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ONGC Videsh and Petronet set eyes on Tellurian project category
Nov. 3, 2018

ONGC Videsh and Petronet set eyes on Tellurian project

India’s ONGC Videsh and Petronet LNG are jointly taking a move to buy stakes in Driftwood project in Louisiana proposed by Tellurian Inc's. The MD of Petronet said “We have moved slightly forward... we are evaluating it seriously and we are in serious discussion with them,” The two companies are jointly initiating this talk in order to grow India's pipeline network and increase the use of cleaner fuel.

PDVSA makes a partial payment to ONGC category
Nov. 1, 2018

PDVSA makes a partial payment to ONGC

In order to pay its overdue dividends to ONGC Videsh Ltd, Venezuelan state-owned PDVSA has shipped a $35 million crude cargo. This is the partial payment to the firm. This payment is in accordance with the deal signed by PDVSA and ONGC Videsh in 2016. If sources were to be believed, PDVSA did not transfer any money in over a year because of the economic breakdown in Venezuela.

OVL and partners to pay Rosneft $230m category
Oct. 1, 2018

OVL and partners to pay Rosneft $230m

The consortium operating the 250,000 bpd Sakhalin-1 project in Russia has agreed to pay Russian oil major, Rosneft $230 million to settle the production dispute out-of-court. Rosneft, in June, had dragged the consortium of ExxonMobil, ONGC Videsh Ltd, and SODECO to court. Rosneft was seeking $1.4 billion in damages, alleging "unjust enrichment and interest gained by using other people's money". OVL will pay $46 million as part of settlement money.

OVL struck with $1.05 billion tax demand category
Sept. 24, 2018

OVL struck with $1.05 billion tax demand

The Indian tax department struck ONGCs international arm, ONGC Videsh Ltd (OVL) with a ₹7666.10 crore (approximately USD 1.05 billion) service tax demand. The tax demand was slapped over the payment the firm made to its overseas subsidiaries for the duration of 2006 to 2017. The tax department issued many demand-cum-show cause notices to OVL on the matter. Sources reported that OVL is challenging the demand.

OVL withdraws from Kazakhstan category
Sept. 19, 2018

OVL withdraws from Kazakhstan

A senior official of ONGC Videsh Ltd has said that the firm is planning to withdraw from the Satpayev block in Kazakhstan. OVL acquired 25% stakes in the block in 2011, marking its entry in Kazakhstan’s oil and gas industry. Satpayev’s proximity to major discoveries in the North Caspian Sea tempted OVL to buy shares in the block. The firm’s $300 million exploration campaign, however, didn’t meet with much success.

OVL says no to PDVSA category
Sept. 10, 2018

OVL says no to PDVSA

Venezuela has not yet paid its past dues of USD 449 million, strategizing accordingly, ONGC Videsh Ltd (OVL) has overruled Latin American nation’s proposal for additional stake in an oilfield. OVL already holds 40% stakes in San Cristobal field and was offered 9% more by PDVSA last year. On November 4, 2016, two agreements were signed between OVL and PDVSA for the revival of the San Cristobal.

Sudan asks ONGC to pull case category
Aug. 17, 2018
Source: Reuters

Sudan asks ONGC to pull case

India’s ONGC Videsh Ltd informed that Sudan is making its move towards mitigating default on payment of dues and thus, has asked OVL to pull out its arbitrary proceedings against the nation. OVL earlier this year in London court filed an arbitration claim against Sudan’s government. This is in relation with the pending dues from a 2011 breakaway of South Sudan from a project.

OVL receives first equity share from Abu Dhabi field category
June 9, 2018
Source: Economic Times

OVL receives first equity share from Abu Dhabi field

ONGC’s overseas arm, ONGC Videsh Limited, yesterday received a shipment carrying 6, 90,000 barrels of crude from the Abu Dhabi's Lower Zakum oilfield. This is the first ever equity oil cargo in the line of the share which OVL will receive from its recently bought stake in Abu Dhabi. OVL, in association with IOCL and BPRL, entered into an agreement this year, to acquire 10% stake in Lower Zakum Concession.

PDVSA halts payment of oil dues to ONGC Videsh category
June 1, 2018
Source: Economic Times

PDVSA halts payment of oil dues to ONGC Videsh

Petroleos De Venezuela S.A. (PDVSA) has stopped payments to ONGC Videsh Ltd (OVL), the foreign arm of ONGC. OVL is yet to receive an amount of $450m, as dividend from San Cristobal field. Three instalments totalling $88m were received but the subsequent payments stopped. The company is now requesting PDVSA to allot oil in lieu of the dues.

OVL files arbitration claim against Sudan category
April 18, 2018
Source: Economic Times

OVL files arbitration claim against Sudan

India’s ONGC Videsh Ltd. has filed an arbitration claim against the Sudanese government in a London court, to recover long pending dues from a project that was hit by the disintegration of South Sudan in 2011. Sudan’s ambassador to India says that the country is facing problems in making the payments due to the sanctions imposed on Sudan.

Petronet LNG and OVL together to pick stake in Qatar project category
April 11, 2018
Source: Economic Times

Petronet LNG and OVL together to pick stake in Qatar project

Petronet wants to collaborate with the overseas wing of India’s biggest explorer, ONGC Videsh Ltd., to pick up a stake in an upcoming exploration and liquefied natural gas (LNG) project in Qatar, as revealed by a top company official. It will be a maiden venture of Petronet in LNG E&P business and overseas LNG terminals.

Total acquired Maersk Oil and becomes second-largest operator in North Sea category
March 9, 2018
Source: World Oil

Total acquired Maersk Oil and becomes second-largest operator in North Sea

French’s Total has announced the closing of Maersk Oil acquisition and has ramped up to about 160,000 boed in 2018. With this, it has sustained its existing leading position in the U.K. and has managed to enter Denmark subsequently making it the second-largest operator in the North Sea. Patrick Pouyanné, Chairman and CEO of Total has expressed it as a “success on many levels.”

OVL and OIL acquires stake in Mozambique category
March 6, 2018
Source: Economic Times

OVL and OIL acquires stake in Mozambique

Government of Mozambique has approved ONGC Videsh (16% stake) and Oil India (4% stake) for the development work of Golfinho-Atum natural gas field. The plan consists of two-train onshore liquefaction plant with total processing capacity of 12.88 million metric tonnes per annum.

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