Rosneft Offers 10 Blocks in Barents and Black Seas to ONGC Videsh

Russia’s Rosneft has reportedly offered 10 offshore blocks to India’s ONGC Videsh (OVL).

According to The Economic Times, OVL , the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC), will evaluate data provided by Rosneft before deciding on the final agreement. The offer covers nine oil blocks in the Barents Sea, and one in the Black Sea.

OVL, according to information on their website, currently owns a stake in two oil and gas projects in Russia.

Rosneft did not respond to an e-mail seeking comment, sent by Offshore Energy Today.

Videocon looking to sell

While one Indian oil company is looking to acquire assets, another one is eyeing divestment opportunities.Business Line reports that Videocon is looking for a customer which would pay a good price for its stake in an offshore oil field in Indonesia. The company is awaiting the drilling results from the Nunukan block, due February 18, and then, if the price is right, it will sell its 12.5 per cent in the area offshore East Kalimantan.

“Our expertise is to take a block, drill, see that there are reserves and then sell,” Rajkumar Dhoot, Managing Director, explained Videocon’s strategy to Business Line.