OVL

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), has re-taken a 20 per cent stake in the Sakhalin-1 oil and gas fields in the far east region of Russia, an official said on Monday. Russian President Vladimir Putin in October last year disbanded Exxon Neftegaz - a regional subsidiary of US super major ExxonMobil - as operator of the Sakhalin-1 and transferred the project and all of its assets and equipment to a new operator. The other former foreign shareholders in the project - Japan's Sodeco consortium and ONGC Videsh - were asked to apply to the Russian government to regain their shareholdings in the project. OVL applied and has been given the same shareholding as it had previously, the official said. Production from Sakhalin-1 stopped in April 2022 after Exxon Neftegaz declared force majeure at the project in response to international sanctions imposed on Russia following its invasion of Ukraine. Moscow assigned the Sakhalin-1 project and

The consortium is led by ONGC Videsh Ltd (OVL) and includes companies like Indian Oil Corporation Ltd (IOCL), Bharat PetroResources Ltd (BPRL) and Oil India Ltd (OIL)

ONGC subsidiary OVL derives significant value from its oilfields in that country

Three years after its much-acclaimed maiden entry into Israeli water, an ONGC Videsh (OVL)-led Indian consortium has relinquished the oil block due to "very poor" hydrocarbon prospectivity.

India's top energy companies including ONGC Videsh Ltd is discussing buying a stake in Russia's massive Vostok oil project as well as a planned liquefied gas project Arctic LNG-2, Hardeep Puri said

The company plans to retire old loans

This makes it harder for ONGC's two arms to raise money for financing their projects. OVL is currently said to be in the process of raising $500 mn for repaying existing debt

OVL will acquire 13.6667 per cent participating interest for an upfront consideration of $45 million and contingent payments payable annually

Farzad-B, which was discovered by OVL in the Farsi block about 10 years ago, had in-place gas reserve of 21.7 trillion cubic feet, of which 12.5 Tcf is believed to be recoverable

Officials said OVL has applied for a sixth extension to explore Block-128, the licence for which was valid till June 15, 2019

Indian firms have been in dialogue with Russia since 2017 for a possible stake in the oilfields that will consolidate their presence in the energy-rich Arctic region

The company now plans to drill more exploratory wells to chase this important Cretaceous clastic corridor in immediate future

Satpayev was OVL's entry into hydrocarbon-rich Kazakhstan

OVL has now agreed to do just the upstream field development part, leaving the marketing of the fuel to Iran

The licence for Block 2B expired last November and an automatic 5-year extension is available

US oil services provider Schlumberger Ltd was also among those identified, according to NIOC website

The company signed a deal with Rosneft Oil Company to acquire additional 11% stake in the East Siberian field for $930 million on Oct 28

OVL, last week got government nod to raise its stake in Russia's second biggest oil field of Vankor to 26 per cent

Vankor is Rosneft's second largest field in terms of productions and accounts to 4 per cent of Russia's production

ONGC Videsh Ltd has stakes in 37 oil and gas projects in 17 countries around the world