(PTI)
ONGCVidesh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, today said it has acquired 15 per cent stake in a oil block in Namibia. It did not disclose the deal amount.
The 15 per cent participating interest in Namibia Petroleum Exploration License (PEL) 30, covering Block 2012A from Tullow Oil of UK, is OVL’s second acquisition in the African nation in as many months.
In a statement, OVL said its indirect subsidiary ONGC Videsh Vankorneft Pte Ltd (OVVL)) has signed binding agreements with Tullow Namibia Ltd, a wholly owned subsidiary of Tullow Oil plc, for the stake buy.
