RIL buys majority stake in GAPCO
Reliance Industries has acquired a majority stake and the management control of
an East Africa-based oil retail distribution company - Gulf Africa Petroleum
Corporation (GAPCO).
GAPCO owns and operates storage terminals in Dar-es-Salaam (Tanzania),
Mombassa (Kenya) and Kampala (Uganda), and has other well spread depots in
East and Central Africa. In addition, it runs over 250 outlets covering retail and
industrial segments. The Reliance acquisition was fructified through its wholly
owned subsidiary Reliance Industries Middle East (RIME).
OVL in fray for Libyan gas fields
ONGC Videsh (OVL) is eyeing additional gas fields in Libya, and is one of the 35
qualified bidders for the fourth round of auction (mid-December 2007) to
develop 12 fields of a total 72,500 sq.km.
The other bidders include Exxon Mobile, Gas de France, Pakistan Petroleum, BG
Libya, ExxonMobil, Conoco and Shell. OVL had signed an exploration and
production sharing agreement with NOC in March 2007, for the contract area 43.
| OVL entered Libya in June 2003, by acquiring 49 per cent participating interest in block NC-188 located in the Ghadames basin, and NC-189 in the Sirte basin from Turkish Petroleum Overseas Co. Later, it also won a block in the Ghadames basin. |
Videocon, BPCL acquire stake in Brazilian oil firm
Videocon Industries and Bharat Petroleum Corporation (BPCL) have jointly
acquired a substantial stake in the Brazilian oil exploration company,
EnCanBrasil, a subsidiary of the Canadian oil company Encana.
The deal size is estimated at around Rs.1700 crore, of which, $165 million will be
paid upfront and the balance will be invested in exploration commitments.
NTPC to find alternative location for Sri Lanka power plant
NTPC is planning to find an alternative location to develop the 500 MW NTPCCeylon
Electricity Board JV thermal station in the Trincomalee region of Sri
Lanka.
The original site at Sampoor in northern Sri Lanka, has been ruled out as being
'politically sensitive'. The Sri Lankan administration has proposed another
location towards the north of Kappalthurai, initial clearances for which, have
been obtained from the Sri Lankan security agencies. The details of security
arrangements are being finalised by the Sri Lankan Government and the
Ministry of External Affairs.
| NTPC had entered into an MoA with the Sri Lankan Government and Ceylon Electricity Board on 29 December 2006, to set up the 2x250 MW coal-based project. The project is to be executed through a 50:50 JV between NTPC and the Ceylon Electricity Board. |
OVL wins three blocks in Colombia
ONGC Videsh (OVL) has won three exploration blocks in Colombia. OVL is an
operator in two blocks with a 50 per cent stake in each, while government-owned
company Ecopetrol holds the remaining stake. In the third block, OVL and
Ecopetrol have a participating interest of 40 per cent each, while Brazil's
PetroBras holds the remaining 20 per cent.
ONGC to invest $150 million in new Myanmar blocks
Oil & Natural Gas Corporation (ONGC) will invest at least $150 million within
the next seven years, to explore three new deepwater blocks off the Arakan coast
in Myanmar.
Myanmar's government has awarded 100 per cent participating interest in AD-
2, AD-3 and AD-9 blocks, to ONGC Videsh, which is the overseas investment
arm of ONGC. All three blocks have good hydrocarbon potential as they are
close to the A-1 and A-3 shallow water blocks, where the OVL consortium has
found gas. The fields are confirmed to hold 4.53 tcf to 7.74 tcf of recoverable
reserves.
| ONGC owns 20 per cent of each of the A-1 and A-3 blocks, while GAIL (India) has 10 per cent of the two. South Korea's Daewoo International Corporation operates the two blocks with a 60 per cent stake, and Korea Gas Corporation (KOGAS) owns the remaining 10 per cent. |
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