India’s ONGC Videsh offers end-April Sokol crude oil

25 February 2013 07:25  [Source: ICIS news]

SINGAPORE (ICIS)--Indian producer ONGC Videsh Ltd (OVL) is offering Sokol crude for end-April loading from its equity holding in eastern Russia via a tender, according to a company document issued on Monday.

OVL is offering 700,000 barrels of Sokol crude for loading from the DeKastri terminal on the eastern Russian island of Sakhalin on 27-30 April. The tender will close on 28 February, with validity until 1 March, according to the company’s statement.

OVL last awarded a tender offering a 700,000-barrel Sokol crude for 20-23 March loading to SK Energy, at a premium of around $9.00/bbl (€6.80/tonne) to Oman/Dubai quotes. Premiums for Sokol continue to be supported by good margins for middle 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 – that are located offshore on the northeast coast of Sakhalin Island in eastern Russia.

Together, they contain an estimated volume of 2.3bn barrels 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.

The other partner in the project is Russian oil company Rosneft, which is acting via its affiliates RN-Astra (8.5%) and Sakhalinmorneftegas-Shelf (11.5%).

($1 = €0.76)


By: James Dennis
+65 6780 4327



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