Imperial Energy

OVL’s deal with IEC oilfield in Russia turned out to be a major blunder

OVL’s deal with IEC oilfield in Russia turned out to be a major blunder

Two years back, ONGC Videsh Ltd (OVL) had entered into deal with Imperial Energy Corp (IEC) oilfield in Russia in which OVL has purchased IEC for Rs 10,320 crore. But in the two years of its operations the company piled up a huge loss of Rs 1182 crore. The wells drilled to produce more oil are turning out to be dry, creating losses for the company.