The top management of state-run explorer ONGC is preparing a plan to integrate its domestic and foreign oil and gas exploration businesses in order to reap synergy. It may be noted that the domestic exploration business is taken care of by ONGC, while ONGC Videsh (OVL) handles foreign
Tag: OVL
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OVL to issue dollar bonds to finance acquisition
Dinesh K Sarraf, Managing Director of ONGC Videsh (OVL) informed reporters that the firm plans to issue $1 billion worth dollar bonds in order to finance its stake buy in Azerbaijan oil fields. The firm delayed its maiden overseas bond issue, which was initially planned between January and March, in order to complete the acquisition
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OVL buys Hess’ stake in oil field
ONGC Videsh acquired 2.72 percent stake in the Azeri, Chirag and Guneshli Fields and 2.36 percent stake in the associated BTC pipeline for $1 billion from Hess Corporation. Hess Corporation is a global independent energy company primarily engaged in the exploration and production of crude oil and natural gas
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Bidding for stake sale in Mozambique field closes
Reports indicate that the bidding for the stake sale of Videocon and the US-based Anadarko Petroleum in a Mozambique gas field was closed recently. Both the companies intend to sell 10 percent stake each in the gas field and several international firms are learnt to have shown interest in the stake
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OVL to resume production from South Sudan asset
Reports indicate that Oil and Natural Gas Corp. (ONGC), the overseas unit of state-owned, decided to start production from its oil field in south Sudan hoping that the issue of transit fee for may be resolved amicably. Daniel Peter Othol, South SudanÂ’s ambassador to India mentioned that crude oil would flow by the end of this
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India’s gas shortage pegged at 155 mn cu m per day in 12th plan
According to a government estimate, India may face shortage of natural gas to the tune of 155 million cubic metre per day during the 12th Five Year Plan period (2012-17). This is expected to rise to 225 million cubic metre per day in the 13th Five Year Plan. According to a report by an international research agency, India accounts for 11 p
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Joint venture of OIL, OVL to bid for Videocon’s stake
A joint venture of Oil India (OIL) and ONGC Videsh (OVL) is in race for the 10 per cent stake of Videocon Energy Ventures in MozambiqueÂ’s Rovuma gas basin. The joint venture firm would compete with energy firms like ExxonMobil, PTT Exploration and Production Public Company, Shell, BP, and China's Sinopec for the stak
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OVL’s $1 bn acquisition plan gets CCEA nod
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
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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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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