ONGC Videsh has signed agreements with FAR Senegal MOU

 

The acquisition by ONGC Videsh is subject to satisfaction of customary conditions precedents including approvals of Senegal regulatory authorities, FAR shareholders’ approval, non-exercise / waiver of pre-emption by joint venture partners, and termination of the certain third-party agreement.

ONGC Videsh has signed agreements with FAR Senegal

 

New Delhi: ONGC Videsh through its wholly-owned subsidiary has signed definitive binding agreements with FAR Senegal RSSD SA (Seller), a wholly-owned subsidiary of FAR Limited (FAR) on –10th November 2020 for acquiring 13.6667% participating interest in Exploitation Area (Sangomar Field) and 15% participating interest in Remaining Contract Area (Exploration Area) of Rufisque, Sangomar Offshore, and Sangomar Deep Offshore (RSSD) Block, Offshore Senegal. Woodside Energy (Senegal) BV (Woodside), Capricorn Senegal Limited (Cairns) and Le Société des Pétroles du Sénégal (Petrosen – the national oil company of Senegal) are other partners in the RSSD Block. 
 
 
The acquisition by ONGC Videsh is subject to satisfaction of customary conditions precedents including approvals of Senegal regulatory authorities, FAR shareholders’ approval, non-exercise / waiver of pre-emption by joint venture partners, and termination of the certain third-party agreement. The Sangomar Field, currently under development, is located in the deep waters of Mauritania, Senegal, Gambia, Guinea-Bissau, and Guinea-Conakry Basin (MSGBC Basin), Offshore Senegal, covering an area of 772 sq. km. and is planned to go on production in 2023 under Phase-1 development. 
 
 
The acquisition involves (i) an upfront consideration of USD 45 million with customary adjustments including the opening working capital as of 1st January 2020 and the cash calls paid or to be paid from January 2020 onwards until completion (excluding any default interest paid / payable by FAR for any delay in cash call payments). This shall be payable upon completion, and (ii) Contingent payments payable annually (capped at USD 55 million) depending upon the Brent Oil price from First Oil until the earlier of 3 years from First Oil or 
 
 
31st December 2027. The total investment involved including the development cost until the first oil is expected to be around USD 600 Million.
 
 
Woodside is the operator of the Block and has recently exercised its pre-emption rights to acquire the participating interest held by Cairns in the RSSD Block. Post completion of the acquisition of Cairns stake by Woodside, Woodside shall hold 68.3333% participating interest in Sangomar Field and 75% participating interest in Exploration Area while Petrosen shall hold 18% participating interest in Sangomar Field and 10% participating Interest in Exploration Area of the RSSD Block.
 
 
The completion of the present transaction would mark ONGC Videsh entry in Senegalese offshore in a significant project under development and is consistent with its strategic objective of adding high impact exploration and near-term production assets to its existing E&P portfolio. 
 
 
About ONGC Videsh
 
ONGC Videsh is a wholly-owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the National Oil Company of India, and is India's largest international oil and gas E&P Company. At present, ONGC Videsh has participated in 37 projects in 17 countries across the globe. ONGC Videsh is currently producing about 250 thousand barrels of oil and oil equivalent gas per day and has total oil and gas reserves (2P) of about 587 million tons of oil equivalent (MMTOE) as of 1st April 2020. 
 
 
 
About ONGC
 
ONGC is the largest crude oil and natural gas producer in India, contributing around 76 percent to Indian domestic production. During the financial year ended 31st March 2020 (FY’20), ONGC Group had produced about 63 MMTOE (approx. 1.26 MMboe per day); the Consolidated Gross Turnover was INR 4,250 billion (about USD 60 billion) during FY’20 and total consolidated oil and gas reserves (2P) were 1,359 MMTOE as on 1st April 2020. 


Posted Date :  11-11-20

Categories : MOU

Tag Cloud: MOU

Similar news

FERC enters into MoU with Central Electricity Regulatory Commission

New Delhi: Neil Chatterjee, Commissioner at the Federal Energy Regulatory Commission (FERC), this week signed a memorandum of understanding between FERC and the Central Electricity Regulatory Commission (CERC) of India to share regulatory experiences and practices. Chatterjee and Pradeep Kumar Pu
Posted Date :  22-01-21

Read more

Shri Pralhad Joshi attended a tripartite agreement

New Delhi: A tripartite agreement signed today between Mineral Exploration Corporation Ltd. Rajasthan State Mines & Minerals Limited and the Department of Mines & Geology of Rajasthan. Shri Pralhad Joshi Attended the MoU signing along with Rajasthan CM Ashok Gehlot Ji and Minister Shri Ar
Posted Date :  22-01-21

Read more

Cabinet apprised MoU between India and Uzbekistan

New Delhi: The Union Cabinet, chaired by Prime Minister Shri Narendra Modi was apprised of the signing of Memorandum of Understanding(MoU) between India and Uzbekistan for cooperation in the field of Solar Energy. The main area of work under is to identify research/demonstration/pilot projects be
Posted Date :  20-01-21

