Mr. R S Sharma, CMD, ONGC was in Dehradun on May 25, 2007 to interact with statutory Auditors for finalization of Annual Accounts for FY-07. He also took this opportunity to call on the Hon’ble Chief Minister of Uttarakhand, Major Gen. (Retd) B C Khanduri. CMD appraised the Chief Minister regarding various initiatives ONGC has taken for India’s Energy Security in the Global arena.

India’s national helicopter company Pawan Hans Helicopters Ltd. (PHHL) has paid a total dividend of Rs. 4.9 crore (20 per cent) to Oil and Natural Gas Corporation Ltd. (ONGC) for the fiscal 2005-06 (FY-06).

Mr. N K Mitra, Director-Offshore inaugurated the pilot project of telemedicine network from SLQ platform in Mumbai Offshore to Lilavati Hospital in Mumbai. Christened “Sagar Space Chikitsa”, the telemedicine system will provide instant as well as critical healthcare to over 2500 personnel stationed at 24 rigs and production platforms of ONGC.

The Board of MRPL in its meeting held on 11th May 2007 at New Delhi approved the Accounts of the Company for the year 2006-07.

The Board of Oil and Natural Gas Corporation Ltd. (ONGC), in its 165th meeting held on 10th May 2007, noted the following recently-achieved operational highlights:

Two Indian E&P majors Oil and Natural Gas Corporation Ltd. (ONGC) and Oil India Ltd. (OIL) today renewed their MoU for transportation of ONGC’s Assam Crude oil from its installations at Lakwa, Galeki, Rudrasagar and Borholla through pipe-lines owned and operated by OIL.

The Board of Oil and Natural Gas Corporation Ltd. (ONGC), in its 165th meeting held on April 10, 2007, has approved a number of growth-oriented investment proposals:

ONGC Videsh Ltd. (OVL) and its partner IPR Red Sea Inc., have made a significant new oilfield discovery in their first exploration well North Ramadan-1A in the North Ramadan Concession, Gulf of Suez, Egypt.

Oil and Natural Gas Corporation Ltd. (ONGC) has entered into service contracts for development of 14 onshore marginal fields with M/s Hydrocarbon Resources Development, M/s Deep Industries Ltd., M/s B G Shirke Construction Technology, M/s KEI – RSOS Maritime Ltd and M/s Shiv Vani Oil & Gas Exploration.

Oil and Natural Gas Corporation Ltd. (ONGC) has signed a Memorandum of Understanding (MoU) with the Ministry of Petroleum & Natural Gas, agreeing on a set of Performance Parameters and targets for the financial year 2007-08. The MoU was inked by Mr. M S Srinivasan, Secretary, MoP&NG and Mr. R S Sharma, CMD, ONGC in the Ministry on 29th March 2007.

Oil and Natural Gas Corporation Ltd. (ONGC) has signed a Memorandum of Understanding (MoU) with the Ministry of Petroleum & Natural Gas (MoP&NG), agreeing on a set of Performance Parameters and targets for the financial year 2007-08. The MoU was inked by Mr. M S Srinivasan, Secretary, MoP&NG and Mr. R S Sharma, CMD, ONGC in the Ministry on March 29, 2007.

Certain news items have appeared in a section of media on 26th March 2007 reporting that the joint venture agreement, between Mittal Steel group (Mittals) and HPCL for setting up a refinery at Bhatinda, violates the joint venture agreement which Mittals have with Oil and Natural Gas Corporation Ltd (ONGC). ONGC wishes to place on record that no such objection regarding the aforesaid joint venture has been expressed by ONGC management.

Mr. R S Sharma, CMD, ONGC received today a cheque of Rs. 864 crore toward the final and overall payment of all insurance claims in respect of the BHN accident against ONGC’s Offshore Package Policy. The cheque was handed over by Mr. M K Garg, CMD of United India Insurance Company (UIIC). With this, the total amount received by ONGC toward the BHN accident loss works out to around Rs. 1,700 crore, the largest ever insurance claim.

