New Delhi [India], Nov.21 (ANI): ONGC Videsh, through its wholly owned indirect subsidiary ONGC Videsh Vankorneft Pte. Ltd. (OVVL), has signed definitive binding agreements with Tullow Namibia Limited (Tullow), a wholly owned subsidiary of Tullow Oil plc, for acquiring 15 percent participating interest in the Namibia Petroleum Exploration License 0030 for Block 2012A and related agreements (License) from Tullow's existing participating interest of 25 percent in the license.
Eco Oil and Gas Namibia (Pty) Ltd. with 32.5 percent participating interest, Azimuth Namibia Limited with 32.5 percent participating interest and National Petroleum Corporation of Namibia (Pty) Ltd with 10 percent participating interest are other partners in the license.
The license is currently under first renewal exploration period and the joint venture partners are carrying out data evaluation for identifying a drill prospect.
Eco is currently the operator of the License and Tullow shall acquire another 15 percent participating interest and assume the role of operator from Eco under the license, in case Tullow elects to proceed into the Second Renewal Exploration Period.
The acquisition is subject to satisfaction of customary conditions precedents including Namibian regulatory and joint venture partners approvals as well as grant of a twelve (12) month extension to the First Renewal Exploration Period by the Namibian regulatory authority.
Coming soon after the completion of the first acquisition of 30 percent participating interest in PEL-0037 from Tullow on 3rd October 2017, the completion of the present transaction would strengthen ONGC Videsh partnership with Tullow and its other partners, including NAMCOR, the national oil company of Namibia and would mark consolidation of ONGC Videsh interest in Namibian offshore. The acquisition is consistent with ONGC Videsh's strategic objective of adding high quality exploration and production assets to its existing E&P portfolio. (ANI)