The public sector oil companies are ready with a $6-billion war chest to develop a gigantic gas field off the Mozambique coast and converting the fuel into liquefied natural gas.

State-run ONGC, OIL and BPCL will in the next four years invest USD 6 billion in developing a giant gas field off the Mozambique coast and converting the fuel into LNG for export to nations like India, Oil Minister said.

Without naming the companies that failed to appoint at least one woman director within the stipulated deadline of March 31, Sebi announced a four-stage penalty structure wherein fines would increase with the passage of time.

The subsidy payment was in form of discount on crude oil it sold to refiners and its net realisation after the payout was $35.57 per barrel.

The Finance Ministry agreed to provide only Rs 5,085 crore in cash subsidy out of the Rs 15,981 crore of revenue losses incurred by fuel retailers.

ONGC, which in 2013 was ranked 22nd, improved one position in this year's ranking that is led by global giants Exxon Mobil Corp, Chevron and Royal Dutch Shell.

One reason for investor faith in this public sector behemoth is clearly the coming to power of the new Narendra Modi-led National Democratic Alliance government.

The oil and gas sector is in the news again. The reason is the turmoil in Iraq, which is facing attack by a rebel group, the Islamic State in Iraq and the Levant.

The government has ordered Oil and Natural Gas Corp (ONGC) to pay a near-record Rs 13,764 crore as fuel subsidy for the December quarter, a move that will dent the firm's profitability.

Experts tell Money Today about their expectations from the various sectors. While business sentiment and policy reforms should pick up after the general elections in 2014, the investment cycle may take time for any significant revival.

The government approved acquisition of 20 per cent stake by ONGC Videsh (OVL) and Oil India (OIL) in a giant Mozambique gas field that is estimated to hold as much as 65 trillion cubic feet of gas.

Majority stakes in both these companies were sold to Vedanta group during 2001-2003 and now the government has a residual stake of 29.5 per cent stake in Hindustan Zinc and 49 per cent stake in Bharat Aluminium Company (BALCO).

Indraprastha Gas Ltd is keen to buy Asian Development Bank's 5.2 per cent stake in Petronet LNG Ltd, the nation's largest liquefied natural gas importer.

Qatar Petroleum has expressed interest in buying a 5.2 per cent stake in Petronet LNG Ltd, a potentially conflict of interest proposition as it will give the gas supplier a vantage position in India's largest fuel importer.

The PSUs -- Indian Oil, Oil & Natural Gas Corp, Bharat Petroleum and GAIL India -- had previously evinced interest in buying the ADB stake but the Oil Ministry blocked the move as it would have turned Petronet into a public sector company.

According to the open offer, GSPC along with its subsidiaries are proposing to acquire up to 33,345,000 fully paid up equity shares of Rs 2 each in GGCL at Rs 314.17 apiece.

Indian Oil Corp, Oil and Natural Gas Corp and Bharat Petroleum have decided not to press for acquiring Asian Development Bank's stake in Petronet LNG Ltd.

India's overseas oil and gas exploration has been floundering for a while. The latest in the litany of troubles involves the biggest player, ONGC Videsh Ltd, which has 30 assets in 15 countries. Could this have been avoided?

Leading Supreme Court lawyer and crusader against corruption Prashant Bhushan has in a letter addressed to finance minister Pranab Mukherjee questioned the proposal under consideration of the government on legal grounds.

The red herring prospectus (RHP) is likely to be filed with market regulator Securities and Exchange Board of India (Sebi) on September 5.