ONGC Ready to Spend $15B on Acquisitions

Thursday, February 09, 2006
Oil and Natural Gas Corp Ltd will invest $3 billion next year to raise domestic production and is ready to spend $15 billion on overseas acquisitions to feed India’s energy needs. State-run ONGC, which produces more than 80 percent of India’s oil, plans to boost domestic output by about 12 percent to 30 million tons by 2009/10 through new exploration and improving yields from existing fields. ONGC, which is eyeing oil fields in Kazakhstan and Nigeria, had been investing $1 billion every year in its overseas operations in the last five years. ONGC has also lined up big-budget investments in oil retailing, power and petrochemicals, despite pressure from India’s oil ministry not to venture into non-core sectors. ONGC could invest up to $15 billion in three refineries and two petrochemicals complexes in the next few years. (Source: Daily Times)
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Navios Charters Out Newbuild MR2 Product Tanker

Navios Maritime Acquisition Corporation (Navios Acquisition), an owner and operator of tanker vessels, announced that the Nave Luminosity, a newbuilding MR2 product tanker of 49,

Ingram Barge Order 20 Tank Barges for 2015

Ingram Barge Company say they will be building 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank barges have come through acquisitions,

Finland Grants Support to Three Small LNG Terminals

The Finnish government granted 65.2 million euros (84.22 million US dollar) in subsidies to build three small liquefied natural gas (LNG) terminals to cut on use

Energy

Deep Sea Mooring Wins Contract with Repsol

Global energy company Repsol has selected Deep Sea Mooring (DSM) to provide a range of mooring services for their drilling operations on the Norwegian Continental Shelf.

Statoil: New Compressor Means Heightened Production

The new compressor in operation on the Kvitebjørn field in the North Sea from 17 September will increase production there by 220 million barrels of oil equivalent

China's Navy Enters Strait of Hormuz

Bandar Abbas, home of Iran's navy and the main port in the strategically important Strait of Hormuz, is currently hosting two Chinese naval vessels on a five-day goodwill visit,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1998 sec (5 req/sec)