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OVL was among the 11 companies shortlisted to bid for Brazil's Libra pre-salt block, one of the world's largest offshore oil discoveries. It however did not make a bid at the auction yesterday as it could not form a consortium with any of the other shortlisted companies, sources privy to the development said.
The auction attracted just one bid from a consortium led by Anglo-Dutch oil major Shell, France's Total and China PetroChina and its sister company Cnooc. Brazilian state-run energy company Petrobras is also part of the consortia which got the giant field at auction start price or the minimum price.
The offshore area holds between 8 billion and 12 billion barrels of recoverable oil, according to Brazil's oil regulator and Dallas-based oil certification company Degolyer & MacNaughton (D&G). If the estimates hold up Libra, which requires an estimated USD 184 billion investment, has enough oil to meet China's entire oil consumption need for three years.
Production is forecast to exceed 1 million barrels a day when fully ramped up. Sources said OVL could not have gone alone due to the huge investment required to develop the field. Unable to find suitable consortium partners, it decided not to bid, they said. Shell, based in The Hague, and France's Total each have 20 percent stakes in the winning consortium, while Cnooc and CNPC have 10 percent apiece.
The remaining 60 percent will be with Petrobras. The consortia won the 35-year concession for the Libra prospect by promising the government a minimum 41.65 percent of profit oil, or the barrels remaining after costs. The winning consortium will also have to pay a signing fee of 15 billion reais (USD 6.9 billion). Located more than 50 kilometers from Brazil's southeastern coast and discovered in 2007, the pre-salt gets its name from the layer of Cretaceous-era salt formed at a time when dinosaurs still lived and which traps the crude under the Atlantic seabed.
Other firms who were shortlisted but did not bid in the auction included Repsol-Sinopec, the joint venture between the Spanish and Chinese players, Ecopetrol of Colombia, Mitsui of Japan, Galp of Portugal and Malaysia's Petronas.
On October 22, 2013, Oil and Natural Gas Corporation closed at Rs 285.75, up Rs 1.00, or 0.35 percent. The 52-week high of the share was Rs 354.10 and the 52-week low was Rs 234.40.
The company's trailing 12-month (TTM) EPS was at Rs 22.05 per share as per the quarter ended June 2013. The stock's price-to-earnings (P/E) ratio was 12.96. The latest book value of the company is Rs 145.47 per share. At current value, the price-to-book value of the company was 1.96.
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