ONGC CONTRACT: $1.7 BLN

OGJ - State-owned Oil & Natural Gas Corp. has let a contract for combined subsea work on its KG-DWN-98/2 ("Cluster-2") deepwater development off eastern India to a consortium of Baker Hughes, a GE company, McDermott International Inc., and L&T Hydrocarbon Engineering, a subsidiary of Larsen & Toubro.

With an awarded cost of $1.69445 billion, the package includes the supply of all subsea production systems (SPS), including 34 deepwater trees, and the installation of subsea umbilicals, risers, and flowlines (SURF) in 984-10,500 ft of water in the Krishna-Godavari basin.

Baker Hughes will provide the subsea hardware and precommissioning services. McDermott will provide pipeline and construction vessels and engineering, procurement, construction, and installation services. L&T Hydrocarbon Engineering will coordinate local work and services.

ONGC said integrating the subsea work "will help to eliminate major interface issues among SPS and SURF packages, resulting in time and cost optimization to the company."

Peak production rates are estimated at 16 million standard cu m/day of natural gas and 80,000 b/d of oil.

ONGC began drilling in April. It expects gas production to start by December 2019 and oil production to begin by March 2021.

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Earlier:

2018, February, 12, 07:15:00 UAE - INDIA'S CONCESSION: $600 MLN REUTERS - A consortium led by India’s Oil and Natural Gas Corp (ONGC) (ONGC.NS) has become the first group to win a stake in Abu Dhabi National Oil Co’s (ADNOC) 40-year offshore oil concession, a deal set to help the UAE expand its foothold in Asia.

2018, January, 22, 08:00:00 ONGC BUYS FOR $5.78 BLN REUTERS - India’s biggest explorer Oil and Natural Gas Corp (ONGC) has agreed to buy the government’s majority stake in state-refiner Hindustan Petroleum Corp for 369 billion rupees ($5.78 billion).

2017, July, 3, 13:50:00 INDIAN - IRANIAN GAS INVESTMENT The Indian consortium led by the state-owned Oil and Natural Gas Corporation (ONGC) is willing to spend as much as $11bn to develop the giant Iranian natural gas field it discovered in 2008.

2017, February, 8, 18:30:00 INDIAN ONGC UP 197% Indian ONGC reported profit of rupees 43.52bn ($0.65bn) in 3Q of fiscal 2016-17 as against rupees 14.66bn in the corresponding quarter of last year, a rise of 197%, the company said last week citing higher gross oil realisation as the primary reason.

2016, September, 15, 18:35:00 ONGC BUYS VANKOR Vankorneft is the operating company of the Vankor oil and gas condensate field and the North Vankor licence, in East Siberia, Russia. This acquisition will increase ONGC Videsh’s stake in the company to 26%. The company had previously acquired 15% in the project in May this year for USD 1.27 billion. The new transaction is expected to close by the end of the year.

2016, June, 10, 14:25:00 INDIAN - RUSSIAN ADVANTAGES ONGC Videsh Ltd. signed a $1.16 billion nine-month bridge loan on May 19 to fund the purchase of a 15 percent stake in Vankor field in Siberia from Russia’s Rosneft OAO, data compiled by Bloomberg show. Indian Oil Corp. plans a $1.2 billion fundraising for Russian investments in three or four months, including short- and long-term loans, Finance Director A.K. Sharma said in an interview on Wednesday. The average margin over benchmark rates on non-rupee loans for Indian refiners and explorers was 74 basis points this year, the lowest since 2006, the data show.

2016, June, 3, 19:00:00 ROSNEFT SOLD 15% The closed transaction is symbolic for both the companies and marks transition to a new level of cooperation in the Russian-Indian relations in sphere of energy. ONGC gets substantial interest and relevant rights in one of the biggest large-scale projects of Rosneft of the last decade, whereas Rosneft retains major shares in the project and will operate on the field through the operator company RN-Vankor. Русский | English