ONGC Videsh completes acquisition of 30% participating interest in Petroleum Exploration License 0037 Offshore Namibia

ONGC Videsh Limited (ONGC Videsh) , a wholly owned subsidiary of Oil and Natural Gas Corporation  Limited (ONGC) has completed the  acquisition of 30% Participating Interest in Namibia Petroleum Exploration License  0037 for Blocks 2112A, 2012B and 2113B and related agreements (License) , Offshore Namibia from Tullow  Namibia Limited (Tullow) , a wholly owned  subsidiary of Tullow Oil plc. Tullow with remaining 35% Participating interest  shall continue to remain the operator of the License. Pancontinental Namibia  (Pty) Limited with 30% Participating interest and Paragon Oil and Gas (Pty)  Limited with 5% Participating interest are other partners in the License.

The completion of the present  transaction marks ONGC Videsh entry in Namibian offshore and is consistent with  its strategic objective of adding high impact exploration and production assets  to its existing E&P portfolio.

About ONGC Videsh

ONGC Videsh is a wholly owned subsidiary of  Oil and Natural Gas Corporation Limited (ONGC), the National Oil Company of  India, and is India's largest international oil and gas Company. After this acquisition,  ONGC Videsh now has 39 projects in 18 countries including Azerbaijan, Bangladesh,  Brazil, Colombia, Kazakhstan, Mozambique, Myanmar, Russia, South Sudan, Sudan,  Venezuela, Vietnam and New Zealand. ONGC Videsh is currently producing about 267,000  barrels of oil and oil equivalent gas per day and has total oil and gas  reserves (2P) of about 704 MMTOE as on 1 April, 2017. For more  information visit: www.ongcvidesh.com

About ONGC

ONGC's market capitalization as on 3 October 2017 was INR 2190 billion (US$ 33.41 billion). During the financial  year ended 31st March, 2017, ONGC Group had produced 61.60 MMTOE of  oil and oil equivalent gas (approx. 1.26 MMboe per day); the Consolidated Gross  Turnover was INR 1,421 billion (US$ 21 billion) during FY’17 and total consolidated  oil and gas reserves were 1,818 MMTOE as on 31 March 2017. For  more information visit: www.ongcindia.com