ONGC buys 15% stake in Namibia offshore block from Tullow Oil

Nidhi Verma, November 21, 2017

ONGC Videsh Ltd (OVL), the overseas investment arm of the country’s top explorer Oil and Natural Gas Corp, said on Tuesday it had acquired a 15% stake in Namibia’s offshore Block 2012A from Tullow Oil.
OVL executed the deal through its subsidiary ONGC Videsh Vankorneft Pte Ltd, it said in a statement. Tullow Namibia Ltd had a 25% stake in the block in Namibia’s Petroleum Exploration License area (PEL)0030.
Eco Oil and Gas Namibia (Pty) Ltd, with a 32.5% stake, is the operator of the block.
ONGC Videsh last month bought a 30% stake in PEL 0037 from Tullow Oil.
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