ONGC Videsh, the international arm of India's state-owned Oil and Natural Gas Corp. (ONGC) said it has signed a deal with UK’s Tullow to acquire a 30 per cent stake out of its interest in petroleum exploration licence 37 off Namibia.
The deal marks ONGC Videsh’s entry in Namibian offshore and is consistent with its strategic objective of adding high impact exploration and production assets to its existing E&P portfolio, ONGC said in a statement.
Tullow, through its Namibia unit, is the operator of the Namibia Petroleum Exploration License 0037 for Blocks 2112A, 2012B and 2113B and has a 65 per cent interest in the license. It will remain the operator after acquisition by ONGC Videsh, ONGC said.
Other partners include Pancontinental Namibia with a 30 per cent participating interest and Paragon Oil and Gas with 5 per cent participating interest.
The acquisition is subject to satisfaction of customary conditions precedents including approvals of Namibian regulatory authorities and joint venture partners.