ONGCBSE 0.36 % Videsh Ltd, the overseas arm of state-owned Oil and Natural GasBSE 0.36 % Corp, today said it has acquired 15 percent stake in a oil block in Namibia.
It did not disclose the deal amount.
The 15 percent participating interest in Namibia Petroleum Exploration License (PEL) 30, covering Block 2012A from Tullow Oil of UK, is OVL’s second acquisition in the African nation in as many months.
In a statement, OVL said its indirect subsidiary ONGC Videsh Vankorneft Pte Ltd (OVVL)) has signed binding agreements with Tullow Namibia Ltd, a wholly owned subsidiary of Tullow Oil plc, for the stake buy.
Tullow held 25 percent in the block.
Eco Oil and Gas Namibia (Pty) Ltd with 32.5 percent stake, Azimuth Namibia Ltd (32.5 percent) and National Petroleum Corp of Namibia (Pty) Ltd (10 percent) are other partners in the License.
Last month, OVL had acquired 30 percent in PEL-37, covering three offshore blocks, from Tullow.
Tullow Oil held 65 percent interest in PEL-37 while Pancontinental Namibia (Pty) Ltd held 30 percent and the remaining 5 percent is with Paragon Oil and Gas.
OVL said Eco is the operator of PEL-30 and Tullow shall acquire another 15 percent participating interest from Eco to assume operatorship.
The acquisition, it said, is subject to regulatory and joint venture partners approval as well as grant of a 12 month extension to the First Renewal Exploration Period by the Namibian regulatory authority.
OVL said the fresh acquisition would strengthen its partnership with Tullow and its other partners and would mark consolidation of interest in Namibian offshore.
