India’s ONGC Videsh offers early December Sokol crude oil

25 September 2012 07:22  [Source: ICIS news]

SINGAPORE (ICIS)--Indian producer ONGC Videsh Ltd (OVL) issued a tender offering early December loading Sokol crude from its equity holding in eastern Russia, according to a company statement on Tuesday.

OVL is offering 700,000 bbl of Sokol crude for loading from the DeKastri terminal on the eastern Russian island of Sakhalin on 1-4 December 2012. The tender will close on 26 September with validity until 27 September.

Earlier in September, OVL placed a tender offering a 700,000 bbl 16-19 November loading Sokol at a four month high of around Oman/Dubai quotes plus $7.00-7.50/bbl (€5.4-5.8/bbl) amid improved refining margins for distillate rich grades.

OVL is the overseas unit of Oil and Natural Gas Corp (ONGC), India’s largest state-owned oil and gas exploration company. 

The Sakhalin-1 project consists of three fields: Chayvo, Odoptu and Arkutun-Dagi. They are located offshore on the northeast coast of Sakhalin Island in eastern Russia.

Together they contain an estimated volume of 2.3bn bbl of oil and 17.1 trillion cubic feet (tcf) of gas. Crude production from the project is marketed under the name Sokol.

OVL has a 20% stake in the Sakhalin-1 project.

Exxon Neftegas Ltd (ENL), a subsidiary of US-based ExxonMobil, is the operator and holds a 30% interest in the Sakhalin-1 project.

Other partners are Russian oil company Rosneft, acting via its affiliates RN-Astra (8.5%) and Sakhalinmorneftegas-Shelf (11.5%).

($1 = €0.77)

By: James Dennis
+65 6780 4327

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