Wednesday, January 20, 2021
  • Login
Procurement Nation
  • HOME
  • NASDAQ
    • NASDAQ: AAPL
    • NASDAQ: AMZN
    • NASDAQ: NFLX
  • NYSE
    • NYSE: BA
    • NYSE: WMT
  • LSE
    LSE – Castillo Copper (ASX:CCZ) considers divesting Broken Hill asset

    LSE – Castillo Copper (ASX:CCZ) considers divesting Broken Hill asset

    LSE – Sole trader – Doc Martens plans to go public and aims for a Ftse listing

    LSE – Sole trader – Doc Martens plans to go public and aims for a Ftse listing

    LSE – Lease negotiations with Thai reaching ‘critical phase’: AA4 | News

    LSE – Lease negotiations with Thai reaching ‘critical phase’: AA4 | News

    LSE – Qatar sovereign wealth fund plans Asia push to diversify from Europe, US, Economy News & Top Stories

    LSE – Qatar sovereign wealth fund plans Asia push to diversify from Europe, US, Economy News & Top Stories

    LSE – Qatar Wealth Fund Plans Asia Push to Diversify From Europe, U.S.

    LSE – Qatar Wealth Fund Plans Asia Push to Diversify From Europe, U.S.

    TSE – Japan PM Suga announces state of emergency for Tokyo area until Feb. 7

    LSE – Gran Tierra Energy Inc. Provides Update Regarding Proposed Sale of 218,012,500 Common Shares in PetroTal Corp.

    LSE – High-tech British firms eye U.S. listings in blow to post-Brexit London stock market

    LSE – High-tech British firms eye U.S. listings in blow to post-Brexit London stock market

    LSE – Euromoney Where will it end? Now Spacs might start buying listed companies

    LSE – Euromoney Where will it end? Now Spacs might start buying listed companies

    TSE – Japan PM Suga announces state of emergency for Tokyo area until Feb. 7

    LSE – Manchester & London Investment Trust Plc – Director/PDMR Shareholding

  • TSE
    Seplat Petroleum Development : Drives Growth in Domestic Gas Market

    TSE – Notice Concerning Results of Tender Offer for the Common Stock of Tokyo Dome Corporation (Securities Code: 9681) and Change in Subsidiary(252KB)

    Bragar Eagel & Squire, P.C. Investigates Sale of XLNX and Encourages Investors to Contact the Firm

    TSE – TOKAI : Certification of “Eruboshi (Third Stage)” based on the Act on Promotion of Women’s Participation and Advancement in the Workplace (176KB)

    TSE – World shares subdued despite strong growth data from China

    TSE – World shares subdued despite strong growth data from China

    TSE – Tokyo restaurant chains openly defy gov’t closure requests amid virus aid discrepancies

    TSE – Tokyo restaurant chains openly defy gov’t closure requests amid virus aid discrepancies

    TSE – The Ether Fund Offers Trading in Canadian Dollars

    TSE – MAG Silver Announces the Appointment of Jill Neff as Corporate Secretary

    TSE – The Ether Fund Offers Trading in Canadian Dollars

    TSE – Golden Predator Presents at Noble Capital Markets Conference

    TSE – Asia markets mostly close lower; dollar trades mixed

    TSE – Asia markets mostly close lower; dollar trades mixed

    TSE – The Ether Fund Offers Trading in Canadian Dollars

    TSE – Alcanna Inc. and YSS Corp. Announce Combination of Cannabis Retail Businesses to Form Nova Cannabis Inc. and Concurrent $25 Million Equity Financing

    TSE – Tokyo stocks keep sliding on coronavirus emergency worries

    TSE – Tokyo stocks fall on U.S. market drop, profit-taking

  • SUPPLIES
    • Energy Supplies
    • Lowe’s Inc.
No Result
View All Result
  • HOME
  • NASDAQ
    • NASDAQ: AAPL
    • NASDAQ: AMZN
    • NASDAQ: NFLX
  • NYSE
    • NYSE: BA
    • NYSE: WMT
  • LSE
    LSE – Castillo Copper (ASX:CCZ) considers divesting Broken Hill asset

    LSE – Castillo Copper (ASX:CCZ) considers divesting Broken Hill asset

    LSE – Sole trader – Doc Martens plans to go public and aims for a Ftse listing

    LSE – Sole trader – Doc Martens plans to go public and aims for a Ftse listing

    LSE – Lease negotiations with Thai reaching ‘critical phase’: AA4 | News

    LSE – Lease negotiations with Thai reaching ‘critical phase’: AA4 | News

    LSE – Qatar sovereign wealth fund plans Asia push to diversify from Europe, US, Economy News & Top Stories

    LSE – Qatar sovereign wealth fund plans Asia push to diversify from Europe, US, Economy News & Top Stories

    LSE – Qatar Wealth Fund Plans Asia Push to Diversify From Europe, U.S.

