Financial Daily from THE HINDU group of publications
Sunday, Apr 17, 2005
Financial Daily from THE HINDU group of publications Sunday, Apr 17, 2005 |
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Corporate
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Announcements Industry & Economy - Petroleum Videocon to invest Rs 800 cr in oil exploration, production Our Bureau
Mumbai , April 16 VIDEOCON Industries Ltd on Saturday said it would spend Rs 800 crore on oil exploration and production overseas in the next two years. It is in talks to invest in Sudanese oilfields and is also considering Ukraine. The company will also spend Rs 1,200 crore in exploration and production in India after it raises Rs 2,000 crore in global depository receipts, it said in a news release. The company plans to bid for 20 blocks offered by the Government under the New Exploration Licensing Policy (NELP); the release said quoting Mr Venugopal Dhoot, Chairman, Videocon. Last month, Videocon has signed a memorandum of understanding with the Khartoum Government in Sudan, for investing and developing oil projects there. Mr Dhoot said the company plans to buy up to 76 per cent stake in an offshore Sudanese field located in the Red Sea, which it will explore along with a consortium of global partners. Company officials will visit Ukraine next week to explore its investment potential and might consider investing in Russia and other countries in West Asia and Africa, Mr Dhoot said. "Prices of oil have shot up and profitability is very high. We are applying very strongly in the NELP, which we plan to develop with a consortium of partners,'' he said. The Videocon group, which also makes TVs and home appliances, owns 25 per cent of the Ravva oil field, located in the Krishna-Godavari basin off the country's eastern shore, which produces 50,000 barrels of oil a day that is sold to domestic companies. The operating cost of this Ravva oil field is supposed to be cheapest in the world, at less than $1 per barrel of oil.
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