rath, ONGC Videsh MD Rajarshi Gupta and senior executives from ONGC, OVL, MRPL and Indian Oil.
Oil shipments to India face delivery hurdles on Mideast snarls
Indian refiners face disrupted oil shipments from the Middle East. Bharat Petroleum and Indian Oil experienced delayed crude oil deliveries. These disruptions force refiners to seek costly alternative oil supplies. Simultaneously, Russian oil flows are also under pressure. This situation highlights ongoing challenges for India's energy security.
ONGC Videsh eyes Venezuela oil assets after US green light
An Indian investment team is reviewing Venezuelan oil assets after receiving US government approval. This visit marks the first such trip in several years for the company. The team plans to see oil fields and meet with Venezuelan energy officials. They are keen to become operators of existing oil projects and enhance production. This development occurs as Venezuela's oil sales to India are recovering.
ONGC plans $200 million investment to revive Venezuela oilfield
ONGC plans a $200 million investment to revive Venezuela's San Cristobal oilfield. The company secured a US license for continued operations and future investments. ONGC aims to restore production to its previous peak output levels. This revival could help recover over $500 million in stuck dividends. The investment will be made over the next twelve months.
BPCL inks crude purchase pact with Brazil's Petrobras
Bharat Petroleum Corporation Ltd (BPCL) has entered an annual crude purchase agreement with Brazil's Petrobras, which includes a possible extension for another year. Additionally, Petrobras has signed preliminary agreements with ONGC Videsh and Oil India to jointly explore India's deep and ultra-deep offshore regions. These agreements focus on exploration, production, and decarbonization opportunities.
ONGC Videsh raises $420 million from DBS and BoB banks
Both the banks are meeting prospective lenders in a bid to distribute the loan to a wider network of banks across Asia, people familiar with the transaction said. "This is a five-year loan raised at about 125 basis points above the corresponding benchmark secured overnight financing rate (SOFR) and is likely to be syndicated to other lenders in the region by next month," one of them said.
ONGC Videsh keen on Sri Lankan oil and gas blocks
Oil and Natural Gas Corp (ONGC) is keen on exploring oil and gas reserves in Sri Lanka, said a company executive on Wednesday. Rajarshi Gupta, the managing director of ONGC Videsh, disclosed that the company is eagerly anticipating the release of Sri Lanka's strategic plan for the oil and gas sector, often referred to as the "roadmap," which would guide their future actions in the region.
OVL gets extension for five projects
ONGC Videsh has been present in Myanmar, Bangladesh, Vietnam, South Sudan and Columbia for years. In some projects, it has made discoveries and also put them into production while in others, it is looking for a commercially viable find. The massive Mozambique gas project in which ONGC as well as a few other Indian state-run firms are invested has yet to take off due to the security situation in that country.
Rajarshi Gupta takes over as Managing Director of ONGC Videsh
"Rajarshi Gupta has more than 33 years of wide-ranging experience in supervisory, managerial and strategic planning capacities in domestic and international operations of ONGC and ONGC Videsh," the company said in a statement adding he took over on July 19.
ONGC Videsh Limited announces new discovery in Colombia
The company has made an oil discovery in the recently drilled well, Urraca-IX, in CPO-5 block, Llanos Basin, Colombia. Well, Urraca-1X was spudded on 20th April 2022 and drilled to target depth (TD) of 10956 ft., encountering 17 ft thick oil-bearing sands at a depth from 10201ft -10218 ft, the ministry said.
Sudan admits it owes $100 mn to ONGC Videsh
ONGC Videsh, the overseas arm of the state-run explorer, has been engaged in an arbitration with Sudan for over three years to recover its oil and pipeline construction dues. ONGC and its Chinese and Malaysian partners have already exited the oil blocks 2A and 4 in Sudan at the centre of the dispute.
ONGC Videsh plans to raise $525 million to redeem bonds set to mature soon
ONGC Videsh, the overseas arm of the state-run explorer Oil and Natural Gas Corp, is in talks with half a dozen foreign and domestic banks for the loan and expects to close the deal this month and draw down next month, sources say.
ONGC Videsh output may fall in FY21 on natural decline, OPEC+ supply cut
ONGC Videsh produced about 15 million metric tonnes of oil equivalent (mmtoe) in 2019-20, marginally higher than 14.83 mmtoe in 2018-19, mainly on increased production of gas, according to people familiar with the matter.The combined output from overseas fields for all Indian companies marginally declined to 24.5 mmtoe in 2019-20 from 24.7 mmtoe in the previous year.
ONGC Videsh board may consider listing of company at next meeting
The government has been pushing ONGC Videsh, the fully-owned unit of the state-run Oil and Natural Gas Corp, to go public.
ONGC Videsh makes two new oil discoveries in Colombia, Brazil
ONGC Videsh struck an oilfield in Colombia and a major natural gas discovery in the deep offshore exploration in Brazil thereby strengthening its reserves in Latin America. Earlier in 2017 and 2018, OVL had discovered Mariposa-1 and Indico-1.
ONGC Videsh to pump $150 million in Colombia, Kazakhstan & Bangladesh
ONGC Videsh, which operates the CPO-5 block of Colombia, has made a commercial discovery in its exploration well Mariposa-1.
ONGC Videsh swings back to profit; FY17 net at Rs 701 crore
Consolidated production of Crude Oil and Oil Equivalent Gas during FY’17 was higher by 44%.
ONGC Videsh revises proposal for Iran’s Farzad gas block
An OVL-led consortium had already submitted a $3 bn development plan to Iran to develop an offshore field in Farzad B, which holds 12.5 tn cubic feet in reserves.
ONGC Videsh Ltd submits $ 10 billion proposal to Iran for Farzad-B gas field
A consortium of OVL, Oil India Ltd and Indian Oil Corp had discovered the 12.8 trillion cubic feet of gas reserves in the Farsi block in 2008.
ONGC Videsh seeks tax parity with ExxonMobil
ONGC Videsh, partner in the project, has decided not to join the arbitration but seek tax parity.
ONGC Videsh Ltd follows Rosneft, to pledge future oil for $700 million loan
ONGC Videsh Ltd might pledge future oil production to raise $700 mn for bankrolling $4 billion acquisition of stake in a Mozambique gas field.
ONGC Videsh led-group to hike investment in Venezuela
NGC Videsh has already invested $350 million and intends to pump in an additional $500 million in the San Cristobel oil field there.
OVL's financial powers may get 10-fold boost
Ministry sources said the plan on the drawing board envisages giving ONGC Videsh powers to decide investments of up to Rs 3,000 crore.
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