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ONGC bids for Exxon stake in Angola block: govt

ONGC bids for Exxon stake in Angola block: govt
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First Published: Thu, Dec 09 2010. 04 23 PM IST
Updated: Thu, Dec 09 2010. 04 23 PM IST
New Delhi: State-run explorer Oil and Natural Gas Corp has bid for a 25% stake that the US energy major Exxon Mobil owns in an Angolan offshore oil block, minister of state for oil Jitin Prasada said.
If successful, ONGC would get its share of equity oil from Block-31, when it commences production in 2012, he told lawmakers in a written reply on Thursday.
Prasada said the planned peak production from the block, operated by BP with 26.7% stake, was estimated to be 150,000 barrels per day.
Angola’s national oil company Sonangol owns 20% in the block while Norway’s StatoilHydro holds 13.33%, with Marathon Oil Corp and France’s Total owning 10% and 5%.
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First Published: Thu, Dec 09 2010. 04 23 PM IST
More Topics: ONG | Angola | Exxon | Oil | PSU |