India's ONGC Videsh has signed definitive binding agreements with Tullow Oil to acquire a 30% stake in a license offshore Namibia, marking its entry into the Namibian offshore.
Namibia Petroleum Exploration License 0037 covers Blocks 2112A, 2012B and 2113B. Tullow currently holds 65% interest, alongside Pancontinental Namibia, with 30% interest, and Paragon Oil and Gas, with 5% interest.
Tullow is the operator. The acquisition is subject to satisfaction of customary conditions precedents including approvals of Namibian regulatory authorities and joint venture partners.