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.

Comments

 

Other News

Careless whispers and the impossible trinity

Time can never mend, the careless whispers of …    As the RBI marches ahead, for the upcoming monetary policy meeting this June, whispers from the corridors echo around several policy options to defend the rupee – by deploying forex reserves, raising in

Bullet Train Project: Third mountain tunnel breakthrough achieved

A major engineering milestone has been achieved in the Mumbai–Ahmedabad Bullet Train Project with the successful breakthrough of the third mountain tunnel (MT-07) at Ambesari village in Dahanu Taluka of Palghar district, Maharashtra.   With this achievement, three mountain

Supreme Court gets five new judges

Five new judges were appointed to the Supreme Court of India on Monday. "Vide Notifications of even number dated 01.06.2026, in exercise of the powers conferred by clause (2) of Article 124 of the Constitution of India, the Hon’ble President of India is pleased to appoint (i) Shri

Astonishing breadth and depth of ancient Indian knowledge systems

The Greatest Books of Ancient India: Incredible Ideas about Science, Music, Maths, Art and More By Dr. Pradeep Chakravarthy and Dr. R. Thiagarajan Hachette India, 208 pages, Rs 399  

Strong El Nino threat over India`s monsoon, food & water security

India is heading into the southwest monsoon season this year under the shadow of a rapidly strengthening El Nino, with meteorologists warning that the climate phenomenon could significantly disrupt rainfall patterns, intensify heat stress and place additional pressure on the country’s agriculture-d

How corporates can nudge real change

The Business Of Business Is (Not) Just Business: How Behavioural Tools Can Drive Real Change Edited by Sutapa Banerjee, with Foreword by Nadir Godrej HarperCollins, 336 pages, Rs 699  





Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter