ONGC offers second May Sokol cargo

SINGAPORE, March 2 (Reuters) Oil and Natural Gas Corp. (ONGC) has issued a tender to sell a second cargo of Sokol crude for May loading from Russia's Sakhalin-1 oilfield, according to tender documents released on Friday.

State-run ONGC, which has a 20 percent stake in the Exxon Mobil Corp. -led Sakhalin-1 field, is offering 700,000 barrels for May 19 loading from the De Kastri Terminal.

The tender closes on March 7 and bids are to remain valid until March 8, the document showed.

ONGC sold through tender an early-May cargo at a strong to .50 premium to Oman/Dubai quotes on a delivered basis to a South Korean refiner, a source close to the discussions said on Friday. [ID:nSP163531] Output at the Sakhalin-1 field reached its targeted 250,000 barrels per day (bpd) capacity last month.

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