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: Venezuela
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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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ONGC Videsh plans to buy 11% stake in Petronas
To buy 11 per cent stake in an oil project in Venezuela, ONGC Videsh, the overseas arm of State-owned Oil & Natural Gas Corp (ONGC), and its partners OIL and IOC are planning. Petroliam Nasional Bhd, Malaysia's State-run oil company, has decided to withdraw from the Carabobo-I project following dispute over terms with Venezuela's state explorer Petroleos de Venezuela SA (PdVSA).
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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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ONGC develops 2 projects
Oil And Natural Gas Corporation (ONGC) currently has two projects under development namely Carabobo 1, in Venezuela, which is likely to commence early production by end of 2012-13 and Blocks A1 & A3 in Myanmar, which are likely to commence production in July 2013.
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ONGC develops 2 projects
Oil And Natural Gas Corporation (ONGC) currently has two projects under development namely Carabobo 1, in Venezuela, which is likely to commence early production by end of 2012-13 and Blocks A1 & A3 in Myanmar, which are likely to commence production in July 2013.
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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.