India to Get 10 MLN Tonnes of Equity Crude From Sudan

NEW DELHI, Sept 30, 2003 (Asia Pulse) — India will get over 10 million tonnes of crude oil by 2008 as its share from oil fields in Sudan where ONGC Videsh Ltd has taken equity stakes.

India, which imports 70 per cent of its crude oil requirement, has been encouraging public sector firms to acquire stake in oil acreages abroad as a means to boost energy security for the country.

“We presently get about 3.2 million tonnes from our 25 per cent stake in Greater Nile Oil Project in Sudan. Additionally we have acquired 2 more blocks that will give an equal amount of crude,” OVL managing director Atul Chandra said here.

OVL’s take from Greater Nile Oil Project will increase to 3.75 million tonnes annually by next year end after new finds in the project are put to production.

Similarly, equity stakes in Block 5A and 5B will provide close to 6 million tonnes annually when the 2 attain optimum production level in next 5 years.

Besides, OVL will also be paid in crude oil for laying a 700-km product pipeline from Khartom refinery to Port of Sudan.

OVL, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), is also in talks for buying stakes in two producing oil blocks in Libya and one field in Angola. It is also negotiating 3 offshore oil and gas blocks in Myanmar and in future go to Australia, he said.