    LSE – Qatar Wealth Fund Plans Asia Push to Diversify From Europe, U.S.

    TSE – Japan PM Suga announces state of emergency for Tokyo area until Feb. 7

    LSE – Gran Tierra Energy Inc. Provides Update Regarding Proposed Sale of 218,012,500 Common Shares in PetroTal Corp.

    LSE – High-tech British firms eye U.S. listings in blow to post-Brexit London stock market

    LSE – High-tech British firms eye U.S. listings in blow to post-Brexit London stock market

    LSE – Euromoney Where will it end? Now Spacs might start buying listed companies

    LSE – Euromoney Where will it end? Now Spacs might start buying listed companies

    TSE – Japan PM Suga announces state of emergency for Tokyo area until Feb. 7

    LSE – Manchester & London Investment Trust Plc – Director/PDMR Shareholding

  • TSE
    Seplat Petroleum Development : Drives Growth in Domestic Gas Market

    TSE – Notice Concerning Results of Tender Offer for the Common Stock of Tokyo Dome Corporation (Securities Code: 9681) and Change in Subsidiary(252KB)

    Bragar Eagel & Squire, P.C. Investigates Sale of XLNX and Encourages Investors to Contact the Firm

    TSE – TOKAI : Certification of “Eruboshi (Third Stage)” based on the Act on Promotion of Women’s Participation and Advancement in the Workplace (176KB)

    TSE – World shares subdued despite strong growth data from China

    TSE – World shares subdued despite strong growth data from China

    TSE – Tokyo restaurant chains openly defy gov’t closure requests amid virus aid discrepancies

    TSE – Tokyo restaurant chains openly defy gov’t closure requests amid virus aid discrepancies

    TSE – The Ether Fund Offers Trading in Canadian Dollars

    TSE – MAG Silver Announces the Appointment of Jill Neff as Corporate Secretary

    TSE – The Ether Fund Offers Trading in Canadian Dollars

    TSE – Golden Predator Presents at Noble Capital Markets Conference

    TSE – Asia markets mostly close lower; dollar trades mixed

    TSE – Asia markets mostly close lower; dollar trades mixed

    TSE – The Ether Fund Offers Trading in Canadian Dollars

    TSE – Alcanna Inc. and YSS Corp. Announce Combination of Cannabis Retail Businesses to Form Nova Cannabis Inc. and Concurrent $25 Million Equity Financing

    TSE – Tokyo stocks keep sliding on coronavirus emergency worries

    TSE – Tokyo stocks fall on U.S. market drop, profit-taking

  • SUPPLIES
    • Energy Supplies
    • Lowe’s Inc.
No Result
View All Result
Procurement Nation
No Result
View All Result
Home Crude Supplies

Frustrated with non-payment of dues, ONGC exits from Sudan, Energy News, Procurement Nation

Walter Byrd by Walter Byrd
October 15, 2020
in Crude Supplies
0
Frustrated with non-payment of dues, ONGC exits from Sudan, Energy News, Procurement Nation


New Delhi: India’s Oil and Natural Gas Corp (ONGC) has exited from Sudan oilfields after the African nation refused to pay for oil it lifted from the fields. ONGC Videsh Ltd (OVL), the overseas investment arm of the state-owned firm, as also its Chinese partner CNPC and Malaysia’s Petronas have withdrawn from the block, a top company official said.

OVL had a 25 per cent stake in Block 2A&4 in Sudan while CNCP had 40 per cent and Petronet 30 per cent. Sudan’s Sudapet had 5 per cent interest.

RelatedPosts

Is It Time to Get Bullish on Oil Stocks?

gold rate today: Commodity strategies: Gold, silver, crude, base metals

Oil prices to go up for 3rd straight week

Sudan had since 2011 not paid OVL and partners for oil it bought from the block. Sudan’s dues towards OVL totalled USD 430.69 million, the official said.

