ONGC Hunts for Partners

Tuesday, October 02, 2007
Flagship explorer Oil and Natural Gas Corporation (ONGC) could be looking at roping in other shipping companies for a joint venture to manage offshore support operations as its talks with state-owned Shipping Corporation of India (SCI) has hit choppy waters over valuation of its vessels for the purpose of transferring them to the proposed joint venture. Public sector company ONGC has been discussing the formation of a joint venture, proposed to be christened ONShip, with Shipping Corporation of India for forming a joint venture to help it outsource peripheral support services that require operating various kinds of vessels for its operations. Though executives from both companies deny any deadlock, saying talks are going on, sources say, differences remain on the valuation issue. At present, ONGC, which is India’s largest company, owns about 30 vessels and contracts nearly two dozen others from private operators to keep its offshore oilpumping installations supplied with required manpower and material. The public sector oil firm does not want to transfer to the joint venture its own ships at book value and would rather prefer a premium on them. Offshore support operations have been an issue, both on account of safety and cost, for ONGC. The joint venture with a shipping company is aimed at bringing in better operational efficiency, safety and cost-effectiveness. The company has seen a number of accidents involving offshore support vessels in recent times, triggering talks of poor maintenance and health of the ships. A joint venture will help the explorer outsource these non-core operations but retain direct say on crucial safety issues. [Source: http://timesofindia.indiatimes.com]
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Diana Extends Containership Time Charters

Diana Containerships Inc. announced direct continuation of time charter agreements for m/v Cap Domingo and m/v Cap Doukato   Diana Containerships Inc., a global

BMT Supports Samalaju Port Development

BMT subsidiaries in the Asia-Pacific region have been awarded a contract to provide design expertise for an advanced bulk-material handling system for the emerging port of Samalaju in East Malaysia.

EU: Ships Will Measure CO2 Emissions

Shippers to begin monitoring from 2018; Environmental groups say law is weak, shippers favorable. The shipping sector will for the first time have to monitor

Offshore

Fourth Rig Delivered to Perforadora Central

Keppel AmFELS LLC, a wholly owned US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered the jackup rig, Coatzacoalcos, to Mexico’s Central Panuco S.

Woodside to Pick up Moroccan Acreage

Woodside advises that it has entered into a contract for an exclusive Reconnaissance Licence (RL) with the Office National des Hydrocarbures et des Mines, the

Strategy Can Maximize UKCS potential

Companies operating in the North Sea require a cultural shift to make the most of the its potential, according to a new report from Deloitte, the business advisory firm.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Salvage Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1208 sec (8 req/sec)