Dalal Street

Oil and Natural Gas Corporation has announced that ONGC Videsh Ltd has bagged two exploration blocks in Brazil, viz. deepwater block 470 in the highly prospective espirito santo basin and shallow water block 1413 in another highly prospective Santos basin, amid stiff competition from International companies on 27 November 2007.

The first development well for coal bed methane (CBM) has been spudded on December 2007 at the drill-site Pad-B in Parbatpur, near Bokaro Steel City of Jharkhand.

ONGC achieved the unique distinction of becoming the first-ever Indian company in the Fortune Magazine’s annual (2007) list of the world’s most admired companies. This is based on a survey of Fortune Companies across the globe, conducted by the Fortune magazine, in association with Hay Group.

The board of Triton Corp has approved the splitting of the face value of the equity shares of the company from Rs 2 per share to Re 1 per share. It was decided to convene an extra ordinary general meeting of the members of the company on 04 February 2008 to obtain the approval of shareholders for the said splitting of equity shares of the company.

Further, the board has also approved investment upto 51% stake in Sapphire Global, a company based in U.K.

JCT has announced that Dakshidin Corporation producers of the worlds most powerful water pumping windmill, and the company jointly announce that they have signed a memorandum of understanding for distribution and manufacturing capabilities of Dakshidin’s RESTEC windmills in India.

The company has a strong position and efficient distribution within India and abroad. In addition to the distribution of Restec’s windmills, the project aims to eventually manufacture the products as well.

Aban Offshore just a while ago told us that subsidiary of the company has entered into a contract with Chevron Offshore (Thailand) for provision of the jack-up drilling rig, deep driller 2. The contract with Chevron will be for an estimated duration between 5 and 7 months for drilling operations offshore Thailand. This contract will commence around end of December 2007. The contract value is approximately US $ 28 million to US $ 40 million.