3 months ago
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State-owned explorer Oil and Natural Gas Company (ONGC) is successful talks with respective overseas partners for an statement to bid jointly successful the tenth circular of the Open Acreage Licensing Policy (OALP) and discussions are successful precocious signifier for last agreement, Arunangshu Sarkar, Director (Strategy & Corporate Affairs) told The Hindu astatine the sidelines of the India Energy Week successful Goa connected January 28.
“We would similar a spouse due to the fact that exploration successful deepwater and ultradeep waters is capital-intensive and comparatively much difficult,” helium stated, adding, “[Digging] 1 deepwater good entail costs of astir ₹1,000 crore. With a partner, it helps to administer the associated risk, particularly amidst the little lipid terms authorities on with the advancement of deep-water technology.”
Mr. Sarkar observed that, of late, globally planetary lipid companies, person been shrinking distant from exploration. “This is simply a planetary trend. International lipid companies person been shying distant from exploration due to the fact that this is simply a high-cost concern and are going much towards trading and downstream. It is simply a spot hard to get a partner, but we are trying to get a partner,” helium stated. Mr. Sarkar besides observed that nationalist lipid companies proceed doing exploration.
In the erstwhile OALP round, ONGC has bid with varied overseas explorers, including BP.
JV with Shipping Companies
Earlier this year, the explorer-producer incorporated 2 associated task companies, those are, Bharat Ethane One Ltd and Bharat Ethane Two Ltd— successful concern with the Japanese shipping large Mitsui O.S.K. Lines (MOL) to import ethane from U.S. utilizing 2 Very Large Ethane Carriers (VLECs). The vessels are to guarantee long-term, unafraid proscription of imported ethane to ONGC Petro additions Limited (OPaL). The VLECs volition beryllium constructed by JVs astatine Samsung Heavy Industries (SHI), strengthening proviso concatenation reliability and enhancing ONGC’s strategical power implicit feedstock logistics, the institution had stated.
“At ONGC, we request offshore proviso boats for supplying earthy materials and resources from our basal to offshore platforms,” helium stated, adding, “At present, we person chartered boats which we prosecute and instrumentality their services. Also, ONGC floated a tender to procure 4 PSV (Platform Supply Vessel). truthful ONGC volition person some ain and hiring vessel.”
