ONGC Videsh Wins Syrian Block
OVL, which has 60 percent stake in the consortium, may farm out 10 percent stake to Oil India Ltd at a latter stage. The remaining 40 percent stake is with the US company.
OVL managing director Atul Chandra said the deal for two exploration blocks in Libya was likely to be signed by month end. Libya has awarded the two exploration blocks, where one well has already been drilled, to OVL in consortium with National Oil Company of Turkey. The consortium (OVL - 49 percent; TBAO - 51 percent) would invest $35 million in exploration of the two blocks, he said.
OVL had previously taken 20 percent stake in gigantic Sakhlain offshore fields in Russia and Vietnam gas field, which has gone on production last month.
It is awaiting Sudan government decision on its proposal to buy Canadian Talisman Energy's 25 percent stake in Greater Nile oil project, which would immediately start giving 3 million tonnes of oil annually.
Raha said ONGC was talking to domestic refiners to access possibility of shipping Sudan Oil to India. "Sudan Oil is suited to Indian refineries and we would certainly like to bring (our share of oil to India) rather than sell abroad," he said.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension