Ovl

OVL seeks legal advice after US sanctions oilfield with Indian stake

ONGC Videsh Ltd has sought legal opinion after the United States imposed sanctions on a Russian oilfield in which a consortium of Indian companies holds a 49.9 per cent stake, sources said. US President Donald Trump on October 22 announced new sanctions against two of Russia's largest oil companies, Rosneft and Lukoil, in a bid to pressure Moscow into ending its war with Ukraine. As part of these, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) designated a number of Russia-based Rosneft and Lukoil subsidiaries in which they, directly or indirectly, held a 50 per cent or more stake. The list of subsidiaries thus blocked includes CJSC Vankorneft, in which OVL has a 26 per cent stake, and an Indian consortium comprising Oil India Ltd (OIL), Indian Oil Corporation (IOC) and Bharat PetroResources Ltd, which holds 23.9 per cent. The remaining 50.1 per cent is with Rosneft. While a plain reading of the OFAC sanctions indicates that the restrictions do not appl

Trump diktat to lengthen OVL's quest to repatriate Venezuela dividend

ONGC's overseas arm had applied for a sanctions waiver to access $500 million dividend from two Venezuelan projects

ONGC Videsh retakes 20% stake in Sakhalin-1 oil and gas fields of Russia

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), has re-taken a 20 per cent stake in the Sakhalin-1 oil and gas fields in the far east region of Russia, an official said on Monday. Russian President Vladimir Putin in October last year disbanded Exxon Neftegaz - a regional subsidiary of US super major ExxonMobil - as operator of the Sakhalin-1 and transferred the project and all of its assets and equipment to a new operator. The other former foreign shareholders in the project - Japan's Sodeco consortium and ONGC Videsh - were asked to apply to the Russian government to regain their shareholdings in the project. OVL applied and has been given the same shareholding as it had previously, the official said. Production from Sakhalin-1 stopped in April 2022 after Exxon Neftegaz declared force majeure at the project in response to international sanctions imposed on Russia following its invasion of Ukraine. Moscow assigned the Sakhalin-1 project and

Consortium of Indian oil companies to acquire 10% stake in UAE's ADNOC

The consortium is led by ONGC Videsh Ltd (OVL) and includes companies like Indian Oil Corporation Ltd (IOCL), Bharat PetroResources Ltd (BPRL) and Oil India Ltd (OIL)

How much value Russia is adding to ONGC subsidiary OVL's product basket

ONGC subsidiary OVL derives significant value from its oilfields in that country

Three years after entry, OVL, partners relinquish Israeli oil block

Three years after its much-acclaimed maiden entry into Israeli water, an ONGC Videsh (OVL)-led Indian consortium has relinquished the oil block due to "very poor" hydrocarbon prospectivity.

OVL in talks to buy stake in Russia's Vostok, Arctic LNG-2 project

India's top energy companies including ONGC Videsh Ltd is discussing buying a stake in Russia's massive Vostok oil project as well as a planned liquefied gas project Arctic LNG-2, Hardeep Puri said

ONGC Videsh plans to raise $700 million from overseas investors

The company plans to retire old loans

Fitch downgrades ONGC, OVL and ONGC Videsh Vankorneft ratings to BBB-

This makes it harder for ONGC's two arms to raise money for financing their projects. OVL is currently said to be in the process of raising $500 mn for repaying existing debt

ONGC Videsh signs agreements to acquire FAR stake in Senegal blocks

OVL will acquire 13.6667 per cent participating interest for an upfront consideration of $45 million and contingent payments payable annually

India may remain invested in Farzad-B without development rights: Report

Farzad-B, which was discovered by OVL in the Farsi block about 10 years ago, had in-place gas reserve of 21.7 trillion cubic feet, of which 12.5 Tcf is believed to be recoverable

ONGC overseas arm seeks 2-year extension to explore Vietnamese oil block

Officials said OVL has applied for a sixth extension to explore Block-128, the licence for which was valid till June 15, 2019

OVL, partners may buy 49% stake in Vankor oilfields during Modi-Putin meet

Indian firms have been in dialogue with Russia since 2017 for a possible stake in the oilfields that will consolidate their presence in the energy-rich Arctic region

ONGC Videsh makes second oil discovery in Colombia; to drill more wells

The company now plans to drill more exploratory wells to chase this important Cretaceous clastic corridor in immediate future

ONGC Videsh to exit Kazak's profitless Satpayev oil block

Satpayev was OVL's entry into hydrocarbon-rich Kazakhstan

ONGC Videsh drops plan to build $5-bn LNG export facility in Iran

OVL has now agreed to do just the upstream field development part, leaving the marketing of the fuel to Iran

Sudan rejects licence extension to OVL; seeks higher royalties and taxes

The licence for Block 2B expired last November and an automatic 5-year extension is available

ONGC Videsh qualifies to bid for Iran oil, gas projects

US oil services provider Schlumberger Ltd was also among those identified, according to NIOC website

OVL completes acquisition of 11% add'l stake in Vankor

The company signed a deal with Rosneft Oil Company to acquire additional 11% stake in the East Siberian field for $930 million on Oct 28

OVL to raise $900 million bridge loan to finance Vankor buy

OVL, last week got government nod to raise its stake in Russia's second biggest oil field of Vankor to 26 per cent