ONGC hopeful of picking up 25% stake in Sudan oil field

ONGC has stated that it was hopeful of acquiring 25 per cent stake of Canadian Talisman Energy in greater Nile oil project in Sudan by the month end. “We certainly hope we will be able to acquire Talisman Energy’s stake for $720 million,” ONGC CMD Subir Raha said.

He also expressed apprehensions that the ailing refinery MRPL would have to be referred to the BIFR by fiscal end if financial restructuring was not done immediately. On ONGC’s chances in Sudan oil field, Raha said the deal for Greater Nile oil project has been referred to the Sudanese government following the development and Sudan government has time till January end to decide the fate of OVL’s investment proposal.

Following Petronas and China National Petroleum Corp exercising their pre-emption right, the drop-dead date for the transaction has been extended by a month to January 31.