May 4, 2018 / 2:11 PM / a year ago

India's ONGC floats first tender to sell Brazil's ostra crude

NEW DELHI, May 4 (Reuters) - India’s top explorer Oil and Natural Gas Corp on Friday floated a mini tender to sell Brazil’s heavy oil Ostra in June-November, a tender document showed on Friday.

The tender will close on May 15 with bids remaining valid till May 17.

ONGC Videsh, the overseas investment arm of ONGC, owns a 27 percent stake in BC-10 block in Brazil.

Prior to Friday’s tender, block operator Shell was marketing Ostra oil.

The tender document said ONGC would sell its entire Ostra crude entitlement from the block over the period of the contract.

ONGC has offered to sell 750,000 barrels for lifting in June, while for the remaining period it has not specified any quantity, two trade sources said.

BC-10’s current production is about 40,000 barrels per day.

Reporting by Nidhi Verma, editing by David Evans

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