State-run explorer Oil and Natural Gas Corp (ONGC) has sold a second cargo of Russian Sokol crude for late-September loading at a higher premium than the previous one as demand for distillate-rich grades rebounded. The company sold the 700,000-barrel cargo to Shell at a premium between $8.30 and $8.40 a barrel to Oman/Dubai quotes. The cargo will load on September 27-30.
Earlier this month, ONGC sold an early September-loading cargo at the lowest premium in five months, at around $7.50 a barrel above Oman/Dubai quotes.
Recently, ONGC was likely to invest $7.7 billion to develop a gas field in an east coast block and produce up to 30 million cubic meters a day in five years. The company is seeking approval from the Directorate General of Hydrocarbons and the petroleum ministry for its proposal to drill eight additional wells in the block to maximize output from the deep-sea field.
| Company Name | CMP |
|---|---|
| ONGC | 279.25 |
| Oil India | 454.40 |
| Jindal Drilling&Inds | 535.85 |
| Deep Industries | 457.70 |
| Asian Energy Service | 297.85 |
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