ONGC Videsh Limited (ONGC Videsh) – a wholly owned subsidiary of ONGC, the National Oil Company of India, announces the arrival of its first equity cargo of Das blend crude oil to New Mangalore. The Das blend crude oil originates from the Lower Zakum (LZ) oilfield in Abu Dhabi, which currently produces approximately 400,000 barrels per day. ONGC Videsh led Indian Consortium acquired 10% PI in Lower Zakum Concession through its Dutch Joint Venture Company- Falcon Oil & Gas BV. The Indian Consortium led by ONGC Videsh include BPRL and IOCL. Other shareholders in the LZ concession are ADNOC (60%), CNPC and JODCO (10% each) and TOTAL and ENI (5% each). It was the first time that Indian oil and gas companies have been given a stake in the development of Abu Dhabi’s hydrocarbon resources and the agreements were signed in Abu Dhabi on 10th February 2018 in the presence of Hon. Prime Minister of India. The commencement date of the concession agreement was from 9th March 2018 and is for a period of 40 years.
This first equity cargo of approx. 690,000 bbls which was loaded onto the vessel MT Wafrah on 2nd June 2018, was sold by ONGC Videsh for refining to MRPL, an ONGC Group company in the downstream business which operates one of India’s most modern and complex refineries. This sale to MRPL further demonstrates the commitment of the ONGC Group in enhancing the energy security for the nation.
Das blend crude with approx. 39.200 API is best positioned among the ONGC Videsh portfolio of equity crudes to flow to India. It is a grade of crude which is regularly bought by several Indian refiners. Also the shipping distance/voyage time to the west coast is short and can be lifted in a wide range of parcel sizes.
About ONGC Videsh
ONGC Videsh is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the National Oil Company of India, and is India’s largest international oil and gas Company. ONGC Videsh has participation in 41 projects in 20 countries namely Azerbaijan, Bangladesh, Brazil, Colombia, Iraq, Israel, Iran, Kazakhstan, Libya, Mozambique, Myanmar, Namibia, Russia, South Sudan, Sudan, Syria, United Arab Emirates, Venezuela, Vietnam and New Zealand. ONGC Videsh maintains a balanced portfolio of 15 producing, 4 discovered/under development, 18 exploratory and 4 pipeline projects. The Company currently operates/ jointly operates 21 projects. ONGC Videsh had total oil and gas reserves (2P) of about 711 MMTOE as on April 1, 2018. For more information visit: www.ongcvidesh.com
ONGC’s market capitalization as on 6th June 2018 was INR 2,186 billion (US$ 32.61 billion). During the financial year ended 31st March, 2018, ONGC Group had produced 64.21 MMTOE of oil and oil equivalent gas (approx. 1.29 MMboe per day); the Consolidated Gross Turnover was INR 3,622 billion (US$ 54 billion) during FY’18 and total consolidated oil and gas reserves were 1,863 MMTOE as on 31st March 2018. For more information visit: www.ongcindia.com