OVL’s investments in Sudan oil blocks top $2.56 billion
28 Nov 2012
ONGC Videsh Limited (OVL), the overseas arm of state-run oil and gas explorer Oil and Natural Gas Corporation (ONGC), has invested $2.56 billion (about Rs11,639 crore) in undivided Sudan till September 2012.
OVL's productions from Sudan and Syria, however, had been affected due to geo-political issues, minister of state for petroleum and natural gas Panabaka Lakshmi informed the Rajya Sabha in a written reply today.
She said there was a temporary stoppage of production in Sudan oil fields for 20 days in April 2012 due to border conflict between Sudan and South Sudan.
Production has since resumed on 1t May 2012, the minister said.
However, she said the conflict has resulted in deferment of an estimated oil production of about 0.8 million tones for OVL till September 2012, she added.
OVL and its partners had to shut oil production from the Greater Nile Petroleum project over a dispute between South Sudan and Sudan over pipeline transit fees. Production can resume within a few weeks following resolution of the dispute, sources said adding output may start as early as mid-December.