Read more

Ministry of Highways notify rules of MOUs with neighbour countries

New Delhi: Ministry of Road Transport and Highways notifies rules for facilitating MOUs with neighboring countries on the movement of passenger and goods vehicles The Ministry of Road Transport and Highways had been receiving requests from various quarters to notify rules under provisions of the
Posted Date :  20-01-21

Read more

Ministry of Electronics and IT signed MoU with Amazon Web series

New Delhi: The Ministry of Electronics & IT, GoI (MeitY) signed MoU with Amazon Web Services (AWS) to establish 'The MeitY Quantum Computing Applications Lab' in India, in collaboration with AWS. The MeitY Quantum Computing Applications Lab will provide quantum computing as a service
Posted Date :  19-01-21

Read more

AAI signed 3 Concession agreements with Adani

New Delhi: AAI today signed 3 Concession Agreements with Adani Airports Ltd. for Operations, Management & Development of Jaipur, Guwahati & Thiruvananthapuram Airports through PPP mode. The agreements were signed in presence of the Chairman, AAI & senior officials of AAI & Adani Ente
Posted Date :  19-01-21

Read more

Indian Oil and NDMC signed MoU

New Delhi: Indian Oil Corporation Limited the largest commercial oil company in the country signed MoU with North Delhi Municipal Corporation for the development of integrated waste-to-energy facilities at NDMC’s landfill site at Ranikhera in Narela, New Delhi. The MoU was signed in the p
Posted Date :  19-01-21

Read more

RINL signed MoU with Bridge and Roof

New Delhi: RINL- Vizag Steel entered into MOU with M/s Bridge & Roof on 16th January 2021 towards Project Management Consultancy from concept to commission for execution of miscellaneous civil, structural, electrical, and Mechanical engineering works of RINL. The MoU was signed and exchanged by
Posted Date :  16-01-21

Read more

CWC signed MoU with WAPCOS

Gujarat: Central Water Commission signed MoU with WAPCOS for consultancy work of Design and Drawings of Bhadbhut Barrage Project, Gujarat.  WAPCOS Limited, Water and Power Consultancy Services (India) Limited is a consultancy organization and public sector undertaking under the Ministry of J
Posted Date :  16-01-21

Read more

India-Japan signed MoU for better Information and Comm. Technologies

New Delhi: India and Japan signed MoU to enhance cooperation in the field of Information and Communications Technologies today. MoU was signed by Union Minister for Communications, Electronics and IT Ravi Shankar Prasad and the Japanese Minister for Internal Affairs and Communications Takeda Ryota a
Posted Date :  15-01-21

Read more

NBCC signed MoU with its subsidiary company HSCL

New Delhi: National Buildings Construction Corporation Limited NBCC (India) Ltd, signed an MoU with its Subsidiary Company Hindustan Steelworks Construction Limited (HSCL) for the year 2020-21 on January 15, 2021. The Annual MoU has been signed by Shri. PK Gupta, CMD, NBCC on behalf of NBC
Posted Date :  15-01-21

Read more

IndianOil signed MoU with Phinergy

New Delhi: Indian Oil Corporation Ltd. and Phinergy signed an MoU to collaborate in new clean energy technologies during the visit of Hon. PM Shri Narendra Modi to Israel in July 2017, and this e-mobility product developed for Mahindra Electric, is a result of the ongoing implementation of the MoU s
Posted Date :  14-01-21

Read more

Central Warehousing Corporation signed MoU with MoFPI

New Delhi: Central Warehousing Corporation (CWC), A CPSE public warehouse operator signed an MOU with the Ministry of Food Processing Industries today Jan 14, 2021, to expand the Ministry's financial assistance scheme to private investors to develop an Integrated Cold Chain and Value Added Infra
Posted Date :  14-01-21

Read more

CMFRI signed MoU for research collaboration

New Delhi: Central Marine Fisheries Research Institute signed an MoU with the Centre for Marine Living Resources and Ecology for research collaboration in the exploration and assessment of deep-sea fauna in Indian EEZ.  The government of India established the Central Marine Fisheries Researc
Posted Date :  14-01-21

Read more

Indian Aviation Academy signed MoU with IGRUA

New Delhi: Indian aviation academy signed an MoU with Indira Gandhi Rashtriya Udaan Academy. Shri E.P. Hareendranathan, ED, IAA & Sh K. Gupta, Director, IGRUA. Mou was signed in presence of Shri Manoj Chansoria, GM (Training) & other senior officials. Shri Amber Dubey, Joint Secretary, Mi
Posted Date :  13-01-21

Read more

SBI signed MoU with Mahindra Lifespace

New Delhi: State Bank of India has signed an MOU with Mahindra Lifespace, one of the premium real estate companies. This joint venture will focus on collaborative marketing activities for promoting Home Loans and driving Home sales in SBI approved projects of Mahindra Lifespaces. About Mahindra
Posted Date :  13-01-21

Read more