Oil and Natural Gas Corp (ONGC), India's largest oil producer, has lost out on a bid for an oil block in Angola to a Chinese-led consortium.
The Indian firm offered 310-million dollar signature bonus for becoming a partner in Block 18 but its bid fell short of $725 million offered by a 75/25 Sino-Angolan joint venture, Sonangol-Sinopec International (SSI), industry sources said.
ONGC had bid lower than even Angola's Grupo Gema ($400 million).
Sources said pre-qualified operators for Block 18, Petrobras of Brazil and Chevron of US bid only $276 million and $272 million respectively.
However, Petrobras has been made operator taking a 30 per cent interest with SSI getting a 40 per cent stake. Angola's Falcon Oil and Gema Group have 5 per cent working interest each.
Angola had offered seven blocks - three in shallow water and four in deep water - in its first offshore licensing round.