OIL AND NATURAL GAS CORPORATION LTD. - Clarification from Oil & Natural Gas Corporation Ltd
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| 12 Jan 2015 | |
| "This has reference to the news appearing in "The Financial Chronicle" dated January 07,2015, Page No. 5, captioned "ONGC at a loss, US firm walks out of Russian project".<BR><BR>Kindly note that ONGC Videsh refutes the statement "ONGC Videsh at a loss" and denies the same.<BR><BR>However, our clarification is as under:<BR><BR>a. Imperial Energy is having reserves in tight sand formations. To improve production, Imperial Energy engaged M/s Liberty Resources in September 2013 for Technology consultation to exploit the oil reserves of tight sands in one field and also Bazhenov shale oil. Expert team of Liberty Resources worked along with imperial team and carried out detailed evaluation studies and firmed up drilling of 4 pilot wells; 2 each for tight sand and Bazhenov shale. At present, Liberty Resources continues to support on the development of tight sand, however, they have expressed their inability to support for Bazhenov shale activities due to US sanction. ONGC Videsh has continued with the pilot project of Bazhenov shale with its in-house expertise.<BR><BR>b. Production enhancement initiatives are ongoing routine activities in E&P Companies." | |
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