ONGC exits from Sudan
India’s Oil and Natural Gas Corp (ONGC) recently exited from Sudan oilfields. This step was taken by ONGC after the African nation refused to pay for oil it lifted from the fields.
- ONGC Videsh Ltd (OVL) has also with withdrawn from the block.
- OVL had a 25 per cent stake in Block 2A&4 in Sudan.
- CNCP had 40 per cent and Petronet 30 per cent.
- Sudan’s Sudapet had 5 per cent interest.
Sudan had not paid the OVL since 2011, for oil it bought from the block. Sudan’s dues towards OVL stands at USD 430.69 million.
Oil and Natural Gas Corporation is an Indian public sector multinational company that works in crude oil and gas sectors. Its head office is in New Delhi. It is owned by the Government of India. The Ministry of Petroleum and Natural Gas is the administrative controller of the company. The ONCG is the largest oil and gas exploration of the country. The company’s production is also highest in the country. It produces around 70% of India’s crude oil. Total natural gas production is around 84%. The company had been conferred the Maharatna Status in November 2010. It is ranked as the largest profit making PSU in India, after a survey conducted by Government of India. It has been ranked 7th among the Top 250 Global Energy Companies in the world by Platts, which is a provider of energy and commodities information in the commodity markets.
ONGC Videsh ltd (OVL)
OVL is the overseas investment arm of the ONCG. It is a Miniratna Schedule “A” Central Public Sector Enterprise (CPSE) of the Government of India. It was founded in 1965.
Category: Economy & Banking Current Affairs