Coal News We love to talk!
ONGC Videsh (OVL) and Oil India will split equally the 10 per cent stake they acquired in a giant Mozambique gas field from Videocon Group for $2.475 billion. OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), and OIL had jointly bought Videocon Group's 10% interest in the Rovuma Area-1 for $2.475 billion.
This stake was originally envisaged to be split in 60:40 ratio with OVL getting the larger share. But with OVL on its own buying US energy major Anadarko Petroleum's 10 per cent stake in the same block for $2.64 billion, the Videocon stake will be split 50:50, a top official in the consortium said.
"We had decided that in case OVL is successful in buying Anadarko's 10% stake, then the Videocon's shares will be split 50:50 and not 60:40," the official said. "This was a pre-decided arrangement." Videocon, he said, was originally seeking over $2.8 billion for the 10% stake in the block.
- MRPL resumes oil imports from Iran Read more
- Coal India production grows 5.5 per cent in January Read more
- India takes diplomatic route to resolve OVL woes in Venezuela Read more
- Gas Based Power Plants still with a vague future Read more
- PNGRB staff face conflict of interest Read more
- Iran acting tough on ONGC over development of gas field Read more
- Alstom T&D India bags Euro 20 million order from Power Grid Read more
- International body pats India for its transition to combat climate change Read more
- Dharmendra Pradhan led Oil ministry wants ONGC chief for just a year with quarterly appraisal Read more
- CIL says efforts to buy coal mines in Australia in process Read more