Financial Daily from THE HINDU group of publications
Thursday, Sep 22, 2005
Financial Daily from THE HINDU group of publications Thursday, Sep 22, 2005 |
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Corporate
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Outlook OVL hopeful of bagging 2 more blocks in Cuba Our Bureau
New Delhi , Sept. 21 ONGC Videsh Ltd (OVL), the overseas arm of Oil and Natural Gas Corporation (ONGC), is hopeful of getting two additional blocks from Cuba. ONGC Videsh is already in a pact with Spain's Repsol YPF to acquire a 30 per cent stake in seven blocks in Cuba. A senior company official said, "We cannot disclose the details of the two blocks offered exclusively to us by Cuba at this point of time, but the two blocks are in addition to what we have recently got in Cuba." The recent acquisition in Cuba marks OVL's first foray into the Cuban oil and gas industry. The blocks are spread over an area of nearly 12,000 sq. km in the Exclusive Economic Zone of Cuba. The hydrocarbon resource potential in the blocks is estimated to be in excess of four billion barrels. An exploratory well drilled in one of these blocks indicated presence hydrocarbons, the ONGC official said. Further, ONGC Mittal Energy Ltd (OMEL), a joint venture, between ONGC and Mittal Investment SARL, is looking at bidding for an offshore block in Nigeria. "We are in the final stages of discussions with the Mittals and will place the bid through OMEL for an offshore block (A-1 21) in Nigeria," the official said. ONGC proposes to increase its spending in oil and gas exploration and production. The company will increase spending on oil exploration and production by 20 per cent to Rs 12,000 crore during the year (beginning from April) to meet a target of raising crude oil output by 11 per cent by end of the decade, Mr R. S. Sharma, Director of Finance, ONGC, said in New Delhi on Wednesday. On whether the company would consider a re-bid for acquiring Petrokazakhstan, a Canadian oil firm in Kazakhstan, Mr Subir Raha, Chairman of ONGC, remained non-committal.
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