A consortium of lenders led by State Bank of India (SBI) has sought bids from consultants who will validate the costs associated with the running of Videocon Oil Ventures’ (VOVL) upstream oil and gas assets in South America and South East Asia. According to a bid document, the cost validation and valuation processes will be carried out as the company has sought fresh funding from its lenders.
“To meet the cash call and expenditure requirements in relation to the project, the company has requested the lenders to provide funding pursuant to the existing credit facilities provided by lenders to the company,” the document said.
“In this regard, the appointment of a consultant is proposed to (i) validate the costs estimated in relation to the project, up to the final investment decision (FID) stage of the major concession within the above-mentioned upstream oil and gas assets; and (ii) carry out the valuation of the above mentioned upstream oil & gas assets, which will serve as input/basis for the lenders to decide on the monetisation of these oil & gas assets,” it added. Read More
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