Business Daily from THE HINDU group of publications
Thursday, Nov 29, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Nov 29, 2007 ePaper | Mobile/PDA Version |
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Corporate
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Overseas Investments Industry & Economy - Petroleum
Our Bureau New Delhi, Nov. 28 ONGC Videsh Ltd (OVL), the overseas investment arm of ONGC, has bagged two blocks in Brazil. The company has bagged a deepwater Block 470 in Espirito Santo basin and a shallow water Block 1413 in Santos basin, according to a statement issued by ONGC here. The bids were opened on Tuesday. Earlier, Agência Nacional do Petróleo (“ANP”), the regulatory agency of Brazil, had announced the opening of Brazil round 9, in which, 271 blocks, distributed among nine basins were on offer. Of the 74 E&P companies that had applied for qualification, OVL was among the 24 which qualified as Operator “A” including Petrobras, Shell, Exxon, ENI and Chevron. A total of around $1.2 billion was offered by the companies as signature bonus which has created a record and surpassed all expectations. For Block ES 470 won by OVL, competitive bids were offered by a consortium led by Petrobras and another consortium led by Perenco. For another Block SM 1413 won by OVL competitive bids were offered by Petrobras and Ecopetrol. OVL already has a minority interest in Block BC-10 which is under development and has recently signed the farm-out agreement with Petrobras for three offshore blocks. Earlier, in September OVL had won three blocks, one in consortium with Ecopetrol and Petrobras and two in consortium with Ecopetrol, in the Carribbean bid round of Colombia, of which it is the operator in two. More Stories on : Overseas Investments | Petroleum | Oil & Natural Gas Corporation Ltd
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