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Mumbai: ONGC Videsh Ltd (OVL), the wholly-owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), has declined to comment on a report that it is in talks to bid for Swiss oil producer Addax Petroleum Corp. “We don’t want to comment on speculation,” ONGC Videsh managing director RS Butola said by telephone on Monday.
OVL, the unlisted unit of ONGC, bought UK-based Imperial Energy plc last year for $2.2 billion. India is targeting the equivalent of 60 million tonne of oil from overseas by 2025, almost double the current output of the world’s second fastest-growing major economy.
OVL’s international oil and gas operations produced 8.802 MMT of O+OEG in 2007-08 as against 0.252 MMT of O+OEG in 2002-03. Today, OVL’s cumulative investment overseas has crossed $7.5 billion.Some of the leading alliance partners of OVL are BP, CNPC, Ecopetrol, ENI, Exxon, Norsk Hydro, PDVSA, Petrobras, Petronas , Petrovietnam, Repsol, Rosneft, Shell, Sinopec, Total and TPOC.
A newspaper had reported on June 19 that a third bidder, possibly an Indian oil company, had joined state-owned Chinese and South Korean companies in talks for Addax, without saying where it got the information from. Oil & Natural Gas Corporation and Reliance Industries Ltd may be the potential Indian bidders, it added.
Reliance Industries didn’t immediately respond to an e-mail seeking comment.
ONGC shares on Monday declined 1.63% to Rs 993.70. Reliance Industries fell 4.27% to Rs 1,952.45.
The UK’s Sunday Times reported June 14 that China Petroleum & Chemical Corp bid 4.8 billion pounds ($7.9 billion) for Geneva-based Addax, exceeding an earlier bid by Korean National Oil.
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