ONGC Videsh to acquire 30% participating interest in Petroleum Exploration License 0037 Offshore Namibia

ONGC Videsh has signed definitive binding agreements  with Tullow Namibia Limited (Tullow) ,  a wholly owned subsidiary of Tullow Oil plc, on 28th June 2017 for  acquiring 30% participating interest in Namibia Petroleum Exploration License  0037 for Blocks 2112A, 2012B and 2113B and related agreements (License) out of Tullow’s existing  participating interest of 65% in 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. Tullow is the  operator of the License and shall continue to remain operator after acquisition  by ONGC Videsh. The acquisition is subject  to satisfaction of customary conditions precedents including approvals of Namibian  regulatory authorities and joint venture partners.

The completion of the present  transaction would mark 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 E&P Company. At  present, ONGC Videsh has 38 projects in 17 countries including Azerbaijan, Bangladesh,  Brazil, Colombia, Kazakhstan, Mozambique, Myanmar, Russia, South Sudan, Sudan,  Venezuela, Vietnam and New Zealand. ONGC Videsh is currently producing about 285,000  barrels of oil and oil equivalent gas per day and has total oil and gas  reserves (2P) of about 704 MMTOE as on 1st April, 2017. For more  information visit: http://www.ongcvidesh.com 

About ONGC

ONGC's market capitalization as on 30th  June 2017 was INR 2,019 billion (US$ 31.25 billion). During the financial year  ended 31st March, 2017, ONGC Group had produced 61.60 MMT of oil and  oil equivalent gas (MMTOE) (approx. 1.23 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 31st March 2017. For  more information visit: http://www.ongcindia.com