Global oil giants gear up to invest $1 bn in Darwin Platform Group’s 4 oil blocks awarded by ONGC
Pune, June 19 (FN Agency) Global oil and investment giants from UAE and the UK are likely to invest nearly one billion dollars (around Rs 7,700 crore) in Darwin Platform Group’s four oil fields, which have been recently awarded. Darwin Platform Group of Companies (DPGC), a leading global Indian Business Conglomerate, on Friday announced that the company has won a bid for four oil blocks in Contract Areas (CA) of Rajahmundry, Ahmedabad, Cauvery and Assam Assets. In a statement issued here, the company said the Group got these blocks from Government-run ONGC in a fierce competition. ONGC is the largest government-owned oil and gas exploration and production corporation in the country. To cater to energy requirement of the country, DPGC was keenly eyeing oil fields.
Following the award of oil fields, several UAE and UK-based energy and investment sectors global players, including international financing agencies started showing their interest in joining hands with the DPGC. In the oil sector, UAE-based Abu Dhabi National Oil Company (ADNOC), Dubai Petroleum Establishment and Al Masaood Oil & Gas are globally known for their financial capabilities, experience and expertise. From the UK, Shell PLC, BG Group, and Kuwait Oil Company are also expected to leverage the huge potential that the Indian oil and gas sector offers. From the international investment and finance sectors, Barclays (BCS) PLC (London) and International Finance Corporation (IFC) prefer to invest in the oil sector as they provide support to induce effects on GDP and employment.
With technical and financing support coming from such reputed global players, DPGC aims to bring in positive socio-economic effects in its nation-building exercise, release said. “We are pleased to announce that Darwin Platform Refineries Ltd, a Flagship Group Company of the DPGC spearheaded by our young, dynamic, charismatic entrepreneur, and Group Chairman Mr. Ajay Harinath Singh, has attained another milestone in the Group’s onward march towards its significant contribution to the country’s objective of achieving a 5 Trillion U.S. Dollar economy and energy security,” said Raja Roy Choudhury, Group CEO, DPGC, added the statement. It said anticipating success in bidding, Darwin Platform Refineries Ltd had sensitised global players based in the UAE and the UK to seek their interest in end-to-end operations, including deployment of the most advanced technology and equipment for cost-effective exploration of its allocated oil blocks and higher recovery.
The company received a very positive response from them. “On the financing front, the DPGC always comes out with a win-win situation for all its stakeholders. Hence, big investment banks and funding agencies are keen to join the DPGC’s oil exploration and recovery mission from these allotted blocks. Oil exploration-production requires huge investment as it is a capital-intensive sector. “Global players are expected to invest both in exploration technology and the oil recovery process. Today the sector has advanced technologies and equipment to achieve a high rate of success in terms of exploration and production,” said Ajay Harinath Singh, Group Chairman, DPGC. The Group is expected to formally announce the names of global partners (technical and financing) for oil exploration and production as soon as all regulatory and other formalities are over, added Singh.