Sep 20, 1999|
Bombay High, Neelam may be put on the block
According to newspaper reports, the government is planning to offer two oil fields, Bombay High and Neelam, as well as some discovered oil fields to foreign oil companies. The move has been prompted by the deterioration in domestic crude oil production over the years.
The Oil and Natural Gas Commission (ONGC), which oversees the production from these oil fields has appointed consultants to look into the causes of decline and stagnation in production over the years.
Domestic demand for crude has been consistently posting higher rates of growth as compared to the growth in domestic crude oil production. However, due to the fall in international crude prices, the adverse effects of this burgeoning gap were postponed. Until now.
With crude oil prices having rebounded to US$ 23 levels, India's trade deficit as well as the oil pool deficit have again highlighted the need for a more vibrant domestic oil production industry. The government's move, although still uncertain, is a welcome measure, which will help India achieve a higher level of self-sufficiency as far as its crude needs are concerned.
However, the lack of political will, to privatise public sector units and improve overall efficiency may hinder this process. Moreover, with the fear that once again a weak coalition government will take charge at the centre, the task to privatise may become all the more challenging.
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Mar 27, 2017
GAIL (India) Ltd has announced results for the quarter ended December 2016. reported 9.4% year on year (YoY) decline in sales, while bottom-line grew 45.4% YoY.
Mar 17, 2017
ONGC has announced results for the quarter ended December 2016. The company has reported 9.2 % year on year (YoY) growth in sales, while bottom-line grew 197% YoY.
Jan 24, 2017
Oil India Limited announced results for the quarter ended September 2016. The company has reported an 6.5% and 7.8% Year on Year (YoY) decline in sales and net profit respectively during the quarter.
Dec 3, 2016
GAIL (India) Ltd has announced results for the quarter ended September 2016. The company has reported 16 % year on year (YoY) decline in sales, while bottom-line grew 180% YoY.
Nov 3, 2016
ONGC has announced results for the quarter ended September 2016. The company has reported 10.3 % year on year (YoY) decline in sales, while bottom-line grew 6.3% YoY.
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Aug 7, 2017
The data tells us quite a different story from the one the government is trying to project.
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The India VIX is up 36% in the last week. Fear has gone up but is still low by historical standards.
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