India’s top explorer Oil and Natural Gas Corp. Ltd (ONGC) has awarded its first mini-term tender to sell Brazil’s heavy crude oil Ostra in June-November to Shell, three people familiar with the matter said.
ONGC Videsh, the overseas investment arm of ONGC, owns a 27% stake in Brazil’s BC-10 block, and would sell its entire Ostra crude entitlement from the block over the period of the contract.
In the tender, ONGC offered to sell 750,000 barrels for lifting in June, but it specified no quantities for the remaining months of the period, according to a tender document seen by Reuters.
ONGC Videsh’s managing director N.K. Verma did not respond to Reuters calls seeking comment. Shell does not typically comment on commercial matters. Read More