ONGC sets eyes on Cuban blocks

ONGC Videsh Ltd is planning to bid for oil blocks in Cuba. The company is also vying for picking up equity in Ras Laffan Liquefied Natural Gas Co. Ltd II, a Qatar-based company that supplies liquefied natural gas to Petronet LNG Ltd.

Rasgas II is a joint venture floated by the state-owned Qatar Petroleum and Exxon Mobil of the US. Qatar Petroleum holds 70 per cent equity with Exxon having the remaining stake in the company.

ONGC was offered a 5 per cent stake in Rasgas II which it is likely to exercise shortly. The company has also begun due diligence exercise for picking up the stake.

Rasgas II has five LNG trains with a total capacity of over 29 million tonne per annum. It supplies 5 mt of LNG to India through Petronet LNG Ltd.'s Dahej terminal in Gujarat.

On OVL's plan to join the race in Cuba, senior ONGC executives said Cuba would be putting oil and gas blocks for bidding soon. OVL, having interest in 15 properties in 13 countries including Russia, plans to enter more countries especially in Africa, the West Asia and the South America.

ONGC Videsh Ltd plans to bid for oil blocks in Cuba. The company is also vying to pick equity in Ras Laffan Liquefied Natural Gas Co. Ltd II, a Qatar-based company which supplies liquefied natural gas to Petronet LNG Ltd (PLL).

Rasgas II is a joint venture floated by state-owned Qatar Petroleum and American company Exxon Mobil. Qatar Petroleum holds 70 per cent equity with Exxon holding the remaining stake in the company.

Oil and Natural Gas Corporation was offered a 5 per cent stake in Rasgas II which it is likely to exercise shortly.

The company has also begun the due diligence exercise for picking the stake.

Rasgas II has five LNG trains with total capacity of over 29 million tonne per annum.

It supplies 5 mt of LNG to India at Petronet LNG Ltd.'s Dahej terminal in Gujarat. On OVL's plan to join the race in Cuba, senior ONGC executives said Cuba would be putting oil and gas blocks for bidding soon.

OVL, with interest in 15 properties in 13 countries including Russia, Vietnam, Myanmar, Australia and Egypt, Qatar, Iran, Iraq, Syria, Ivory Coast, Libya and Sudan, plans to foray into more countries especially in Africa, the West Asia and the South America.