ONGC Videsh enters Namibian offshore

ONGC Videsh completes acquisition of participating interest in Namibia Petroleum Exploration License

GN Bureau | October 6, 2017


#PSU   #ONGC Videsh   #Namibia  

 ONGC Videsh Limited, an ONGC subsidiary, has completed the acquisition of 30 percent participating interest in Namibia Petroleum Exploration License offshore Namibia from Tullow Namibia Limited (Tullow), a wholly owned subsidiary of Tullow Oil plc. 

 
Tullow with remaining 35 percent participating interest shall continue to remain the operator of the license.
 
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 (E&P) assets to its existing E&P portfolio.
 
With this acquisition, ONGC Videsh now has 39 projects in 18 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Kazakhstan, Mozambique, Myanmar, Russia, South Sudan, Sudan, Venezuela, Vietnam and New Zealand. It is currently producing about 267,000 barrels of oil and oil equivalent gas per day.

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