Sudan has offered three oil and gas blocks for exploration and development to India's ONGC Videsh as part of efforts to increase the country's oil revenue, oil minister Mohamed Zayed Awad said on Jan. 20.
The African nation lost three quarters of its oil revenue when South Sudan seceded in 2011 and currently produces about 100,000 barrels per day (bpd).
Three areas have been offered to the Indian company, comprising blocks 8, 15 and 24, the last of which is in the development stage, Awad told Reuters after meeting his Indian counterpart Dharmendra Pradhan ahead of a two-day India-Africa Hydrocarbon summit.
Awad also asked ONGC to consider buying a stake in Sudan's Block 17, which is producing about 7,000 bpd oil.
Block 17 is operated by Star Oil, in which Yemen's Ansan Wikfs owns a 66 percent stake and Sudan's Sudapet holds the remainder.
Awad said the Yemen company wants to sell its stake in the venture.
ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corp, already has a 25 percent stake in onshore blocks 1, 2, and 4, which together produce about 50,000 bpd.
Recommended Reading
Shipping Traffic Freezes Up in Port Waters After Baltimore Bridge Collapse
2024-03-26 - U.S. port of Baltimore traffic was suspended until further notice following a bridge collapse. At least 13 vessels expected to load coal were anchored near the port at the time of the incident.
Carlson: $17B Chesapeake, Southwestern Merger Leaves Midstream Hanging
2024-02-09 - East Daley Analytics expects the $17 billion Chesapeake and Southwestern merger to shift the risk and reward outlook for several midstream services providers.
Exclusive: Chevron Balancing Low Carbon Intensity, Global Oil, Gas Needs
2024-03-28 - Colin Parfitt, president of midstream at Chevron, discusses how the company continues to grow its traditional oil and gas business while focusing on growing its new energies production, in this Hart Energy Exclusive interview.
What's Affecting Oil Prices This Week? (Feb. 26, 2024)
2024-02-26 - Stratas Advisors forecast that global crude production will be essentially unchanged from 2023, which means that demand growth in 2024 will outpace supply growth.
The OGInterview: TG Natural Resources Rides LNG Wave
2024-03-01 - TG Natural Resources rides the LNG wave with its Rockcliff deal amid a shale consolidation boom.