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ONGC Videsh signs contract for two shallow water exploration blocks

20th February 2014

ONGC Videsh has signed a Production Sharing Contract for two shallow water exploration blocks in the Bay of Bengal

ONGC Videsh signs contract for two shallow water exploration blocks in the Bay of Bengal

ONGC Videsh (OVL) has signed a Production Sharing Contract (PSC) for two shallow water exploration blocks, SS-09 and SS-04, in the Bay of Bengal off Bangladesh.

OVL along with Oil India Limited (OIL) have created a consortium and participated in the Bangladesh Offshore Bidding Round 2012, launched by Bangladesh Government during December 2012.

The OVL/OIL consortium was officially notified as the winner of two shallow water blocks, SS-09 & SS-04 in August 2013.

Subsequently, the Production Sharing Contract (PSC) was discussed and signed, while the Government of Bangladesh approved the award of the blocks to OVL/OIL consortium in December 2013. 

OVL is a subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the national oil company of India, and is the country’s biggest international oil and gas exploration and production company. Currently, OVL is involved in 35 projects in about 18 countries, particularly Azerbaijan, Bangladesh, Brazil, Colombia, Iraq, Kazakhstan, Libya, Mozambique, Myanmar, Russia, South Sudan, Sudan, Syria, Venezuela and Vietnam. OVL is estimated to be producing 160 thousand barrels of oil and oil equivalent gas per day and has total oil and gas reserves of about 433 million tonne of oil and oil equivalent gas (mmtoe) as of March 2013.

ONGC is a multinational Indian oil and gas with its headquarters in Dehradun, India.  The Indian government handles the ONGC as a Public Sector Undertaking (PSU) and is under the administrative control of the Ministry of Petroleum and Natural Gas (MoP & NG). It is considered one of India's major oil and gas exploration and production companies. It produces around 69 per cent of India's crude oil and about 62% of its natural gas.

 

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