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ONGC sees huge gains from global investments

New Delhi, Nov. 27 (PTI): State-run Oil and Natural Gas Corporation (ONGC) is likely to net about $ 1,250 million in revenue from its investment in overseas operations during the Tenth Five Year Plan Period (2002-07).

ONGC would start getting revenue from its investment in Vietnam gas project from the current fiscal itself, with an expected $ 6 million flowing from sale of gas to the downstream industries in Vietnam, company sources said. This project, where ONGC has 45 per cent stake, would give around $ 60 million annually from 2005-06 when it starts capacity production.

The $ 1,250-million revenue projection do not include the recent $ 720-million deal for taking 25 per cent stake in Greater Nile oil project of Sudan from where the corporation would get 3 million tonnes of crude oil annually.

Its $ 1.7 billion investment in Sakhalin oil and gas field in Russia for a 20 per cent interest is likely to yield $ 135 million in revenue from 2005-06 when the project starts producing oil.

Sources said the corporation was likely to get $ 557 million in revenue from its share of oil in 2006-07.

ONGC is expecting around $ 75 million from the Tuba oil field in Iraq in 2005-06 which would increase to over $ 100 million by 2006-07, sources said, adding revenue stream from the Algerian oil field is likely to be around $ 40 million from 2005.

The Venezuela investment was likely to give ONGC $ 50 million from 2005, they said.

Sources said ONGC Videsh Ltd, the overseas arm of ONGC, would pay $ 277.38 million for the Sakhalin project this fiscal. It would pay $ 349.17 million in 2003-04, $ 400.75 million in 2004-05, $ 295.61 million in 2005-06 and $ 133.72 million in 2005-06.

In Iraqi Tuba oil field, ONGC would be investing $ 197.16 million during the plan period, while its investment in Algeria would be $ 250 million. ONGC would invest $ 210 million in the Venezuelan oil field during 2002-07, they said.

OVL has floated a special purpose vehicle Nile-Ganga Pte for picking 25 per cent equity of Canadian Talisman Energy in Greater Nile oil project, they said, adding the company would make payment of close to $ 758 million by January end.

OVL has also acquired 10 per cent stake in an offshore gas exploration block in Louisiana, USA, through its Houston-based subsidiary Sakhalin India .

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