Financial Daily from THE HINDU group of publications
Friday, Apr 28, 2006


News
Features
Stocks
Cross Currency
Shipping
Archives
Google

Group Sites

Corporate - Overseas Investments


OVL sees 9 mt from overseas oil fields by 2010

Our Bureau

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).

Crude export

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.

More Stories on : Overseas Investments | Petroleum | Oil & Natural Gas Corporation Ltd

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
ONGC to assist Army in IT upgrade


ONGC not considering stock split now
SAFA draws up a/c standards for SMEs
Radico Khaitan to raise $100 m
Petronet LNG to raise $100 m; Q4 net jumps
Suprajit Engg to buy UK co Carclo's cable biz
IOC nets Rs 3,225 cr by diluting stake in ONGC
OVL sees 9 mt from overseas oil fields by 2010
Tata Toyo contract workers strike work; production hit
ONGC invites Petrobras to invest in refining ventures
Viva Brazil!
Unions to seek CSR rating of cos
Traco Cable on revival path
Glenmark's asthma drug enters phase II trials



The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line