India’s ONGC Videsh (OVL), the overseas arm of exploration firm Oil and Natural Gas Corporation (ONGC), has signed an agreement with the Turkish Petroleum Overseas Company (TPOC) to purchase a 49 percent stake in two oil and gas exploration blocks in Libya.
The blocks, located in Libya’s Sirte and Ghadames Basins measure 1,200 and 6,600 kilometers respectively. A seismic study of the blocks will be completed in the near future and well exploration scheduled for 2003, reported PTI.
ONGC Videsh was formed to augment the hydrocarbon reserve base of ONGC through global activities and acquisitions. ONGC Videsh holds equity stakes in oil and gas fields in Russia, Iraq, Algeria and Vietnam. Its largest investment is its 20 percent stake in the Sakhalin field offshore eastern Russia, acquired for $1.7 billion. — (menareport.com)
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