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.
The value of the stake is not immediately known but ONGC Videsh Ltd (OVL) -- the overseas investment arm of Oil and Natural Gas Corporation -- is likely to pay an initial $300 million for drilling operations. Russian company Rosneft, which owns 70 per cent in the project, will be offloading its stake to OVL if the deal goes through. The remaining 30 per cent stake is held by China National Petroleum Corporation.
Transmeridian has been on the radar of ONGC Videsh Ltd (the overseas investment arm of ONGC) for sometime now.
The 50:50 joint venture of India's Oil and Natural Gas Corporation and China's Sinopec has acquired Columbian oil firm Omimex de Columbia for $850 million.
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.
Oil and Natural Gas Corporation, India's largest oil producer, may go in for foreign debt to fund its overseas acquisitions and it has asked Moody's to do a credit rating.
Old timers in Oil and Natural Gas Corporation (ONGC) still remember how in early 2000 its overseas subsidiary, ONGC Videsh Ltd (OVL), was on the verge of closure. Though OVL was set up in 1965, the only discovery the company had made till then was in Vietnam offshore, with more investment needed to monetise it. In 2001, when OVL started looking for new blocks abroad, the company's previous acquisition was 13 years old.
ONGC Videsh Ltd, overseas arm of state-run Oil and Natural Gas Corporation, is likely to bid over $300 million to buy Caspian Energy Group LLP's interest in an Azerbaijan oil field.
Chinese firms, with state help, pip India in acquiring oil assets abroad.
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.
The government on Wednesday denied any move to hive-off ONGC Videsh Ltd from its parent Oil and Natural Gas Corporation, saying the present arrangement of letting the subsidiary company scout for overseas oil and gas assets was working well.
Oil and Natural Gas Corporation said on Friday it was invited by the Maersk Oil to participate in the bidding for buying a 30 per cent stake in two Caspian Sea blocks.
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.
The government on Friday gave its nod to ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp, to acquire Royal Dutch/Shell's 33 per cent stake in a deepsea gas field off Egypt.
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corporation (ONGC), is getting ready to bid for an oil field in Azerbaijan.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, has made a big natural gas discovery in Iran with in-place reserves being estimated at around 10 trillion cubic feet.
India-Vietnam relationship has its own imperatives and dynamism. In India's look east policy Vietnam has been the major pivot, at least in terms of security and strategic imperatives, says Rup Narayan Das.
OVL, which has a 20 per cent stake in the oil field in Russia's far east, currently gets around 38,000 barrels of oil per day of the total production of 190,000 barrels per day. OVL's share is expected to fall to 32,000 barrels even as the overall production from the field is likely to come down to 160,000 barrels from next year. OVL, a 100 per cent subsidiary of India's biggest oil producer, paid $1.7 billion for a 20 per cent stake in Sakhalin I.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corp, and its partner IPR Red Sea Inc have made a significant oil discovery in offshore Egypt.
The Cabinet Committee on Economic Affairs on Thursday approved ONGC Videsh Ltd's proposal to lay a $200 million petroleum product pipeline in Sudan.
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation, has signed the production sharing contracts with Vietnam Oil and Gas Corporation (PetroVietnam) for two offshore blocks in Phu Khanh Basin.
Fresh from losing a prime property in Angola, ONGC Videsh has sought greater freedom in bidding for oil and gas assets abroad and a rethink on the mechanism of approval of its investment proposals.
ONGC Videsh, the foreign arm of Oil and Natural Gas Corporation, is in talks with Venezuelan state oil company Petroleos de Venezuela S.A for a stake in the Tomoporo oilfield containing about one billion barrels of recoverable light crude reserves.
In all, 61 companies have been pre-qualified to bid for 11 shallow water and 19 deepwater blocks in an international tender, according to Myanmar's Energy Ministry.
India will make a strong plea for firms getting a stake in future Sakhalin projects in Far East Russia when Russian President Vladimir Putin visits New Delhi later this month.
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