Petroleum Africa
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Sunday, October 8, 2017
The deal between ONGC Videsh Ltd. (OVL) and Tullow Oil giving the Indian firm a stake in an oil block offshore Namibia is now complete. The Indian firm now has a 30% interest in PEL 0037 which covers Blocks 2112A, 2112B, and 2113B.
Tullow will remain operator of PEL 0037 with a 35% interest. Other partners in the block include Pancontinental Namibia (Pty) with 30% and Paragon Oil and Gas with 5%.
“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 Exploration and Production (E&P) portfolio,” OVL said.
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