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  #1  
22nd May 2015, 03:59 PM
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Oil and Natural Gas Corporation Limited Mittal Energy

I am looking for Oil and Natural Gas Corporation Mittal Energy Limted (OMEL) annual report, will you please provide here, or tell me from where I can get that annual report as a PDF format as soon as possible???
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  #2  
23rd July 2018, 11:42 AM
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Re: Oil and Natural Gas Corporation Limited Mittal Energy

Can you provide me some details of the Company - ONGC Mittal Energy Ltd (OMEL) - joint venture of Oil and Natural Gas Corporation and Mittal Investments Sarl?
  #3  
23rd July 2018, 11:42 AM
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Join Date: Aug 2012
Re: Oil and Natural Gas Corporation Limited Mittal Energy

Oil and Natural Gas Corporation and Mittal Investments Sarl, one of the investment arms of the L.N. Mittal group, entered into two MoU to form two overseas joint ventures companies ONGC Mittal Energy Ltd (OMEL) and ONGC Mittal Energy Services Ltd (OMESL).

The company was formed in 2006 to source equity oil and gas from abroad for securing Indias energy independence.

As of 2018, two joint ventures of steel baron Lakshmi Niwas Mittal with ONGC Videsh Ltd are shutting shop, documents filed with the Registrar of Companies (RoC) show.

The first venture, ONGC Mittal Energy Ltd (OMEL), has ONGC Videsh holding 49.98% and Mittal Investments 48.02%. SBI Capital Markets holds the balance 2% stake.

The company had no operations for a long time and the board decided to discontinue the operations. It was decided by the board to strike off the name of the company from the register of companies.

For the year ended March 2017, OMEL reported a loss of Rs166,623 against a loss of Rs127,000 for the year to March 2016. Closing balance of profit and loss account for 2017 stood at Rs500,000 against Rs333,377 for 2016, according to the report.

OMEL, through its Nigerian subsidiaries, held participating interests in three Nigerian exploration blocks OPL-246, OPL-279 and OPL-285. It had also invested in a producing block in Syria.

OMEL had in November 2006 paid $100 million to win the OPL-246 block in Nigeria. It had paid a signature bonus of $50 million for OPL-285 and $75 million for OPL-279.

OMEL added that the Syrian investment is presently affected by political unrest in Syria and the management is keeping track of the political situation in Syria.

The second venture, ONGC Mittal Energy Services Ltd, a wholly owned subsidiary of OMEL, was to be involved in trading and shipping of oil and gas (including LNG) sourced by OMEL from abroad.


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