Under the accord, which the companies began negotiating in September, Shell will get an additional 23 percent of BC-10, raising its stake to 73 percent. ONGC will get an additional 12 percent, boosting its stake to 27 percent, Shell said.
Also Read: Aker may submit report in Apr on ONGC-RIL tie-up prospect
Petrobras had originally agreed to sell its 35 percent stake to China's Sinochem for USD 1.56 billion. Shell and ONGC, though, exercised their right of first refusal. ONGC agreed to USD 529 million for the 12 percent stake in October, valuing the entire sale about the same as the amount Sinochem agreed to pay.
The additional share of oil coming to Shell from BC-10 could see the company jump past China's Sinochem to become Brazil's No. 4 producer, behind Petrobras, Norway's Statoil ASA and Britain's BG Group Plc , based on October figures from Brazil's petroleum regulator, the ANP.
Petrobras, as the Brazilian company is known, has been selling off assets in Brazil and abroad in an attempt to raise cash to finance a USD 237 billion five-year investment plan, the world's largest corporate spending program.
Petrobras' need for cash has risen as production from older oil fields has stagnated and output from new areas comes on line behind schedule, forcing the company to boost debt to finance investment. The government has also forced the company to sell gasoline and diesel fuel at home at prices below those on the world market, causing its refining and supply arm to lose money as fuel imports rise.
The BC-10 block is home to Shell and ONGC's Parque das Conchas, or "Shell Park" area. The block, at the north end of Brazil's Campos Basin, northeast of Rio de Janeiro, is home to the Ostra, Abalone, and Argonaut oilfields. Shell is the operator of the area.
Parque das Conchas, which began operating in 2009, produces about 50,000 barrels a day of oil. The company approved a third phase of the project in July which could add as much as 28,000 barrels a day of oil output to the project, Shell said.
ONGC stock price
On December 31, 2013, at 09:25 hrs Oil and Natural Gas Corporation was quoting at Rs 289.75, up Rs 0.50, or 0.17 percent. The 52-week high of the share was Rs 354.10 and the 52-week low was Rs 234.40.
The company's trailing 12-month (TTM) EPS was at Rs 22.24 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 13.03. The latest book value of the company is Rs 145.47 per share. At current value, the price-to-book value of the company is 1.99.
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