Indian OVL Buys Stake Offshore Namibia

Indian ONGC Videsh (OVL), the overseas arm of state owned energy company ONGC, has entered the Namibian offshore by signing an agreement with Tullow to acquire 30% participating interest in an offshore exploration licence, it said July 2.

Tullow owns 65% stake in the Petroleum Exploration License 0037 for Blocks 2112A, 2012B and 2113B. Pancontinental holds 30% participating interest and Paragon Oil and Gas owns 5% participating interest. Tullow is the operator of the license and shall continue to remain operator after acquisition by OVL.

The acquisition is subject to approvals of Namibian regulatory authorities and joint venture partners.

OVL said the move “is consistent with its strategic objective of adding high impact exploration and production assets to its existing E&P portfolio.” 

Shardul Sharma