Financial Daily from THE HINDU group of publications
Friday, Apr 28, 2006
OVL sees 9 mt from overseas oil fields by 2010
New Delhi , April 27
ONGC Videsh Ltd, the overseas arm of ONGC, is expecting up to 9 million tonnes overseas oil and gas production by 2010.
Speaking to reporters at the sidelines of a conference here on Thursday, ONGC Videsh Ltd (OVL), Managing Director, Mr R.S. Butola, said ONGC's overseas properties are expected to produce 6.6 million tonnes oil and oil-equivalent gas by end 2006-07 (April-March).
OVL has presence in over 12 countries. Mr Butola also said ONGC would begin exporting its share of crude from Sakhalin-I property in Russia between June and December.
The company expects to import some cargoes of crude to India in early 2007, he said.
Sakhalin-I currently produces between 40,000-45,000 barrels of oil per day.
At present, ONGC is selling its share of crude oil from Sakhalin-I in the domestic market in Russia.
OVL has invested about $2 billion in the Sakhalin-I oil and gas field.
It holds 20 per cent stake in the field. Sakhalin-I oil production is expected to touch 250,000 barrels a day from December.
To bid for Russia block
OVL is set to bid for assets in Russia. Indications are that OVL has teamed up with Russian oil company Itera to submit a joint final price bid for acquiring TNK-British Petroleum's interest in OAO Udmurtneft.
The company is understood to have received the Government's nod for the same.
Investments in Nigeria
OVL expects to get preferential rights to buy up to four oil and gas blocks in Nigeria, a senior company official said.
Indications are that the company may get preferential rights for two to four blocks in the next round of bidding, he said.
Nigeria is planning to auction some oil and gas blocks for exploration by July-end.
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