Petroleum Africa
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Friday, November 7, 2014
ONGC Videsh Ltd. (OVL), the overseas arm of India’s ONGC, could pick up a stake in some of Tullow Oil’s projects across Africa. The Indian firm would most likely prefer stakes in already producing assets to allow it to funnel its share of production to feed domestic demand.
“ONGC is keen to buy a stake in the African properties of Tullow that includes assets in Ghana and Kenya,” Reuters quoted an anonymous source as saying.
OVL wants to acquire assets in stable geographies like North America, Canada and Mexico, and expand its presence in Africa, Managing Director N. K. Verma said in an interview earlier this week.
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