Tuesday, January 31, 2006
OVL on the Prowl
I came across this interesting story in the Financial Express that claims that the Russian oil giant Rosneft has asked ONGC Videsh to underwrite part of its upcoming $15-20 billion IPO. In return, Rosneft will offer OVL a stake in its substantial oil and gas fields in Siberia, according to ONGC sources.
I am no energy expert, so I don't know whether such an arrangement makes sense for OVL, but if any of you ZS readers know more about this deal, leave a note in comments?
In other news, in is rumoured that ONGC has struck a deal with Exxon, for about $1.5 billion, to buy its 30% stake in an oil field in the Campos basin in Brazil.
I am no energy expert, so I don't know whether such an arrangement makes sense for OVL, but if any of you ZS readers know more about this deal, leave a note in comments?
In other news, in is rumoured that ONGC has struck a deal with Exxon, for about $1.5 billion, to buy its 30% stake in an oil field in the Campos basin in Brazil.
