Sudan denied the extension of license to India's ONGC Videsh (OVL) for operating an oilfield as the country sought higher royalties and taxes from the Indian PSU in order to make up for the revenue lost due to a drop in the oil prices.
Sudan denied the extension of license to India's ONGC Videsh (OVL) for operating an oilfield as the country sought higher royalties and taxes from the Indian PSU in order to make up for the revenue lost due to a drop in the oil prices.
The licence for Block 2B expired in November month of the previous year, whereas the automatic 5-year extension that was available was coupled with the condition of higher taxes, as the country’s earnings have significantly dropped.
OVL held 25 per cent stake in the block, along with its partners China National Petroleum Corp (CNPC) and Malaysia's Petronas. CNPC and Malaysia’s Petronas did not agree to the demand of higher taxes.
In 2003, OVL had bought 25 per cent stake in Greater Nile Oil Project (GNOP) comprising Block 1, 2 and 4 in the undivided Sudan and the project produces nearly 50,000 barrels of oil everyday.
Link to web article here.
Sudan denied the extension of license to India's ONGC Videsh (OVL) for operating an oilfield as the country sought higher royalties and taxes from the Indian PSU in order to make up for the revenue lost due to a drop in the oil prices.
The licence for Block 2B expired in November month of the previous year, whereas the automatic 5-year extension that was available was coupled with the condition of higher taxes, as the country’s earnings have significantly dropped.
OVL held 25 per cent stake in the block, along with its partners China National Petroleum Corp (CNPC) and Malaysia's Petronas. CNPC and Malaysia’s Petronas did not agree to the demand of higher taxes.
In 2003, OVL had bought 25 per cent stake in Greater Nile Oil Project (GNOP) comprising Block 1, 2 and 4 in the undivided Sudan and the project produces nearly 50,000 barrels of oil everyday.
Link to web article here.