India’s ONGC Videsh issues Sokol crude tender for early June

21 March 2014 08:24  [Source: ICIS news]

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

The OVL tender is offering 700,000 bbl of Sokol crude oil for loading on 6-9 June from the De-Kastri terminal on the eastern Russian island of Sakhalin, it stated.

The tender will close on 25 March, with validity until 26 March.

OVL last awarded a tender, which offered 700,000 bbl of Sokol crude for loading on 16-19 May to a trader at around Oman/Dubai quotes plus $8.00/bbl CFR (cost & freight).

OVL is the overseas unit of Oil and Natural Gas Corp 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 bbl 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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