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After gas discovery, India secures oil equity in Sudan
Friday, 01 November 2002, 20:30 IST
NEW DELHI: India has clinched a deal to acquire oil equity in Sudan with an investment of $720 million as it announced one of the biggest gas finds in recent years.
"The two historic developments have given a big boost to India's efforts to achieve energy security. We have now secured equity oil from the West and discovered our own gas in the East," said Petroleum Minister Ram Naik at a press conference in Mumbai Thursday.
The first development related to India's exploration major ONGC Videsh Limited signing an agreement Tuesday with Talisman Energy Inc. of Canada to acquire 25 percent equity stake for $720 million in the Greater Nile Oil Project, a producing oil field in Sudan.
The second was the major gas discovery announced by Reliance Industries Limited, India's largest private conglomerate, in deep water block D6 in the Krishna-Godavari basin off the Andhra Pradesh coast.
Initial estimates indicate gas reserves of over seven trillion cubic feet in the block, one of the largest finds in the country.
"The in-place volume of natural gas is in excess of seven trillion cubic feet, equivalent to about 1.2 billion barrels or 165 million tonnes of crude oil," Mukesh Ambani, chairman and managing director of Reliance Industries Ltd, announced at a shareholders' meeting Thursday.
Depending on imports for 70 percent of its hydrocarbon requirement, India's annual oil import bill is over 
800 billion. In addition, there is a huge unmet demand for gas.
Naik said the Sudan oilfield has reserves of over 150 million tonnes with a potential of even more oil and gas in the block.
The field is currently producing about 12 million tonnes a year, about the same as the production at India's Mumbai High offshore field.
The new equity stake by OVL, the overseas arm of Oil and Natural Gas Corporation (ONGC), has secured for India about three million tonnes of crude oil a year from August 31.
OVL has an ongoing gas project in Vietnam, which is expected to start producing about 7.5 million cubic metres of gas a day. OVL's share will be 45 percent of the total production.
Source: IANS
800 billion. In addition, there is a huge unmet demand for gas.
Naik said the Sudan oilfield has reserves of over 150 million tonnes with a potential of even more oil and gas in the block.
The field is currently producing about 12 million tonnes a year, about the same as the production at India's Mumbai High offshore field.
The new equity stake by OVL, the overseas arm of Oil and Natural Gas Corporation (ONGC), has secured for India about three million tonnes of crude oil a year from August 31.
OVL has an ongoing gas project in Vietnam, which is expected to start producing about 7.5 million cubic metres of gas a day. OVL's share will be 45 percent of the total production.
Source: IANS