The company initiated arbitration proceedings against the Government of Sudan to recover the dues and has terminated the Exploration and Production Sharing Agreement (EPSA), he said.

OVL had also not been paid about USD 99 million for the 741-km-long pipeline it built from Khartoum to Port Sudan.

The project cost and rental of USD 254 million was to be paid by Sudan in 18 half-yearly equated instalments of USD 14.135 million each starting from December 30, 2005. The company got a total of 11 instalments (USD 155.48 million) till December 2010 and the balance seven instalments amounting to USD 98.94 million remained outstanding.

The official said falling to get the balance payment even after using diplomatic channels, OVL has initiated a separate arbitration to recover the outstanding dues.

OVL had entered Sudan in 2003 by acquiring a 25 per cent interest in the Greater Nile Oil Project.

GNOP consisted of the upstream assets of on-land Blocks 1, 2 and 4 spread over 49,500 sq km in the Muglad Basin, located about 780 km South-West of the capital city of Khartoum in Sudan.

Upon the secession of South Sudan from Sudan in July 2011, the contract areas of Blocks 1, 2 and 4 which straddle between Sudan and South Sudan were split with a major share of production and reserves are now situated in South Sudan.

Post-secession, as the government of Sudan’s share of total production from Sudan was not sufficient to meet the requirements of local refineries, foreign firms were asked to sell their share of crude oil to it.

However, the payment of dues on account of crude oil purchased by the government of Sudan was not received, the official said.

Sudan had denied ONGC and partners an extension of licence to operate block 2B after the initial contract expired in November 2016.

OVL had, along with state-owned Oil India Ltd, constructed and financed a 741-km multi-product pipeline from Khartoum refinery to Port Sudan for USD 194 million.

OVL’s share of the project cost was 90 per cent, while the rest was borne by OIL.

The pipeline was handed over to the government of Sudan in October 2005. The lump-sum price, together with lease rent was required to be paid to OVL in 18 equal half-yearly instalments effective from December 2005.

This amount totalled USD 254 million.

OVL has participating interest in 37 oil and gas projects in 17 countries spanning from Venezuela to Vietnam.

The official said oil production at Block 1, 2 & 4 in South Sudan was shut in December 2013 due to security reasons and production is now being resumed.





Source link

Previous Post

International Oil price rebounds | Nairametrics

Next Post

Australia proposes paying oil refiners billions to stay open, Energy News, Procurement Nation

Related Posts

Is It Time to Get Bullish on Oil Stocks?
Crude Supplies

Is It Time to Get Bullish on Oil Stocks?

January 19, 2021
gold rate today: Commodity strategies: Gold, silver, crude, base metals
Crude Supplies

gold rate today: Commodity strategies: Gold, silver, crude, base metals

January 19, 2021
Oil prices to go up for 3rd straight week
Crude Supplies

Oil prices to go up for 3rd straight week

January 19, 2021
Seven oil tankers bound for Syria intercepted in Red Sea: PM
Crude Supplies

Seven oil tankers bound for Syria intercepted in Red Sea: PM

January 19, 2021
LPG Market Faces Global Shortage  | Rigzone
Crude Supplies

LPG Market Faces Global Shortage  | Rigzone

January 19, 2021
Syria says will import more fuel to cover shortfalls caused by sanctions – Region – World
Crude Supplies

Syria says will import more fuel to cover shortfalls caused by sanctions – Region – World

January 19, 2021
Next Post
Australia proposes paying oil refiners billions to stay open, Energy News, Procurement Nation

Australia proposes paying oil refiners billions to stay open, Energy News, Procurement Nation

Procurement Nation

© 2020 PROCUREMENT NATION - Stock Market News

Procurement Nation

  • About
  • Our Team
  • Advertise
  • Privacy Policy
  • Contact Us

Follow Us

No Result
View All Result
  • HOME
  • NASDAQ
    • NASDAQ: AAPL
    • NASDAQ: AMZN
    • NASDAQ: NFLX
  • NYSE
    • NYSE: BA
    • NYSE: WMT
  • LSE
  • TSE
  • SUPPLIES
    • Energy Supplies
    • Lowe’s Inc.

© 2020 PROCUREMENT NATION - Stock Market News

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In