ONGC has successfully placed its Offshore Package Insurance Policy, one of the largest insurance policies obtained by any Indian company, at an annual gross premium of approximately US$ 29.025 Million, exclusive of Service Tax. ONGC has been able to maintain the insurance premium of the Policy for this Policy year 2008-09 (11th May 2008 to 10th May 2009) at almost the same gross premium as last year despite an overall upward revision of around 32% in the insured asset value, from US$ 15.89 Billion to US$ 21 Billion.
ONGC has signed a farm-out agreement with MOL Hungarian Oil and Gas Plc under which the Budapest-based firm will acquire a 35 per cent interest in an onshore exploration block HF-ONN-2001/1 in Himalayan foothills of India. The assignment under the farm-out agreement is subject to approval of the Government of India.
New Delhi, 7th May 2008. Mangalore Refinery & Petrochemicals Ltd, an ONGC Group Company and a Mini Ratna I, announced its audited results for Q4 and for Financial Year 2007-08., recording scorching growth and setting benchmarks in performance.
