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ONGC Videsh has signed definitive binding agreements with Tullow Namibia, a wholly owned subsidiary of Tullow Oil, on 28th June 2017 to acquire a 30% participating interest in Namibia Petroleum Exploration Licence 0037 for Blocks 2112A, 2012B and 2113B out of Tullow’s existing participating interest of 65% in the License.
Pancontinental Namibia with 30% Participating interest and Paragon Oil and Gas with 5% participating interest are other partners in the License. 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.
The completion of the present transaction would mark ONGC Videsh entry in Namibian offshore and is consistent with its strategic objective of adding high impact exploration and production assets to its existing E&P portfolio.
ONGC Videsh is a partner at Anadarko Mozambique Area 1 Lda, a 75tcfs of gas entitled Mozambique LNG project leadered by Anadarko Petroleum Corporation in the Rovuma gas basin north Mozambique along with Mitsui, ENH, Oil India Limited, PTTEP as well as Bharat Petroresources.