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2 clusters · 3 sources · 10 days · First seen · Last updated

ONGC international oil operations

Overview

ONGC Videsh has expanded its international petroleum footprint through new discoveries and strategic negotiations.

In Colombia, the company announced a successful oil discovery at the Milano-1X exploratory well in the Meta department. The drilling identified hydrocarbon-bearing sand in the Lower Mirador formation, with initial estimates suggesting a potential production capacity of approximately 750 barrels of oil per day.

Simultaneously, India’s state-owned Oil and Natural Gas Corp. is in advanced negotiations to take over operations and sales rights for two Venezuelan oil projects, San Cristobal and Carabobo 1. The proposed arrangement would allow ONGC to operate the fields and market production, a shift from previous structures. These negotiations, involving Venezuelan and U.S. authorities, also aim to address the recovery of outstanding dividends estimated to exceed $500 million.

Entities

ONGC Videsh · San Cristóbal · Oil and Natural Gas Corp. · Carabobo 1 · Venezuela

Timeline

  1. [BUSINESS] 3 sources
    ONGC negotiates takeover of Venezuelan oilfields

    India's ONGC is negotiating to operate and market production from two Venezuelan oil projects to recover over $500 million in outstanding dividends.

  2. [BUSINESS] 2 sources
    ONGC Videsh discovers oil in Colombia's Meta department

    Indian oil company ONGC Videsh discovered oil at the Milano-1X well in Colombia's CPO-5 block, with initial production estimates near 750 barrels per day.

Sources

millenniumpost.in · oilprice.com · tokenpost.kr