(ET)
ONGC VideshLtd (OVL), the overseas subsidiary of India’s state-owned petroleum explorer Oil and Natural Gas Corporation (ONGC) today announced it has completed the acquisition of 30 per cent interest in an oil block in Namibia from Tullow Oil. OVL did not disclose the value of the deal. The company said in a statement it “has completed the acquisition of 30 per cent PI in Namibia Petroleum Exploration License 0037 for Blocks 2112A, 2012B and 2113B and related agreements, Offshore Namibia from Tullow Namibia Limited, a wholly-owned subsidiary of Tullow Oil plc.”
Tullow, with the remaining 35 per cent Participating Interest, will continue to remain the operator of the License. Other partners in the block include Pancontinental Namibia (Pty) Limited with 30 per cent Participating interest and Paragon Oil and Gas (Pty) Limited with 5 per cent Participating interest.
“The completion of the present transaction marks ONGC Videsh entry in Namibian offshore and is consistent with its strategic objective of adding high impact exploration and production assets to its existing Exploration and Production (E&P) portfolio,” OVL said.
