ONGC has officially entered offshore Namibia, following the completion of its 30% stake deal of Namibia Petroleum Exploration License 0037 from Tullow.
ONGC subsidiary ONGC Videsh completed the acquisition of 30% participating interest in Namibia Petroleum Exploration License 0037 for Blocks 2112A, 2012B and 2113B and related agreements, offshore Namibia from Tullow Namibia.
Tullow, which holds 35% stake in the permit, will remain operator. Other partners include Pancontinental Namibia (30%) and Paragon Oil and Gas (5%).
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 assets to its existing E&P portfolio, the company says.
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