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A look at ONGC-IV - Views on News from Equitymaster

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A look at ONGC-IV
Oct 9, 2007

In the previous article, we profiled ONGC’s upstream assets in Asia Pacific and the Middle East. In this article, we shall look at the company’s assets in Africa (Libya, Sudan, Egypt) and Latin America (Cuba, Columbia). Libya
Block NC 188/ NC189
OVL has acquired 49% stake in two onshore exploration blocks in the Ghadames basin (NC-188) and Sirte basin (NC-189) in Libya. Turkish Petroleum Overseas Company (TPOC) a subsidiary of Turkish national oil company holds the rest of 51% participating interest and acts as the operator.

Block 81-1
The block measuring area of 1,809 sq. km. is situated in the Ghadames Basin, Libya.

Contract Area 43 OVL entered into an agreement with National Oil Corporation of Libya in March 2007 for the Contract Area 43. It consists of four blocks measuring a total area of 7,449 sq km located in Cyrenaica offshore in the Mediterranean Sea.

Sudan
Greater Nile Oil Project (GNOP)
It is located in the Muglad Basin, around 435 miles southwest of Khartoum, the capital of Sudan. The consortium members are China National Petroleum Corporation (CNPC 40% stake), Petronas Carigali Overseas Sdn BHD, Malaysia (Petronas 30% stake), OVL (25% stake) and Sudan National Oil Company (SUDAPET 5% stake). The GNOP has established reserves of 1 bn barrels. Current production from 10 fields is about 255,000 barrels of oil per day.

5A
The block is spread across 20,917 sq km. OVL has a 24% stake while Petronas holds 68% and Sudapet 8%. White Nile Petroleum Operating (WNPOC), which is the operator of the block, is the joint operating company of Petronas and Sudapet.

5B The Block 5B is spread over an area of 20,119 sq km. OVL has a 24% stake while Petronas holds 39% and Sudapet 13%. It is operated by WNPOC. The total resource of the block is estimated at 3.5 bn barrels.

Egypt
North Ramadan, Gulf of Suez (GOS)
The block covers 300 sq km. The consortium partners are the Egyptian General Petroleum Corporation and IPR Energy Red Sea, Inc.

Cuba
OVL has 30% participating interest in blocks 25, 26, 27, 28, 29 and 36 in Cuba. The blocks are spread over an area of nearly 12,000 sq. km. The other partners of the Blocks are Repsol-YPF(40%) and Norsk Hydro of Norway (30%). Repsol-YPF is the operator.

Colombia
Mansarovar Energy Colombia Limited (MECL), a 50:50 Joint Venture between OVL and SINOPEC (The National Oil Company of China) holds 100% interest in the Velásquez fee mineral property located in the Middle Magdalena Basin. Mansarovar currently produces approximately 21,500 barrels per day.

In the next article, we shall answer the question “how much” and look at the reserves of oil and gas in ONGC’s international upstream assets.

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