India’s ONGC Videsh (OVL), the overseas arm of exploration firm Oil and Natural Gas Corporation (ONGC) will buy Canada’s Talisman Energy's 25 percent share in the Greater Nile Oil Project in Sudan valued at $750 million, reported PTI. The investment has been approved by the Indian government's Empowered Committee of Secretaries and will now be put before the Cabinet for final approval.
The Greater Nile Oil Project is four block venture in the Muglad Basin connected by a 1,500-kilometer pipeline to Port Sudan on the Red Sea. China National Petroleum Corp a holds a 40 percent stake in the project, Malaysia's state-owned Petronas holds a 30 share and Sudan's Sudapet holds the remaining five shares.
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)
© 2002 Mena Report (www.menareport.com)
