Even as it charts a future roadmap with ambitious targets for increased production and a deeper foray into sustainable energy, India’s largest oil and natural gas producer is also eyeing distressed overseas assets to expand its global footprint. While current geopolitical uncertainty presents opportunities for acquisitions, ONGC will decide on overseas expansions based on pricing...
Tag: ONGC Videsh Ltd
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India’s PSU glued to Bloomberg’s foreign exchange platform
Bloomberg announced today that a growing number of India's public sector corporations are adopting Bloomberg's Foreign Exchange electronic trading platform (FXGO) for foreign exchange dealing. The corporations include Gas Authority of India Ltd (GAIL), Rural Electrification Corporation Limited (REC) and ONGC Videsh Ltd (OVL).
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OVL to provide $318 mn financing guarantee to Venezuela
ONGC Videsh Ltd will provide $318 million financing to help raise output at a Venezuelan oilfield after the nation signed a pact to supply 17,000 barrels per day of crude oil to India to clear past dues.
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OVL wants oil in lieu of $537 million cash due from Venezuela
ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), wants $537 million worth of crude oil in lieu of cash due for its share of sales from Venezuelan oilfield. OVL owns 40 per cent of the San Cristobal field and invested $190 million in 2008.
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OVL seeks oil in lieu of $537 million due from Venezuela
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), is seeking $537 million worth of crude oil in lieu of cash due for its share of sales from a Venezuelan oilfield. OVL owns 40 per cent of the San Cristobal field and had invested about $190 million in the project in 2008.
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India tries to recover $600 mn dues from Venezuela
India has discussed ways to recover over $600 million of past dues from Venezuela including recouping it from payments for oil it imports from the Latin American nation. ONGC Videsh Ltd owns 40 per cent of the San Cristobal oilfield but has not been paid for its share of oil sales for the last couple of years.
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Sudan offers OVL 3 more oil & gas blocks for exploration
Sudan has offered ONGC Videsh Ltd three more oil and gas blocks for exploration and production and invited Indian firms to set up a coastal refinery to boost fuel supplies to the African continent.
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RIL makes Mexico foray
Reliance Industries Ltd (RIL) has signed an agreement with Mexico´s State-owned Petroleos Mexicanos (Pemex) for investment in the exploration and refinery sectors in that country.
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ONGC Videsh might soon buy stake in 2 Siberian oilfields
ONGC Videsh Ltd (OVL), the foreign arm of ONGC, is likely to soon acquire stakes in two Russian oilfields, Vankor and Yurubcheno-Tokhomskoye.
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OVL joins hands with foreign banks to raise $2.5 billion
ONGC Videsh Ltd (OVL) has signed separate agreements with consortia of international banks for raising $2.5 billion offshore borrowings to fund the acquisition of a minority stake in an offshore gas field in Mozambique. The first agreement is signed with a consortium of international banks, including ANZ, Bank of Nova Scotia.
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