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ONGC Videsh Limited Shortlisted for Auction in Mexico

2017-06-23 | 10pm

During the recent round of oil and gas field auction in Mexico, some of the major oil industry giants like Shell, Chevron and Total are shortlisted for bidding. Besides these giants, ONGC has been also considered to bid for this auction. ONGC Videsh Ltd. Is an overseas branch of state-owned Oil and Natural Gas. In the Round 2.1 or the second round of hydrocarbon auction, Mexico is all set to offer 15 Shallow water exploration blocks. Total area of 8, 908 sq km is covered by these blocks, where approximately 4 billion barrels of oil and gases are available. As stated by industry sources, CNH, the upstream regulator of Mexico has prequalified 36 bidders for round 2.1, where 20 are selected for individual participation. They are OVL and some big names like CNOOC of China, Chevron, ConocoPhilips,Ecopetrol, Italy’s ENI, Lukoil of Russia, Repsol of Spain, Shell and Total of France. On the other hand, rest of the shortlisted 16 will bid consortium. According to the sources, most of the energy majors are combined with small companies, whereas OVL will bid individually. Amongst the blocks, four are largest. Block five with 466 million barrels of oil and oil equivalent gas (boe), block 11 with 426 million boe, block four with 403.9 million boe and block 12 with 409 million boe. For Mexico's maiden offshore oil blocks auction in the year 2015, amongst 19 companies and groups, OVL was pre-qualified to bid. But, it was unsuccessful in getting any block. To fulfill  the pre-qualification criteria, there should be required knowledge as well as experience of working in three shallow waters exploration along with production of oil and gas or experience in one or two large-scale projects. This will involve capital investments of USD 1 billion. The bid criteria requires initial exploration period of four years. There is also possibility of a two-year extension. Moreover, should have drilling experience of at least one well after winning the block. OVL has a major contribution of 14.5 per cent and 8 per cent of oil and natural gas production of India, respectively. It is also the second largest petroleum company of India after ONGCBSE -1.56 % in reserves and production. With stakes in almost 38 projects across 17 countries including Azerbaijan, Kazakhstan, Russia, Brazil, Colombia, Venezuela, Iraq, Syria, Libya, South Sudan, Sudan, Mozambique, Bangladesh, Myanmar, Vietnam and New Zealand. .