ONGC acquires 80% of GSPC‘s K-G field
ONGC has announced its decision to acquire the entire 80 per cent stake in interest of Gujarat State Petroleum Corporation Ltd’s (GSPC) block in the Krishna- Godavari basin at US$995.26 million.
Month: December 2016
Cabinet approves part-acquisition of Russian fields
The Cabinet Committee on Economic Affairs has given approval to an Indian Consortium comprising Oil India Limited (OIL), Indian Oil Corporation Limited (IOCL) and Bharat Petro Resources Limited (BPRL) to acquire a 23.9 percent stake in JSC Vankorneft and 29.9 percent stake in LLC Taas-Yuryakh from Russia’s national oil company, the Rosneft,.
Output Cut is a Temporary Reprieve
OPEC has agreed to reduce current production levels in the first such move since the 2008 global financial crisis. The deal marks a major reversal of the “free-for-all” market-share strategy that Saudi Arabia and other Gulf Arab states have adopted in recent years as they sought to drive down prices and undermine US shale producers.