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