Business Daily from THE HINDU group of publications
Tuesday, Jan 02, 2007
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Business Daily from THE HINDU group of publications Tuesday, Jan 02, 2007 ePaper |
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Corporate
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Overseas Investments
Richa Mishra
Looking abroad OVL to decide on participating in the oncoming bidding rounds for business in Sri Lanka after studying seismic data. The company has 25 oil and gas projects in 15 countries such as Vietnam, Sudan, Russia, Iraq, Iran, Myanmar, Libya, Cuba, Brazil, Nigeria, Egypt, Qatar, Columbia and Syria
MR R.S. BUTOLA, Managing Director of OVL
New Delhi , Jan. 1 ONGC Videsh Ltd (OVL), a wholly owned subsidiary of ONGC, engaged in exploration and production of oil and gas outside India, is eyeing assets closer home, in Sri Lanka. Speaking to Business Line, Mr R.S. Butola, Managing Director of OVL, said, "We are looking at opportunities wherever available. ONGC's experience in the Cauvery basin would help us in exploring for oil and gas in Sri Lanka's Mannar Basin, which has a similar character." The company has already procured seismic data on potential oil deposits on the Sri Lankan coast. ONGC has proposed to the Sri Lankan Government that it would share its experience in the sector for developing data and other such activities related to exploration and production. On whether OVL would be participating in the oncoming bidding rounds for business in Sri Lanka, Mr Butola said, "We are studying the data that we have procured and based on our findings, we will take a call. But our interests remain in working in that country."
`Priority basis'
Meanwhile, OVL was hoping that some blocks could be offered to it by the Sri Lankan Government on a `priority' basis in return for the company offering to extend value added information in exploration activities. According to reports, ONGC had bought seismic data from a Norwegian company, which had been hired by the Sri Lankan Government in 2002 to carry out seismic surveys around the island's territorial waters. Sri Lanka, it is learnt, is looking to invite companies to bid for oil and gas exploration rights after studies have shown possible oil deposits off the island's western coast. The Gulf of Mannar, between the southern tip of India and the West Coast of Sri Lanka, have been identified for the first phase of oil exploration. Currently, OVL has 25 oil and gas projects in 15 countries such as Vietnam, Sudan, Russia, Iraq, Iran, Myanmar, Libya, Cuba, Brazil, Nigeria, Egypt, Qatar, Columbia and Syria. During 2005-06, OVL produced about 6.62 million tonnes of oil and oil equivalent gas (O+OEG) from its assets abroad in Sudan, Vietnam and Russia. OVL has a target to acquire 20 MMTPA of O+OEG by 2020. But, efforts are on to achieve it even earlier, the official said.
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