OVL seeks stake in 2 more oil blocks in Sudan | business | Hindustan Times
Today in New Delhi, India
Mar 28, 2017-Tuesday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

OVL seeks stake in 2 more oil blocks in Sudan

business Updated: Nov 06, 2007 21:56 IST
Deepak Joshi

ONGC Videsh Ltd (OVL) is exploring the possibility of acquiring stakes in two oil blocks in Sudan.

"OVL is present in three blocks in Sudan and is on the way of joining a fourth one. It is also applying for a fifth and possibly a six property,” Sudan energy minister Awad Ahmed al-Jaz told reporters after meeting petroleum minister Murli Deora on the sidelines of the India-Africa Hydrocarbon Conference.

OVL, the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), is seeking a 30 per cent stake from Petronas of Malaysia in the 65,856 sq km Block 8 in Blue Nile Basin. Petronas Carigali Overseas has a 77 per cent interest in the block, while the remaining equity is shared between Sudan's national oil company Sudapet (15 per cent) and High Tech Group (8 per cent).

OVL managing director RS Butola said the company had also shown interest in taking the unallocated 32.5 per cent stake in Block B where Total of France is the operator. Total has 31-32 per cent stake in the block that also has White Nile as a partner. However, 32.5 per cent in the block is yet to be allocated to any firm.

Deora held bilateral talks with his counterparts from Chad, Ethiopia and Comoros on Monday to accelerate and expand cooperation in various activities in the hydrocarbon sector.

In a separate meeting with Chad minister du Petrole. Emmanuel Nadingar, the two leaders discussed possibilities of India’s assistance to chalk out exploration acreages and other technical services in the E&P sector.

Training of petroleum sector personnel in upstream and down stream was also discussed during the meeting. The Indian side elaborated investment potential by public sector oil companies in the overseas ventures which could support development of hydrocarbon industry in Chad.

In the meeting with Ethiopia minister of mines and energy. Alemayehu Tegenu, the two leaders explored possibilities of cooperation in the oil and gas sector. The Indian side suggested to rope in Engineers India Limited (EIL) in the engineering and other services.