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Sunday, July 22, 2018

OVL buys 15% stake in Namibian oil block

The stake has been bought through OVL’s indirect subsidiary ONGC Videsh Vankorneft.

By: ENS Economic Bureau | New Delhi | Published: November 22, 2017 1:43:16 am

ONGC Videsh (OVL) on Tuesday said the explorer has bought a 15 per cent stake in an oil block in Namibia without mentioning the deal value.

For OVL, the overseas exploration wing of the state-owned ONGC, this is the second deal in the African country. The current buy is a 15 per cent participating interest (PI) in Namibia Petroleum Exploration Licence (PEL)-30 which covers Block 2012A from Tullow Oil of the UK. In October, OVL had acquired 30 per cent in PEL-37 from Tullow which includes three offshore blocks.

The stake has been bought through OVL’s indirect subsidiary ONGC Videsh Vankorneft. FE

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