Sudan offers three more oil and gas blocks to OVL to boost fuel supplies within Africa

Sudan has offered ONGC Videsh Limited (OVL) three more oil and gas blocks for exploration and production and invited Indian firms to set up a coastal refinery to boost fuel supplies within Africa. The move is a part of Sudan’s efforts to seek greater energy engagement with India, to which it owes $240 million in oil dues. OVL already has a 25 per cent stake in the Greater Nile Oil Project in Sudan that produces about 50,000 barrels of oil per day. Meanwhile, OVL has refinanced a $1.775 billion loan at lower rates to save nearly $37 million in interest payout, besides extending the repayment tenure. Originally, the loan was taken at a coupon rate of Libor plus 165 basis points; the refinancing has been done at an interest rate of Libor plus 95 basis points.