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After having to abandon its oil and gas assets quest in Vietnam offthe South China sea, the Ministry of External Affairs (MEA) hasasked ONGC Videsh Limited (OVL) not to go ahead with itsacquisition of hydrocarbon assets located in deep water in FalklandIslands. The advisory by the MEA to the Petroleum and Natural Gas Ministrycomes after OVL had sought clearance from the Foreign Ministry formaking bids for two oil and gas blocks up for offer in the FalklandIslands which had been termed as attractive assets. The OVL had got a farm-in offer from Falkland Oil and Gas Limited(FOGL) through its advisor Stellar Energy for divestment of up to35 per cent participating interest in two of its explorationacreages located in the deep water Falkland. The opportunity wasevaluated by OVL's technical team as well as Fugro Robertson Ltd(FRL), technical consultant engaged by OVL. Both the teams foundthe blocks attractive in terms of their large resources but alsorisky on account of being a frontier basin and the prevailinggeo-political situation. The blocks are located in the South and East Falkland basins inwater depths ranging from 500 metres to 2,000 metres. There sourcesestimate of the prospects identified vary from nearly 7 bbl to 13bbl of oil (for oil case) or 46-57 trillion cubic feet (tcf) forgas case. Although a few wells drilled in the Northern offshore indicatepresence of hydrocarbons, the offered Eastern and Southern acreageis rank exploratory. In view of the larger hydrocarbon potential and a number of leadsand prospects in the acreage, the opportunity was found to beinteresting for pursuing. OVL, represented by the Petroleum andNatural Gas Ministry, had approached the MEA for clearance to putin bids for these assets. However, officials in the Petroleum Ministry said that the MEA hadadvised OVL against pursuing interests in the region due to theterritorial claims and disputes between Britain and Argentina. Itwas also felt that OVL was seeking assets in virtually other end ofthe world while its recently acquired Imperial Energy in Russia hadturned out to be a not so good opportunity. OVL gave up drilling in Block 128 in Vietnam due to severe logisticconstraints in anchoring the rig on a hard sea bottom at theproposed drilling location. OVL had acquired two offshoreexploration blocks (127 and 128) in Vietnam as Operator with 100per cent Plunder Production Sharing Contracts (PSCs). A well wasdrilled in Block 127 in 2009 and no hydrocarbon was found. Afterfulfilment of PSC obligations, the block was relinquished. Minister of State for Petroleum and Natural Gas R. P. N. Singh hadstated in Parliament recently that sovereignty over areas of theSouth China Sea was disputed between many countries in the region. The e-commerce company in China offers quality products such as Flexible Led Strip Light , Globe Led Light Bulbs, and more. For more , please visit Waterproof Led Strip Lights today!
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