BackONGC Videsh buys 15% stake in Namibia offshore block from Tullow Oil
The 15% stake acquisition in Namibia Petroleum Exploration Licence 30, covering block 2012A is OVL's second acquisition in the African nation in as many months
Premium
New Delhi: State-owned ONGC Videsh Ltd (OVL) said on Tuesday it has agreed to acquire a 15% stake in a hydrocarbon block held by a subsidiary of Namibia’s Tullow Oil Plc, which has 25% interest in the block under exploration.
OVL, the overseas arm of Oil and Natural Gas Corp. (ONGC), did not disclose the financial details of the transaction.
The 15% stake acquisition in Namibia Petroleum Exploration Licence (PEL) 30, covering block 2012A is OVL’s second acquisition in the African nation in as many months.
In October, ONGC Videsh acquired 30% participating interest in another exploration licence from Tullow. The deals mark the consolidation of ONGC Videsh’s interest in Namibian offshore, the company said.
“The acquisition is consistent with ONGC Videsh’s strategic objective of adding high quality exploration and production assets to its existing portfolio," it added.
OVL said its indirect subsidiary ONGC Videsh Vankorneft Pte Ltd (OVVL) signed binding agreements with Tullow Namibia Ltd, a unit of Tullow Oil, for the stake purchase.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
