India’s ONGC Videsh issues end-November Sokol tender

13 September 2013 14:42  [Source: ICIS news]

SINGAPORE (ICIS)--Indian producer ONGC Videsh Ltd (OVL) has issued a tender offering Sokol crude for end November loading from its equity holding in eastern Russia, according to a company statement received on Friday.

The OVL tender offered 700,000 bbl of Sokol crude for loading on 22-25 November from the DeKastri terminal on the eastern Russian island of Sakhalin, the company said.

The tender will close on 18 September, with validity until 19 September, it said.

OVL last awarded the tender, which offered 700,000 bbl of Sokol crude for loading on 5-8 November, to a Japanese trader at a stronger level around Oman/Dubai quotes plus $10.00/bbl CFR (cost & freight).

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

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

Together, they contain an estimated 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.


By: James Dennis
+65 6780 4327



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