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OVL to make formal bid for Imperial Energy soon
OVL to make formal bid for Imperial Energy soon. ONGC Videsh Ltd (OVL), the overseas investment arm of exploration major ONGC, is expected to make a formal bid for Imperial Energy Corp soon.
Recently, an empowered committee of secretaries (ECS) had approved a proposal by OVL for enhancing the bid amount. Indications are that OVL had got the ECS nod for a $3-billion bid.
According to earlier reports, the company had already submitted initial bids of $2.96 billion for Imperial Energy.
However, another market speculation was that OVL has submitted a bid of $2.5 billion.
The LSE-listed company is focused on the Commonwealth of Independent States.
The assets are located in Russia and Kazakhstan.
The company has proven and possible oil and gas reserves of 920 million barrels of oil equivalent.
Eyeing assets
ONGC , which currently owns 20 per cent of Russia's Sakhalin I project, is keen on buying more assets in the former Soviet Union.
Besides the Indian exploration major, China's Sinopec Group and Korea National Oil Corp were also said to have expressed interest in Imperial.
