ONGC is facing a repeat of KG fiasco in Iran as lengthy negotiations on terms may drive it to a point where its discovered gas reserves in Farzad-B field in the Persian Gulf may be drawn out by neighbouring Saudi Arabia.
Stepping up its energy ties with Iran, India has lined up $ 20 billion as investment in oil and gas as well as petrochemical and fertiliser projects in the Persian Gulf country subject to provision of concessional rights.
ONGC Videsh Ltd, the overseas arm of state-owned explorer Oil and Natural Gas Corp (ONGC), has entered into an agreement with Republic of Equatorial Guinea for cooperation in upstream hydrocarbon sector in the African nation.
ONGC Videsh (OVL), the overseas investment arm of Oil and Natural Gas Corporation (ONGC), is likely to tap the foreign currency credit market to fund the 15% stake it proposes to buy in Russia’s CSJC Vankorneft, a senior co
ONGC Videsh, the overseas arm of state-run ONGC, on Friday announced a plan to pick up a 15% stake in Vankorneft that runs the Vankor oilfield in East Siberia from Russia’s Rosneft for a reported $1.25 billion.