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ONGC to invest Rs 6000 cr in oil equity abroad
New Delji, Nov 13: State-run Oil and Natural Gas Corporation (ONGC) will invest about Rs 6000 crore this year in acquisition of oil equity abroad, its Chairman and Managing Director Subir Raha said.
OVL has floated a special purpose vehicle - Nile-Ganga Pte - for picking 25 per cent equity of Canadian Talisman Energy in Greater Nile Oil Project in Sudan, he said, adding the company would make payment of close to 758 million dollars by January end.
OVL has also acquired 10 per cent stake in an offshore gas exploration block in Louisiana, USA, through its Houston-based subsidiary Sakhalin India Ltd (SIL), he said.
SIL would buy McAlester Fuel Company's 10 per cent interest for about Rs 35 crore.
Raha said OVL in consortium with Indian Oil and Oil India Ltd would invest 30 million dollars in the Farsi offshore oil and gas field in Iran.
Bureau Report