The Telegraph
Since 1st March, 1999
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ONGC to pay more for Sudan field

New Delhi, Nov. 4 (PTI): ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), is likely to pay $ 758 million for acquiring Canadian Talisman Energy’s stake in Sudan oil field instead of the $ 720-million acquisition price announced last month.

The $ 758-million figure carries interest cost OVL has to pay Talisman from September 1, 2002, when the sale price of $ 720 million was frozen.

“We expect to receive $ 758 million when the transaction closes by December 31. This includes interest from September 1 to closing, adjustments to working capital and other anticipated adjustments during that period,” said Talisman Energy spokesperson Barry Nelson.

Petroleum minister Ram Naik had on October 31 announced that OVL would acquire 25 per cent stake of Talisman Energy in greater Nile Oil Project in Sudan for $ 720 million. Nelson said, “As part of the sale, the purchaser (OVL) will receive the benefit of all free cash flow from Talisman’s interest in the project commencing September 1, 2002.”

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