ONGC Videsh Ltd. and its partner IPR Mediterranean Exploration Ltd. have made significant new oilfield discoveries in Block-XXIV located in northeastern part of Syria. The discoveries of Rashid and Abu Khashab fields have been back to back in 2009.
Oil And Natural Gas Corporation Limited (ONGC) has been conferred with the FICCI Annual Award 2008-2009 for “Outstanding Corporate Vision-Business Performance, Social and Environmental Action and Globalisation”. Shri Pranab Mukherjee, Hon’ble Finance Minister handed over the award to Shri R. S. Sharma, CMD ONGC at the inaugural session of the FICCI Annual General Meeting at New Delhi today.
The consortium of ONGC Videsh Limited (“OVL”, 11.0%), Indian Oil Corporation Limited (“IOC”, 3.5%), Oil India Limited (“OIL”, 3.5%), Repsol YPF (“Repsol”, 11.0%) and Petroliam Nasional Berhad (“PETRONAS”, 11.0%), (collectively, the “Consortium”), was selected today (late evening 10th February Caracas, Venezuela time) by the Government of the Bolivarian Republic of Venezuela for awarding a 40% ownership interest in an “Empresa Mixta” (or “Mixed Company") which will develop the Carabobo 1 Norte and Carabobo 1 Centro blocks located in the Orinoco Heavy Oil Belt. The Corporación Venezolana del Petróleo (“CVP”), a subsidiary of Petróleos de Venezuela S.A. (“PDVSA”), Venezuela's state oil company, will hold the remaining 60% equity interest.
Several speculative media reports have appeared in recent past to the effect that ONGC has decided to hive off Assam operations through creation of a separate subsidiary company.
