ONGC Videsh blocks Chinese bid, to buy stake in Brazilian oilfield

Sep 18 2013, 13:31 IST
Comments 0
This is the first time an Indian firm has exercised pre-emption rights to block the sale of an oilfield stake to a Chinese firm. (AP) This is the first time an Indian firm has exercised pre-emption rights to block the sale of an oilfield stake to a Chinese firm. (AP)
SummaryThis is the first time an Indian firm has exercised pre-emption rights to block the sale of an oilfield stake to a Chinese firm.

water of 2,000 metres and began production in 2009. The Ostra field in the block pumps about 21,000 barrels per day of oil.

A second-phase development is expected to start by the end of this year, with a peak production of 35,000 barrels of oil equivalent per day.

"When Petrobras put its 35 per cent stake in BC-10 for sale, OVL evinced interest but for strategic reasons did not place a bid," a source said.

Shell too did not put a bid for the stake and unlike OVL, it did not even visit the dataroom Petrobras had set up to lure potential buyers.

Single Page Format
Ads by Google
Reader´s Comments
| Post a Comment
Please Wait while comments are loading...