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ONGC at a loss, US form walks out of the Russian project

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The Exchange has sought clarification from Oil & Natural Gas Corporation Limited with respect to recent News item captioned. ” ONGC at a loss, US firm walks out of Russian Project”, in this regard exchange have advised the company to provide clarification / conformation on the news item in details.

ONGC Videsh Limited suffered for technology partner Liberty Resources walking out of the Russian project.

Denver based Liberty Resources and ONGC videsh ltd (OVL) to tap Bazhenov Shale  formations in Siberia. Now US imposing sanctions on Russia involvement in Ukraine. Ukraine issue based American company not working in Russian country.

Denver based company Liberty Resources had hoped or expect for this loss waiver for US country, but US admin was not obliging.

ONGC Videsh Limited managing director Narendra K Verma told they are no longer in project. We carrying  in our way. We decide and arrange for doing the pilot drilling in Bazhenov Shale.

Bazhanov Shale totally four well be drilled, Recovery for oil investment 10 billion USD, Bazhenov hold around 360 barrels of recoverable reserves.

Imperial Energy hoped pilot program with Liberty it will given positive result, Economically feasible development of the hard to recover tight reservoirs and Bazhenov Shale support recently tax benefit from Russian Government.

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