ONGC Videsh, a wholly owned subsidiary of Oil and Natural Gas Corporation (ONGC), has completed the acquisition of 30% participating interest in Namibia Petroleum Exploration Licence 0037 for Blocks 2112A, 2012B and 2113B and related agreements, offshore Namibia from Tullow Namibia, a wholly owned subsidiary of Tullow Oil.
Tullow, with a remaining 35% participating interest, shall continue to remain the operator of the Licence. Pancontinental Namibia with 30% participating interest and Paragon Oil and Gas with 5% participating interest are other partners in the Licence.
The completion of the present transaction marks 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. Source: ONGC Videsh