The Oil Ministry has sent a USD 315 million notice to ONGC, Videocon, Cairn and Ravva Oil, joint venture partners in the Ravva oil field in Andhra Pradesh.
The Oil Ministry has sent a USD 315 million notice to ONGC, Videocon, Cairn and Ravva Oil, joint venture partners in the Ravva oil field in Andhra Pradesh.
Ministry sources told CNBC-TV18's Nayantara Rai that Ravva has been, since 2011, deducted USD 315 million in violation of the production sharing contract and has written to the company asking why it should not be deducted from crude that state-run oil companies HPCL and MRPL buy from the field.
In 2004, the government had initiated an arbitration against Cairn in Kuala Lumpur with respect to a dispute in the production sharing contract. The panel ruled in the government's favour.
ONGC , Videocon , Cairn and Ravva Oil hold a 40 percent, 25 percent, 22.5 percent stake and 12.5 percent, respectively, in the oil field.
ONGC stock price
On July 14, 2014, Oil and Natural Gas Corporation closed at Rs 402.30, up Rs 6.35, or 1.60 percent. The 52-week high of the share was Rs 472.00 and the 52-week low was Rs 234.40.
The company's trailing 12-month (TTM) EPS was at Rs 25.83 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 15.57. The latest book value of the company is Rs 171.29 per share. At current value, the price-to-book value of the company is 2.35.
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