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ONGC Videsh Ltd News

ONGC Videsh Ltd

24 Jun 2020

Cabinet approves Rs 909 crore OVL additional investment projects in Myanmar

ONGC Videsh Ltd. (OVL) has been associated with exploration and development of Shwe project in Myanmar since 2002.

ONGC Videsh Ltd

24 May 2019

OVL FY19 net profit jumps 71% on rise in oil production

OVL is the unlisted overseas arm of ONGC and is not obligated to report quarterly earning numbers.

03 Jan 2019

ONGC says no demand from govt to reconsider OVL listing

ONGC Chairman and Managing Director Shashi Shanker said the company has communicated its views on the listing of OVL to the government.

21 Aug 2018

Govt asks ONGC to list OVL on bourses

OVL, which is 100 percent owned by ONGC, has so far invested Rs 1.5 lakh crore (USD 28.36 billion) in 41 projects it has across 20 countries.

Sudan OVL arbitration

17 Aug 2018

Sudan wants ONGC Videsh to withdraw arbitration over oil payment dues

OVL, filed an arbitration claim earlier this year against the government of Sudan in a London court seeking to recover dues pending for years from a project hit by the breakaway of South Sudan in 2011.

ONGC Videsh Ltd

09 Oct 2017

Haven't heard from Iran on $11 billion offer for gas field: OVL

Iran, India's third biggest oil supplier, used to give a 90-day credit period to refiners like Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL) to pay for the oil they would buy from it.

ONGC Videsh Ltd

04 Oct 2017

ONGC Videsh completes stake buy in Namibian oil block

Without disclosing the value of the deal, OVL in a statement said it has completed acquisition of 30 percent interest in the Namibian Petroleum Exploration License (PEL) 37, covering three blocks of 2112A, 2012B and 2113B.

Shashi Shanker ONGC chairman

01 Oct 2017

Shashi Shanker takes over as ONGC Chairman

During his tenure, ONGC has conceptualised an ambitious company-wide project called 'DISHA' for creation of a paperless office platform, the implementation of which is now underway.

ONGC Videsh Ltd

18 Sep 2017

OVL, partners renew Azeri oil field contract

Norway's Statoil will have 7.27 per cent stake (8.6 per cent previously), ExxonMobil 6.79 per cent (8 per cent), Turkey's TPAO 5.73 per cent (6.8 per cent) and Japan's ITOCHU 3.65 per cent (4.3 per cent).

12 Sep 2017

India Inc's investment overseas down 15% to $1.34 billion in August

The investment break-up included USD 944.14 million in the form of guarantees issued, USD 184.44 million and loan and USD 210.68 million as equity infusion.

02 May 2017

Sudan denies licence extension to OVL; seeks higher taxes

Sudan has denied India's ONGC Videsh Ltd an extension of licence to operate an oilfield as it sought higher royalties and taxes to make up for revenue lost due to drop in oil prices.

19 Feb 2017

CPSE IPOs within 22 weeks of govt nod

Drawing strict timelines for listing of profitable PSUs, the government has mandated launch of initial public offer (IPO) within five-and-half months of a nod from the ministry concerned.

31 Oct 2016

ONGC Videsh completes acquisition of 11% additional stake in Russian oil field Vankor

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, has completed the acquisition of additional 11 percent interest in Russia's Vankor oilfield, taking its total stake to 26 percent.

ONGC Videsh Ltd

11 Oct 2016

OVL to raise $900 mn bridge loan to finance Vankor buy

ONGC Videsh Ltd (OVL) will raise a bridge loan of close to USD 900 million overseas to fund acquisition of an additional 11 per cent stake in Russia's Vankor oilfield.

05 Oct 2016

ONGC Videsh gets govt nod to up stake in Russian oil field for $930 mn

ONGC Videsh Ltd (OVL) Wednesday got government nod to raise its stake in Russia's second biggest oil field of Vankor by 11 percent at an investment of USD 930 million.

20 Sep 2016

OVL slapped with service tax demand of Rs 6,100 crore

The Tax Department has slapped a service tax demand of over Rs 6,100 crore on the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), a move that may potentially render its investments in oil and gas fields abroad infructuous.

ONGC Videsh Ltd

20 May 2016

OVL raises $1.2-bn foreign loans to buy Russia's Vankor stake

ONGC Videsh Ltd has taken a bridge loan of USD 1.2 billion from a group of foreign banks at a highly competitive rate of about 1.3 per cent to fund its acquisition of 15 per cent stake in Russia's second biggest oil field of Vankor.

ONGC Videsh Ltd

16 Mar 2016

OVL, IOC consortium to buy Russian oil fields for $4.2 billion

ONGC Videsh Ltd (OVL) and a consortium led by Indian Oil Corp today signed agreements to buy stake in two Russian oilfields in Siberia for an estimated USD 4.2 billion (over Rs 28,253 crore)

17 Jan 2016

ONGC Videsh refinances $1.78 bn loan at lower coupon rates

In a first by a public sector firm, ONGC Videsh Ltd has refinanced a USD 1.775 billion loan at lower rates to save nearly USD 37 million in interest payout, besides extending the repayment tenure.

07 Dec 2015

ONGC Videsh close to winning $5-bn Farzab-B gas field rights

ONGC Videsh Ltd-led consortium is close to winning USD 5 billion rights to develop Iran's Farzad-B gas field and convert the gas produced from it into LNG for shipping to countries like India.

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