Africa's oil map is on the verge of dramatic transformation with the emergence of the breakaway Republic of South Sudan as the world's newest nation on July 9, but India's ONGC Videsh Ltd (OVL) seems to have successfully managed the geostrategic transition in surprising cooperation with its chief rival, the China National Petroleum Corporation (CNPC).
ONGC Videsh Ltd, overseas investment arm of the state-run explorer, teamed up with Oil India Ltd and Turkish Petroleum Corporation to bid for the Halfaya oilfield in Iraq's second post-war bid round on Friday.
OVL, along with global oil majors such as Royal Dutch Shell, ExxonMobil, Chevron, ConocoPhillips, British Petroleum, Total and China National Petroleum Corporation, is one of the 35 companies short-listed by the Iraqi government for the auction, which includes six oil-producing blocks with recoverable reserves of 40 billion barrels of oil, making it the largest such auction in the world.
China has completed the 1,000-km oil pipeline to oil-rich Kazakhstan, boosting the communist giant's energy security.\n\n
Owing to pressure from the Kazakh government, CNPC agreed to sell a 33-per cent stake in PetroKazakhstan to Kazakhstan's state-owned oil company KazMunaiGaz for about $1.4 billion.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, is talking to China National Petroleum Corporation, the Chinese national oil company, for a stake in the recently discovered Mulut Basin oilfield in Sudan.
'China is a friendly country and we welcome it for reconstruction and developing Afghanistan'
Though it is often said that Indian Railways is the largest employer in the world, but it seems it is not
China's former security czar Zhou Yongkang was on Friday charged with bribery, abuse of power and intentional disclosure of state secrets, making him the senior-most official to face trial in recent decades.
Reliance Industries has divested its 30 per cent stake in an oil and gas block in Peru to Australia's Woodside Petroleum and Pluspetrol of Argentina to trim its overseas properties.
The Turkmenistan event underscores the lengths to which China's oil-and-gas companies will go to curry favour in resource-rich locales.
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