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ONGC-Exxon Mobil
January 02, 2007
In 2006, public sector petroleum giant Oil and Natural Gas Corporation bought out quite a few small oilfields across the globe, making it one of the most aggressive Indian entities to acquire overseas assets. The oil biggie's big-ticket buyouts included its acquisition of Texas-based Exxon Mobil's stake in the Campos Basin Oil Fields in Brazil. ONGC Videsh Ltd -- the overseas investment subsidiary of ONGC -- bought Exxon-Mobil's entire 30 per cent stake for $1.5 billion.
What was the biggest deal for India Inc? Tell us!
Its other big buyout was in equal partnership with China's Sinopec when it acquired Columbian oil firm Omimex de Columbia for $850 million. Both ONGC and Sinopec paid $425 million each for Omimex's assets that constitute a 100 per cent interest in the light oil Velasquez property and a 50 per cent interest in the Nare and Cocorna association contracts where the Colombian national oil company Ecopetrol S A holds the remaining 50 per cent. Omimex also owns 100 per cent of the Velasquez-Galan pipeline, which runs 189 km from the Velasquez property to Ecopetrol's Barrancabermeja refinery.
Image: ONGC Chairman Subir Raha
Photograph: Prakash Singh/AFP/Getty Images
Also read: Skewed picture of India's oil deals
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