ONGC Videsh Ltd. (OVL) signed Exploration and Production Sharing Agreement (EPSA) with National Oil Corporation of Libya for Contract Area 43 on March 5, 2007 at Tripoli. The Contract Area 43 was awarded to OVL in the recently concluded 3rd Bid Round. The Contract Area consists of four blocks measuring total area of 7,449 sq km, and is located in Cyrenaica offshore in the Mediterranean Sea. The block boundaries extend from the coastline to the water depth of about 2,200 m.

Institute of Drilling Technology (IDT) on behalf of ONGC has entered into a Memorandum of Understanding (MOU) with the School of Petroleum Engineering, University of New South Wales (UNSW), Australia for a collaborative research project on ‘Well bore Stability Analysis and Formation Damage Study for Wells in ONGC Operational areas’.

ENI, Italy and ONGC, India have signed two parallel agreements today in Mumbai, India, for the swap of participating interests in exploration blocks located in India and Congo Brazzaville.

Oil and Natural Gas Corporation Ltd. (ONGC) and Gazprom has agreed to expand mutual co-operation in the Hydrocarbon and Power sector during the second meeting of their Joint Working Group, held at Goa. The protocol document was signed on 8th February, 2007 by Mr. R.S. Butola, the Managing Director of ONGC Videsh Ltd. (OVL) and Mr. A.I. Medvedev, the Deputy Chairman of the Board of Gazprom.

ONGC’s march towards mitigating climate change and environment protection got a boost as its first Clean Development Mechanism (CDM) project, has been registered by the United Nations Framework Convention for Climate Change (UNFCCC) on February 5, 2007. ONGC has thus earned the coveted honour to be the first central PSU to have a CDM project registered against its name.

The Board of Oil and Natural Gas Corporation Ltd. (ONGC), in its 163rd meeting held on January 30, 2007 has approved investment proposals to the tune of Rs 6152 Crore for following major projects in Western Offshore. Western Offshore contributes around 71% of the total Oil & Oil equivalent Gas of ONGC.

Summary of Q3 results (October–December 2006):

Encouraged by the positive partnership in the Sakhalin I Project, Rosneft Oil Company and Oil and Natural Gas Corporation Limited (ONGC) have decided to expand their relationship in other projects in Russia, India and third countries. An MoU to this effect was signed by R S Sharma, Chairman and Managing Director, ONGC, and Sergey Bogdanchikov, President of Rosneft.

An interim dividend of 180 per cent (Rs. 18 per share), has been declared by the Board of Oil and Natural Gas Corporation Ltd. (ONGC), in its 162nd meeting held in New Delhi, today. This is on the post-bonus expanded equity capital of ONGC. Earlier during the year, ONGC had issued bonus shares in the ratio 1:2, thus increasing its capital from Rs. 1,426 Crore to Rs. 2,139 Crore.

Union Labour Minister Mr. Oscar Fernandes has called for an insurance mechanism for protection of the working class. Speaking at the 26th National employee Relations Conference organized by SCOPE and ILO at New Delhi on 14-15th December 2006, the Minister said, “Globalization has affected the employment relations all over the world including India and cordial employment relations is a sine-quo-non of industrial growth”.

There are certain press reports covering acquisition of 50% stake in Lukoil’s subsidiary, Caspian Investment Resources by Mittal Investment. Relevant to this report, section of the media has raked speculative apprehensions about continuity of the Joint Venture between ONGC and Mittal Group in the form of ONGC Mittal Energy Ltd. (OMEL). To clarify the issues to all the stake-holders and the interested parties, the following clarifications are hereby issued jointly by ONGC and Mittal Investment Sarl.

MRPL bagged the First Prize in Category-I in the Jawaharlal Nehru Centenary Awards given for Energy Performance of the Refineries for 2005-2006.