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In the bidding war, by making upper hand State-run Oil and Natural Gas Corp (ONGC.NS) and GAIL India (GAIL.NS) offer $2 billion to Africa-focused gas explorer Cove Energy to acquire it.
The major interesting fact is that the bidding of this week was made jointly by ONGC Videsh Ltd, the overseas investment arm of oil explorer and producer ONGC, GAIL.
Reserving top 30 trillion cubic feet of natural gas, Cove has 8.5 percent stake in Mozambique’s Rovuma Offshore Area 1.
According to the latest reports, India has announced that it has sought up to five million tonnes of extra crude from Saudi Arabia with an idea to fill up the lost supplies as New Delhi is looking at paring its oil purchase from Iran in the face of US and EU sanctions against Teheran.
While talking to media, the oil minister S Jaipal Reddy said, “We asked them to supply more oil to us…we asked them that they should try and organize four-five million tonnes oil more each passing year.”
Mr. Reddy was talking to media after talks with visiting Saudi deputy oil minister Abdul Aziz Bin Salman bin Abdulaziz. The extra supplies would basically support the ONGC’s refining procedure, MRPL, which is the biggest Indian buyer of Iranian crude, to “diversify” its needs.
