Due to the strike by the oil companies, power supply in the Capital has gone for a toss.

Oil and Natural Gas Corporation’s (ONGC) coal bed methane (CBM) development at Jharkhand and West Bengal have encountered road block due to technical problems in bringing the recently drilled high capacity fish bone wells into production.

Assam Company has extended its discovery and production asset portfolio by adding one more Block — AA-ONN-2005/1, which was won by the company along with Oil and Natural Gas Corporation (ONGC) and Oil India (OIL).

State-owned Hindustan Petroleum Corporation (HPCL) is expected to significantly raise its stake in Mangalore Refinery and Petrochemicals (MRPL) from the present level of 16.97%.

Oil and Natural Gas Corporation (ONGC)’s overseas financing arm, ONGC Videsh (OVL), which lately received government’s sanction for the Imperial bid is expected to borrow a rupee equivalent of $1 billion to part-fund the buyout of the UK-headquartered Imperial Energy.

Due to a fall in crude prices that has significantly dipped down the return prospects of the 1.4 billion pound investment, oil major Oil and Natural Gas Corporation (ONGC) may require a fresh Cabinet sanction for acquiring UK-listed Imperial Energy Plc.