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ONGC Videsh expects Sudan to clear $400-mn dues as US lifts sanctions

The past dues were relating to building of pipeline and crude sales

Reuters  |  New Delhi 

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An oil rig drilling a well at sunrise | Photo: Reuters

Videsh expects to clear about $400 million owed to the state-run energy company after the lifting of the U.S. sanctions, its managing director N.K. Verma said on Monday.

The past dues were relating to building of pipeline and crude sales, Verma told Reuters at the India Energy Forum by Ceraweek in New Delhi.

"Earlier they were facing problems and now it will be easy for them (Sudan) to raise funds," he said.

The United States lifted long-standing sanctions against last Friday, saying had made progress fighting terrorism and easing humanitarian distress.

production from Videsh's three blocks in has declined to about 25,000 barrels per day from 48,000 bpd since last November after the Sudanese government failed to renew contract for Block 2B, Verma said.

First Published: Mon, October 09 2017. 18:51 IST
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