India’s Oil and Natural Gas Corp (ONGC) has exited from Sudan oilfields after the African nation refused to pay for oil it lifted from the fields.
ONGC Videsh (OVL), the overseas investment arm of the state-owned firm, as also its Chinese partner CNPC and Malaysia’s Petronas have withdrawn from the block, a top company official said.
OVL had a 25 per cent stake in Block 2A&4 in Sudan while CNCP had 40 per cent and Petronet 30 per cent. Sudan’s Sudapet had 5 per cent interest.
Sudan had since 2011 not paid OVL and partners for oil it bought from the block. Sudan’s dues towards OVL totalled $430.69 million, the official said.
