The nation's largest energy driller ONGC hopes to complete the acquisition of the state-run oil marketer Hindustan Petroleum Corporation by March, chairman and managing director Shashi Shanker said.

Selling 60 per cent stake in 11 oil and gas fields of state-run ONGC has some strong positives - it will bring in private investment and global majors to buy into India's energy story.

It's not just Air India where the government is looking to sell its stake. Finance Minister Arun Jaitley on Friday launched 'Bharat 22' Exchange Traded Fund to divest government assets in 22 state-run and private firms.

Oil and Natural Gas Corp will buy government's 51.11 per cent stake in HPCL but will not have to make an open offer as the government's holding is being transferred to another state-run firm and the ownership isn't changing.

The Department of Investment and Public Asset Management (DIPAM), ministry of finance, has moved the proposal for consideration of the Cabinet Committee on Economic Affairs (CCEA), said the source who could not be named because the information is not public.

Russia is looking at selling 19.5 per cent of state oil champion Rosneft OJSC, preferably to India and China. \"Our companies are looking into the offer. They are mulling if they can take some of that equity. They are looking into it,\" Petroleum Minister Dharmendra Pradhan said.

BPCL and Oman Oil Company could make a public share offer next year if a deal is not sealed.

With volatile market conditions, the government has so far this fiscal been able to divest 5 per cent stake each in REC and PFC.

Finance Ministry has moved a Cabinet note for inter-ministerial consultations for selling 2.16 crore shares in BPCL through a public offer, official sources said.

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.

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.

\"Equity markets traded dull for most part of the session on Friday but profit taking in the last hour pushed indices in red,\" said a Religare Securities analyst.

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.

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.

ONGC Videsh (OVL) and Oil India will split equally the 10 per cent stake they acquired in a giant Mozambique gas field from Videocon Group for $2.475 billion.

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.

While ONGC Videsh Ltd, the overseas arm of India's biggest explorer, and OIL made a joint bid for the stake offered by US explorer Anadarko Petroleum Corp and Videocon Group, state gas utility GAIL India shunned the offer as it felt the asking price of around $4 billion was too high.

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).