The Hindu : Business : ONGC Videsh completes Austrian company's deal

Online edition of India's National Newspaper
Friday, May 14, 2004

Business

Business

ONGC Videsh completes Austrian company's deal

MUMBAI, MAY 13. The Oil & Natural Gas Corporation's (ONGC) subsidiary, ONGC Videsh Ltd (OVL), has completed the transaction with OMW Aktiengesellschaft of Austria for buying its entire stake in two onshore exploration blocks in Sudan, for $115 million.

With the conclusion of the transaction for Blocks 5A and 5B, OVL now owns 26.12 per cent stake in 5A and 24.5 per cent stake in 5B, ONGC informed the Bombay Stock Exchange here today.

The exploration blocks are located adjacent to the Greater Nile Oil Project, where OVL had acquired 25 per cent stake in March 2003 from Talisman Energy Inc of Canada, it said.

OVL would partner Malaysian State-owned oil company Petronas and Sudanese national oil firm Sudapet for block 5A exploration. For exploration in block 5B, OVL would partner Petronas, Sudapet and Swedesh oil company Lundin Petroleum AB, it said.

Two major discoveries were made in block 5A and over 200 million barrels of oil reserves have already been established, it added. An interim development plan is now being prepared for starting oil production from these fields, it said, adding, in 5B, seismic acquisition and interpretation works are also being planned.

PTI

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