India's OVL Bids For New Zealand Oil, Gas Block

ONGC Videsh Ltd, the overseas investment arm of Oil and Natural gas Corp. Ltd (ONGC), has bid for an oil and gas block in New Zealand, according to Press Trust of India.

New Zealand offered eight onshore and offshore blocks covering more than 190,000 square km in its latest licensing round, bids for which closed in end-September.

In an investor presentation, ONGC said OVL “has submitted bid for New Zealand exploration block”. It, however, did not identify the block it has bid for, Press Trust said.

The blocks on offer include five onshore areas and three offshore exploration areas. This is OVL’s maiden bid for an exploration acreage in New Zealand.