ONGC Exits From Sudan Due to Payment Issues; Dues of $430 Million Not Paid

Oil and Natural Gas Corporation (ONGC) withdrew from Sudan Oil Fields because of the payment issues. Reportedly, It's international arm, ONGC Videsh Limited (OVL) is yet to receive a pending amount of $430.69 million from the Sudanese Government. An official stated that ONGC failed to recover the amount through diplomatic talks, and initiated separate arbitrations for it. "OVL terminated the Exploration and Production Sharing Agreement (EPSA)," the official added.