India’s state-backed Oil & Natural Gas Corporation (ONGC) (NSE:ONGC) is considering placing more offers for Russian energy assets that western majors, such as Shell (LSE:RDSA), BP (LON:BP), and ExxonMobil (NYSE:XOM), are seeking to divest following Russia’s invasion of Ukraine, the Economic Times reported yesterday.
South Asia, which includes India, Pakistan, Sri Lanka, and Bangladesh, is slowly following the rest of the world in the transition towards cleaner energy systems. The subtle shift opens potentially large market opportunities for energy service suppliers.
Petroneft Resources has posted a pre-tax loss for 2015 of $7.7million after its work programme delivered only a small rise in production.
The activist shareholder attempting to oust the majority of PetroNeft Resources board has it of squandering almost $250million.
Rosneft has signed an MOU (Memorandum of Understanding) with Oil India and Indian Oil Corp.
PetroNeft has heralded its “transformative year” in the wake its of Oil India farmout deal. The firm, which owns and operates licences 61 and 67 in the Russian basin, confirmed plans to move ahead with production in its latest company results.