The proposal of ONGC Videsh (OVL) to pick up the 2.7213 per cent stake of US energy major Hess Corp in the Azerbaijan oilfield received approval from the Cabinet Committee on Economic Affairs (CCEA). According to the plan, OVL would invest $ 1.001 billion to buy 2.7213 per cent stake of the above mentioned firm in Azeri, Chirag and the deep water porti
Tag: ONGC Videsh
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OVL plans to complete Azerbaijan block deal in 3 months
ONGC Videsh (OVL), the overseas arm of state-run oil explorer ONGC, plans to complete the $1 billion acquisition of a stake in an Azerbaijan oilfield by the first quarter of 2013 subject to government and regulatory approvals. Union Cabinet Committee on Economic Affairs (CCEA) is said to be studying the
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OMEL to explore Nigerian block only if investment commitment waived
ONGC Mittal Energy, a joint venture between ONGC Videsh and Mittal Investment Sarl, has reportedly told the Nigerian government that it would explore the OPL-285 oil and gas block only if it is waived of the attendant investment commitment. It may be recalled that the joint venture firm secured exploration rights in OPL-279 and OPL-285 block
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OVL finds oil in Colombia block
ONGC Videsh (OVL), which has 70 per cent participating interest in an onshore oil block at llanos basin of Colombia, said it discovered oil in the block. The firm secured the block in the 2008 bidding round in Colombia with 100 per cent participating interest. Later in 2010, OVL divested the 30 per cent participating interest to Petrodorado
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OVL produces oil from Carabobo field
In a move that may increase crude oil production of ONGC, the state-owned oil explorer's overseas arm ONGC Videsh (OVL) began production from its Carabobo oilfield in Venezuela oil-rich Orinoco Belt. The asset is operated by a joint venture firm Petrocarabobo, set up in Venezuela in June 2010 in which OVL has 11 percent stake. Oil India and Indian Oil Corp
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OVL plans to exit South China Sea block
According to source-based information, ONGC Videsh plans to exit the hydrocarbon block offered by Vietnam to it in the maritime region of South China Sea as it found that the bed of the block was very difficult. ONGC Videsh, the overseas arm of ONGC, feels that the cost of operating the block is higher than the benefits and so it is not conducting operation there. However, Viet
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Eni waives pre-emption rights in favour of OVL
In a move that reduces the hurdle for ONGC Videsh's $5 billion bid to acquire ConocoPhillips' stake in Kashagan oilfield of Kazakhstan, one of the field operator Eni has publicly stated that it will not pre-empt or block the acquisition.
Italy's Eni is the operator of the first phase of the Kashagan oilfield that is due to start production in second quarter
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OVL aims to raise output
In an interview to a leading media, a top official of
ONGC Videsh (OVL) informed that the firm aims to produce 20 million tonne of oil and gas by 2017-18 and 60 million tonne by 2030. If the company achieves this target, its contribution would be 46 percent of ONGC group production by 2030, against existing 15 percent, the official is quoted as sa
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Fall in output hits earnings of OVL
According to a company statement, for the Apr-Sep 2012 period, the net profit and sales of ONGC Vides
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OVL to invest in Venezuela
ONGC Videsh (OVL), which has already invested $350 million, intends to invest an additional $500 million in the San Cristobel oil field in Venezuela.