26 October 2012 10:27 [Source: ICIS news]
SINGAPORE (ICIS)--Indian producer ONGC Videsh Ltd (OVL) issued tender offering early January-loading Sokol crude from its equity holding in eastern ?xml:namespace>
OVL is offering 700,000 bbl of Sokol crude for loading from the DeKastri terminal on the eastern Russian
In late September, OVL placed a tender offering a 700,000 bbl 1-4 December 2012 loading Sokol to BP at an eight-month high of around Oman/Dubai quotes plus $8.40/bbl (€6.47/bbl), traders said. Sokol premiums have been buoyed by strong refining margins for middle distillate rich grades resultant demand from refineries in
OVL is the overseas unit of Oil and Natural Gas Corp (ONGC),
The Sakhalin-1 project consists of three fields: Chayvo, Odoptu and Arkutun-Dagi. They are located offshore on the northeast coast of
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)
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