ONGC Videsh completes acquisition of 30% participating interest in Petroleum Exploration License 0037 Offshore Namibia
Dated : 05 October 2017 10:26:22 AM
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
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