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OVL buys 15% stake in Namibia offshore block from Tullow Oil

The fresh acquisition would strengthen its partnership with Tullow and its other partners and would mark the consolidation of interest in Namibian offshore.

Press Trust of India  |  New Delhi 

OVL buys 15% stake in Namibia offshore block from Tullow Oil

ONGC Videsh Ltd, the overseas arm of state-owned Corp, today said it has acquired 15 per cent stake in an in

It did not disclose the deal amount.


The 15 per cent participating interest in Petroleum Exploration License (PEL) 30, covering Block 2012A from of UK, is OVL's second acquisition in the African nation in as many months.

In a statement, said its indirect subsidiary ONGC Videsh Vankorneft Pte Ltd (OVVL) has signed binding agreements with Tullow Ltd, a wholly owned subsidiary of plc, for the stake buy.

Tullow held 25 per cent in the block.

Oil and Gas (Pty) Ltd with 32.5 per cent stake, Azimuth Ltd (32.5 per cent) and National Petroleum Corp of (Pty) Ltd (10 per cent) are other partners in the License.

"The License is currently under First Renewal Exploration Period and the joint venture partners are carrying out data evaluation for identifying a drill prospect," the statement said.

Last month, had acquired 30 per cent in PEL-37, covering three offshore blocks, from Tullow.

held 65 per cent interest in PEL-37 while Pancontinental (Pty) Ltd held 30 per cent and the remaining 5 per cent is with

said is the operator of PEL-30 and Tullow shall acquire another 15 per cent participating interest from to assume operatorship.

The acquisition, it said, is subject to regulatory and joint venture partners approval, as well as a grant of a 12-month extension to the First Renewal Exploration Period, by the Namibian regulatory authority.

said the fresh acquisition would strengthen its partnership with Tullow and its other partners and would mark the consolidation of interest in Namibian offshore.

"The acquisition is consistent with OVL's strategic objective of adding high-quality exploration and production assets to its existing exploration and production portfolio," the statement added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, November 21 2017. 15:53 IST
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