Shell Sheds Assets

ONGC Videsh Ltd (OVL), the overseas arm of India's ONGC, is confident that it will complete the purchase of global oil major Shell's share in the Angola oilfields by month's end, which would increase its annual production by seven million tonnes.

"We are among the three companies that have been shortlisted to buy Shell's stake in Angolan oilfields and we expect to clinch the deal by the end of the month," OVL sources stated.

OVL would have to invest about $ 2-3 billion spread over four years in Angolan fields, adding the company hoped to raise free cash flows to $ 1 billion from $ 200 million by 2010.