The Cabinet Committee on Economic Affairs has approved ONGC Videsh Ltd's proposal to invest $820 million for acquiring US energy giant ExxonMobil's interests in an oil field located off the Brazilian coast.
ONGC Videsh Ltd, the overseas investment arm of Oil and Natural Gas Corporation (ONGC), has signed a joint venture agreement with Petroleos de Venezuela S.A. (PdVSA) to take 40 per cent stake in the San Cristobal oilfield in Venezuela. Under the agreement, OVL and PdVSA will develop the field from its current production level of 20,000 barrels per day to 40,000 barrels per day, company officials said. OVL will make a total investment of $ 355.738 million comprising signature.
Lower bank rates the main draw; $6 bn to be raised in next few months.
Besides IOC, ONGC Videsh Ltd has also sought two discovered fields from the 16 fields that Iran is likely to put on auction shortly
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), is in talks to acquire stakes in two oil blocks in Sudan, a nation which is the Indian flagship is largest overseas oil producing base.
Sources said government headhunters Public Enterprise Selection Board had on September 29 last year, named Butola as its most preferred choice to head the nation's largest oil firm.
Petroleum Minister Murli Deora will meet Russian Prime Minister Vladimir Putin in Moscow on Wednesday in an effort to secure energy assets, including UK-listed Imperial Energy Plc.
The offer was made during the ongoing high level visit of the Norwegian crown price to India.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, has begun drilling for oil in Farshi offshore block of Iran.
The government delay in approving ONGC Videsh Ltd's investment in two oil exploration blocks in Nigeria has cost the Indian flagship firm a majority stake, Subir Raha, chairman, ONGC said.
ONGC Videsh Ltd, the wholly-owned subsidiary of Oil and Natural Gas Corporation, announced that it has acquired 15 per cent in UK-listed Imperial Energy and formally launched a negotiated takeover bid for the company at $2.6 billion (equivalent to around Rs 11,500 crore), which the company's board has approved.
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, will invest close to $150 million in the seven oil and gas blocks it recently acquired in Cuba.
ONGC Videsh, Indian Oil Corporation and Oil India have together proposed to invest $3 billion in developing the Farsi gas field in Iran.
Korean National Oil Corporation had moved court after the Nigerian government cancelled its licence for block 321 and 323 and decided to restore them to OVL, the overseas arm of India's Oil and Natural Gas Corporation. Media reports from Abuja said a Federal High Court restrained the Federal government from interfering with operations of the two oil blocks.
Kazakhstan will give ONGC Videsh Ltd an oil block in the Caspian Sea.\n\n
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp, is eyeing oil and gas properties in West Africa, CIS countries and Latin America with plan to invest one billion dollars a year in acquiring equity oil.
Imperial Energy, which operates in Siberia's Tomsk region and far eastern Kamchatka, has no strategic fields and deposits under its control, business channel RBC TV reported quoting sources in the natural resources and environment ministry. The London-based oil company owns a number of licences and hopes to produce 35,000 barrels per day (bpd) by the end of 2009 and 80,000 bpd by 2011, which could be directly exported to energy-hungry India.
In an effort to stem a possible counter-bid by China's Sinopec and others, ONGC Videsh Ltd, the overseas exploration subsidiary of state-owned Oil and Natural Gas Corporation, has through its advisor Deutsche Bank approached the large institutional investors of Imperial Energy to acquire their holdings.
ONGC Videsh Ltd has sold one million barrels of crude oil out of its share from a Sudan oil project to China for over $25 million, Minister of State for Petroleum & Natural Gas Sumitra Mahajan told Rajya Sabha on Tuesday.
The Kazakhstan government has assured India that it will consider allowing ONGC Videsh Ltd to acquire a share in the assets of Canadian oil company Petrokazakhstan, a top government official said.
Indian flagship overseas explorer ONGC Videsh Ltd and its partners have signed an agreement to develop a $20 billion oil project in Venezuela that will give energy-deficient India 3.6 million tonnes a year of crude.
ONGC Videsh Ltd, the foreign arm of state-owned Oil and Natural Gas Corporation, may tie-up with Chinese firm Sinopec to make a joint bid for at least 50 per cent stake in a Colombian oil field.
ONGC Videsh Ltd has much riding on $150 million investment plans in gas and oil exploration that Petroleum Minister Murli Deora says is critical for India's energy security. But apart from this, Myanmar apparently offers rich potential in engineering, fertilisers, tourism and pharmaceuticals for the private sector.
ONGC Videsh Ltd and Oil India Ltd-Indian Oil Corp combine have won an oil block each in Libya. \n
Reliance Industries Limited has hived-off its overseas oil and gas projects into a separate wholly-owned company based in Dubai and is eyeing a tie-up with ONGC Videsh Ltd to jointly bid for oil and gas opportunities abroad.
ONGC Videsh Ltd, overseas arm of state-owned Oil and Natural Gas Corporation, is likely to invest $1.45 billion in an oil block in Iraq that was awarded to it by the erstwhile Saddam Hussein regime. The contract would be a service contract wherein OVL will be paid about 18 per cent rate of return on its investment.
Steel czar Lakshmi N Mittal is keen on selling half of his stake in a Kazakhstan oil field to state-run ONGC Videsh Ltd to tide over the severe financial constraint affecting his planned expansion in energy sector.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, is eyeing stake in oil fields in more than a dozen countries including Myanmar, Libya, Australia, Indonesia, Saudi Arabia, Kuwait, Venezuela, Iran, Qatar and Bangladesh.
A meeting of the Cabinet Committee on Economic Affairs was specially convened this morning to consider OVL's Imperial bid, as Tuesday is the last date for making the offer to the target company's shareholders. Prime Minister Manmohan Singh chaired the meeting that had just one agenda and lasted one-and-half hours, but no official word was available.
The fall in international oil prices notwithstanding, ONGC Videsh Ltd will not revise its pound 12.50 a share buyout of Imperial Energy Corp Plc as the acquisition priced UK-listed firm's in-place oil reserves at $2.5-3 per barrel.
The Sudanese government is believed to have vetoed Malaysian oil major Petronas' move to buy Talisman Energy in Greater Nile Oil Project and has favoured state-run ONGC Videsh Ltd for picking the Canadian firm's 25 per cent stake.
Undoing Mani Shankar Aiyar's move to exercise greater control on public sector oil firms, the petroleum ministry has restricted the number of government directors on boards of public sector oil companies to just two.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, has retained the services of Trafigura Ltd of London till March next year to trade 60,000 barrels per day of crude oil that it gets in lieu of its share in a Sudan oil field.
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