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OVL to acquire Angola block for $600 m
By Our Special Correspondent
NEW DELHI,
APRIL 9.
ONGC Videsh Limited (OVL), a wholly owned subsidiary of Oil and Natural Gas Corporation (ONGC ) announced on Thursday that an agreement had been reached on acquiring Shell's equity stake in a deepwater offshore block in Angola. OVL will acquire Shell's entire 50 per cent interest in the deepwater offshore Block 18 in Angola, including the Greater Plutonio development at a cost of $600 million.
A company release says the transaction will be completed later this year, subject to approvals by the Angola Government and the Angolan company, Sonangol, and pre-emption rights of BP and Sonangol. The consideration for the transaction will be around $600 million, assuming that it is completed by mid-2004.
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