ONGC Videsh completes acquisition of 30% participating interest in Petroleum Exploration License 0037 Offshore Namibia October 4, 2017
New Delhi, 4th October 2017: ONGC Videsh Limited (ONGC Videsh), a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC) has completed the acquisition of 30% Participating Interest in Namibia Petroleum Exploration License 0037 for Blocks 2112A, 2012B and 2113B and related agreements (License), Offshore Namibia from Tullow Namibia Limited (Tullow), a wholly owned subsidiary of Tullow Oil plc. Tullow with remaining 35% Participating interest shall continue to remain the operator of the License. Pancontinental Namibia (Pty) Limited with 30% Participating interest and Paragon Oil and Gas (Pty) Limited with 5% Participating interest are other partners in the ...
Azerbaijan Government’s announcement of extension of ACG PSA to 2049 with co-venturers, including ONGC Videsh Limited September 18, 2017
New Delhi – ONGC Videsh Limited announced that the Consortium partners of the giant ACG Fields in Azerbaijan have entered into an agreement with Azerbaijan Government and State Oil Company of the Azerbaijan Republic (SOCAR) for extension of duration of the Production Sharing Agreement (PSA) for Azeri-Chirag-Deep water portion of Gunashli (ACG) oil fields until December 31, 2049. ONGC Videsh Limited, the subsidiary of the Indian flagship Oil and natural Gas Corporation Limited (ONGC) holds a participating interest in ACG oil fields in the Azerbaijan Sector of Caspian Sea. The other partners in the Consortium are BP, Chevron, INPEX, Statoil, ...
ONGC Videsh to acquire 30% participating interest in Petroleum Exploration License 0037 Offshore Namibia July 3, 2017
ONGC Videsh to acquire 30% participating interest in Petroleum Exploration License 0037 Offshore Namibia New Delhi : ONGC Videsh has signed definitive binding agreements with Tullow Namibia Limited (Tullow), a wholly owned subsidiary of Tullow Oil plc, on 28th June 2017 for acquiring 30% participating interest in Namibia Petroleum Exploration License 0037 for Blocks 2112A, 2012B and 2113B and related agreements (License) out of Tullow’s existing participating interest of 65% in the License. Pancontinental Namibia (Pty) Limited with 30% Participating interest and Paragon Oil and Gas (Pty) Limited with 5% participating interest are other partners in the License. Tullow is the operator ...
ONGC Videsh Declares FY’17 Financial Results May 24, 2017
ONGC Videsh Declares FY’17 Financial Results New Delhi: May 24, 2017 Financial results of ONGC Videsh Ltd, the wholly-owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), for the year ended March 31, 2017 were considered and approved by the Board in its meeting held on May 22, 2017. The performance highlights are as under: Consolidated production of Crude Oil and Oil Equivalent Gas during FY’17 was higher by 44% as compared to previous year. The incremental production is mainly due to acquisition of 26% stake in Vankorneft project in Russia during the year. The Company recorded its standalone profit of Rs. 1,749 crore ...
PRESS RELEASE May 4, 2017
ONGC Videsh has encountered exciting result in its well Mariposa-1 which is under drilling in CPO-5 block of Colombia. ONGC Videsh is the operator of the block and holds 70% P.I and Amerisur Resources holds the remaining 30%. The well Mariposa-1 commenced drilling on March 24, 2017 and was directionally drilled to a total depth of 11556 feet (MD). Electric Log analysis indicates the presence of approximately 120ft of oil saturated net pay in the Lower Sands Unit 3 of the Une Formation. Good hydrocarbon shows of oil and gas were also encountered while drilling this section. The well is currently ...
ONGC Videsh Bond Issuance Awarded the Best Corporate Bond Deal from India 2016 January 12, 2017
ONGC Videsh Vankorneft’s US$1 billion dual-tranche bond deal has been awarded the “Best Corporate Bond” deal from India at The Asset Triple A Country Awards 2016. This was the first dual-tranche issuance out of India in 2016 and executed swiftly to access a favourable market issuance window. The award on behalf of OVVL was received by Mr Vivekanand, Director (Finance), ONGC Videsh at a ceremony held at Hong Kong on January 11 2017(Wednesday). The ceremony was attended in large number by senior managements and representatives of corporates, banks and financial institutions. About the Issue ONGC Videsh VankorneftPte Ltd (OVVL) is ONGC Videsh’s indirect ...