ONGC buys 15% stake in Namibia offshore block from Tullow

A technician opens a pressure gas valve inside ONGC group gathering station on the outskirts of Ahmedabad. Image Source: Reuters

ONGC Videsh Ltd (OVL), the overseas investment arm of the country`s top explorer Oil and Natural Gas Corp , said on Tuesday it had acquired a 15 percent stake in Namibia`s offshore Block 2012A from Tullow Oil .

OVL executed the deal through its subsidiary ONGC Videsh Vankorneft Pte Ltd, it said in a statement.

Tullow Namibia Ltd had a 25 percent stake in the block in Namibia`s Petroleum Exploration License area (PEL)0030.

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Eco Oil and Gas Namibia (Pty) Ltd, with a 32.5 percent stake, is the operator of the block.

ONGC Videsh last month bought a 30 percent stake in PEL 0037 from Tullow Oil.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

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