Spreading wings: OVL to buy 15% stake in Siberian oil fields

THE overseas arm of ONGC, ONGC Videsh is set to buy from Russian oil behemoth Rosneft a 15 percent stake in Vankor oil and gas field in eastern Siberia for an estimated $1.2 billion. It is the fourth largest acquisition by the overseas investment arm of India's flagship explorer ONGC.
“ONGC Videsh Limited signed definitive agreements to acquire up to 15 percent shares in CSJC Vankorneft, a company organized under the law of Russian Federation which is the owner of Vankor Field and NorthVankor license. Rosneft...

Modi launches OVL oil block project in Kazakhstan

PM Modi with Kazakh PM

ENERGY is high on the agenda of Prime Minister Narendra Modi's visit to five Central Asian countries and on July 7 PM Modi and his Kazakhstan counterpart Karim Massimov launched the first exploratory drilling of the Satpayev oil block by India's OVL and KazMunaiGaz.

They launched the drilling through live video conferencing.

ONGC Videsh Ltd. (OVL) -- the overseas wing of state-run ONGC -- had in 2011 picked...

OVL signs MoU with Ecuador for evaluating E&P opportunities

ONGC Videsh (OVL) and Ecuador have signed a memorandum of understanding (MoU) for evaluating exploration and production (E&P) opportunities in oil-rich Ecuador. "Latin America is a focus area for ONGC Videsh. It already has a presence in Brazil, Venezuela and Colombia. These countries contribute about 30 percent of oil production of ONGC Videsh," the Miniratna company said in a statement. According to the MoU, information about...