ONGC Videsh signs MOU with SOCAR Trading May 31, 2016
ONGC Videsh Limited and SOCAR Trading SA signed an MoU on 27th of May 2016 at Geneva. The Objective of MoU is to explore possibilities of Joint Marketing of ONGC Videsh’s crude oil portfolio by leveraging SOCAR Trading’s experience in oil trading. The MoU was signed by S P Garg, Director (Finance) ONGC Videsh Limited and Arzu Azimov, CEO, SOCAR Trading SA. Initially, both parties agreed to initiate discussion on Joint Marketing Agreement in respect of ONGC Videsh’s equity crude from ACG, Azerbaijan and based on the performance of this agreement both parties will mutually agree to optimise price realisation of ...
Rosneft and ONGC Videsh sign Memorandum of understanding (MoU) March 17, 2016
Rosneft and ONGC Videsh signed a Memorandum of Understanding for the potential acquisition of 11% shares in the Vankorneft by ONGC Videsh in addition to the 15% shares for which the definitive agreement was signed earlier in September 2015. Thus, ONGC Videsh would be acquiring a total of 26% shares in Vankorneft. The MoU was signed by the Managing Director of ONGC Videsh Mr. Narendra K Verma and Rosneft Chairman of the Management Board Mr. Igor Ivanovich Sechin in New Delhi on 16th March 2016 in the presence of Minister of State ( Independent Charge) Petroleum and Natural Gas, Government ...
ONGC Videsh signs “Memorandum of Understanding” with The Republic of Equatorial Guinea January 21, 2016
ONGC Videsh Limited (ONGC Videsh) and The Republic of Equatorial Guinea have entered into a ‘Memorandum of Understanding’ (MOU) on 20th January 2016 to cooperate in the upstream hydrocarbon sector in Equatorial Guinea. The MOU was signed by Mr Narendra K Verma, Managing Director & CEO, ONGC Videsh Limited on behalf of ONGC Videsh and H.E. Mr. Gabriel Mbaga Obiang Lima, Minister of Mines, Industry and Energy, on behalf of the Republic of Equatorial Guinea at New Delhi, India on the side-lines of the India-Africa Hydrocarbon Conference being held in Delhi. Under the MOU, the State of Equatorial Guinea will cooperate ...
ONGC Videsh to acquire 15% interest in Vankor Field located in East Siberia of the Russian Federation September 4, 2015
New Delhi, 4 September, 2015: ONGC Videsh Limited signed definitive agreements to acquire up to 15% shares in CSJC Vankorneft, a company organized under the law of Russian Federation which is the owner of Vankor Field and NorthVankor license. Rosneft Oil Company, NOC of Russia holds 100% shares in Vankorneft. The acquisition is subject to relevant Board, Government and regulatory approvals and is expected to close by mid of 2016. The agreement was signed by Mr. Narendra K. Verma, CEO & Managing Director, ONGC Videsh and Mr. Igor Sechin, Chairman Board of Directors, Rosneft during the Eastern Economic Forum (EEF) held ...
Mr. Sudhir Sharma takes over as Director (Exploration), ONGC Videsh August 1, 2015
Sudhir Sharma has taken over as the Director (Exploration) in the Board of ONGC Videsh, the international petroleum company of India. He brings over three decades of experience in various domestic and overseas capacities to this role. He was most recently the Country Manager and Legal Representative for Company’s Colombia operations for over a year. Earlier, as Head of Business Development in ONGC Videsh, he managed the global business development activity of the Company with the objective to acquire oil and gas Assets overseas. This was his second stint with ONGC Videsh. In 2003 consequent upon the acquisition of a stake in ...
ONGC Videsh Declares FY’15 Financial Results May 25, 2015
ONGC Videsh Declares FY’15 Financial Results New Delhi 25th May, 2015 Oil and Natural Gas Corporation Ltd. Financial results of ONGC Videsh Ltd., the wholly-owned subsidiary of Oil and Natural Gas Corporation Ltd. (ONGC), for the year ended 31st March 2015 were considered and approved by the Board in its meeting held on 25th May 2015. The performance highlights are as under: Particulars Unit FY’15 FY’14 % Variation Production Crude Oil MMT 5.533 5.486 0.86 Natural Gas BCM 3.341 2.871 16.37 Total Oil and Oil Equivalent Gas MMTOE 8.874 8.357 6.19 Financial Gross Revenue / Crore 18,491 21,659 (14.63) Profit After Tax / Crore 1,904 4,445 (57.16) During FY’15, there is an increase in oil and gas production by 6.19% (Oil 0.86% and Gas 16.37%) as compared to previous fiscal year FY’14. The incremental production is ...