Marubeni wins 10-year extension of India’s Ravva oil and gas output-sharing deal
NEW DELHI, NNA – Major Japanese trading house Marubeni Corp. has won an additional 10-year production sharing contract for the Ravva oil and gas field off the east coast of India along with other joint venture partners.
The deal will help “execute a field development plan with additional wells” for more output to deliver oil and gas to the domestic market via refineries and the gas authority firm, the company said in a statement on Monday.
The oil and gas field is located about 13 kilometers off the coast, the point some 460 km northeast of the southern Indian city of Chennai, Tamil Nadu, with eight offshore platforms, an export terminal, onshore processing facilities, and four tanks, according to the statement.
Vedanta Ltd., a local unit of London-based mining company Vedanta Resources Ltd., is the operator holding 22.5 percent stake in the field, and Marubeni owns 12.5 percent through its wholly-owned Singapore unit Ravva Oil (Singapore) Pte. Ltd. The state-run Oil and Natural Gas Corp. has 40 percent and Mumbai-based conglomerate Videocon Industries Ltd. with the remaining 25 percent, the statement said.
The-Tokyo based trading firm renewed the contract – valid until 2029 – after the proceeding 25-year contract expired last month, it said.