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Thursday, November 23, 2017
Indian firm ONGC Videsh has expanded its recently acquired position in Namibia with the purchase of a stake in Block 2012A. The firm picked up a 15% stake in the offshore block from Tullow Oil.
OVL executed the deal through its subsidiary ONGC VideshVankorneft, the company said in a statement.
Eco Oil & Gas Namibia is the operator of the block.
In July it was announced that ONGV Videsh was acquiring a stake in PEL 0037 offshore Namibia. The Indian firm entered into definitive binding agreements with Tullow Oil subsidiary, Tullow Namibia, to acquire a 30% participating interest in PEL 0037. The 30% of PEL 0037 comes from Tullow’s existing 65% stake in the license. In October it was announced that the deal between the two had been completed.
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