(TH)
ONGC Videsh Ltd (OVL) has signed definitive binding agreements with Tullow Namibia Ltd (Tullow), a wholly owned subsidiary of Tullow Oil plc, to acquire 30 per cent participating interest in three blocks.
According to an official release, OVL will acquire 30 per cent participating interests under Namibia Petroleum Exploration Licence 0037 for Blocks 2112A, 2012B and 2113B and related agreements (Licence) out of Tullow’s existing participating interest of 65 per cent in the licence.
Pancontinental Namibia (Pty) Ltd with 30 per cent participating interest and Paragon Oil and Gas (Pty) Ltd with 5 per cent participating interest are the other partners in the blocks.
Tullow is the operator and shall continue to remain operator after acquisition by ONGC Videsh.
