India’s ONGC Videsh Expects Sudan to Clear $400 Million Dues as U.S. Lifts Sanctions: Executive

Reuters| Oct 09, 2017
 Oil production from ONGC Videsh’s three blocks in Sudan has declined to about 25,000 barrels per day from 48,000 bpd since last November.

India’s ONGC Videsh expects Sudan to clear about $400 million owed to the state-run energy company after the lifting of the U.S. sanctions, its managing director N.K. Verma said on Monday.

The past dues were relating to building of pipeline and crude sales, Verma told Reuters at the India Energy Forum by Ceraweek in New Delhi.

“Earlier they were facing problems and now it will be easy for them (Sudan) to raise funds,” he said.

The United States lifted long-standing sanctions against Sudan last Friday, saying Sudan had made progress fighting terrorism and easing humanitarian distress.

Oil production from ONGCBSE -1.58 % Videsh’s three blocks in Sudan has declined to about 25,000 barrels per day from 48,000 bpd since last November after the Sudanese government failed to renew contract for Block 2B, Verma said.

source:http://economictimes.indiatimes.com