India’s ONGC Videsh issues January Sokol crude tender

01 November 2013 14:06  [Source: ICIS news]

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

The OVL tender offered 700,000 barrels of Sokol crude for loading on 9-12 January from the DeKastri terminal on the eastern Russian island of Sakhalin, it stated.

The tender will close on 6 November, with validity until 7 November.

OVL last awarded a tender, which offered 700,000 barrels of Sokol crude for loading on 19-22 December, to Vitol at around Oman/Dubai quotes plus $7.65/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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