India\u2019s top explorer Oil and Natural Gas Corp has awarded its first mini-term tender to sell Brazil\u2019s heavy crude oil Ostra in June-November to Shell, three sources familiar with the matter said.<\/p>\n
ONGC Videsh, the overseas investment arm of ONGC, owns a 27% stake in Brazil\u2019s BC-10 block, and would sell its entire Ostra crude entitlement from the block over the period of the contract.<\/p>\n
In the tender, ONGC offered to sell 750,000 barrels for lifting in June, but it specified no quantities for the remaining months of the period, according to a tender document seen by Reuters.<\/p>\n
ONGC Videsh\u2019s Managing Director NK Verma did not respond to Reuters calls seeking comment. Shell does not typically comment on commercial matters.<\/p>\n
Royal Dutch Shell is the operator of the BC-10 block, which produces Ostra oil, and would be able to combine the ONGC volumes with its equity oil to form a standard cargo.<\/p>\n
The standard cargo size that the FPSO at BC-10 can support is 950,000 barrels, also according to the tender document.<\/p>\n
Shell has offered to pay a premium of about $2 a barrel to the term pricing formula that is linked to the prices of ICE Brent, and the average of spot differentials for Columbian Castilla Blend and Vasconia.<\/p>\n","protected":false},"excerpt":{"rendered":"
India\u2019s top explorer Oil and Natural Gas Corp has awarded its first mini-term tender to sell Brazil\u2019s heavy crude oil Ostra in June-November to Shell, three sources familiar with the matter said. ONGC Videsh, the overseas investment arm of ONGC, owns a 27% stake in Brazil\u2019s BC-10 block, and would sell its entire Ostra crude […]<\/p>\n","protected":false},"author":1,"featured_media":32155,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-32154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/32154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=32154"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/32154\/revisions"}],"predecessor-version":[{"id":32156,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/32154\/revisions\/32156"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/32155"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=32154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=32154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=32154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}