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 IEB readers know more about this deal, will you please post 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.