ONGC Videsh has picked up a stake in acreage offshore Namibia. The Indian firm entered into definitive binding agreements with Tullow Oil subsidiary, Tullow Namibia, to acquire a 30% participating interest in PEL 0037. The 30% of PEL 0037 comes from Tullow’s existing 65% stake in the license.
PEL 0037 covers Blocks 2112A, 2012B, and 2113B.
Tullow is the operator of the license and shall continue to remain operator after acquisition by ONGC Videsh. The acquisition is subject to satisfaction of customary conditions precedents including approvals of Namibian regulatory authorities and joint venture partners.
Besides Tullow, ONGC Videsh joins Pancontinental Namibia and Paragon Oil and Gas on PEL 0037.
The completion of the transaction would mark ONGC Videsh’s entry in Namibian offshore.
Source: Petroleum Africa