|ONGC completes transaction of acquisition of producing asset in Syria|
01 February, 2006
A 50:50 Joint Venture Company, Bergomo Holding B.V. (to be renamed as Himalya Energy (Syria) B.V.) of ONGC Nile Ganga BV, the fully owned subsidiary of ONGC Videsh Limited (OVL) and Furlin Investments S.A.R.L., a subsidiary of China National Petroleum Company International (CNPCI) had entered into an agreement with Petro-Canada, a Canadian oil company, on December 19, 2005 to acquire entire shares of Petro-Canada’s interest in four Production sharing Contracts (PSC) namely Ash Sham PSC (33.33%); Dier EZ Zor(old) PSC (37.5%); Dier EZ Annex IV PSC (37.5%); Gas Utilization Agreement (36%), covering 36 producing fields in Syria. Government of Syrian Arab Republic has approved the transaction and participation of the Joint Venture Company in the upstream hydrocarbon sectors through above mentioned PSCs. Pursuant to the agreement, the transfer of shares of the German subsidiary of Petro-Canada which holds its interest in these PSCs to the Joint Venture was completed on 31st January, 2006 at Zurich, Switzerland. The purchase is retroactive to 1st July, 2005.
With this acquisition ONGC Group adds fourth overseas producing asset in its portfolio after Vietnam, Sudan and Russia (Sakhalin). Speaking on the occasion Shri Subir Raha, Chairman, ONGC Group of Companies stated that the joint venture company suitably named “Himalaya Energy (Syria)” symbolizes a new era of co-operation between India and China.