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Money News

ONGC buys 15 percent stake in Namibia offshore block from Tullow

FILE PHOTO: A technician is pictured inside a desalter plant of Oil and Natural Gas Corp (ONGC) on the outskirts of Ahmedabad, India, September 30, 2016. REUTERS/Amit Dave/File Photo

NEW DELHI (Reuters) - ONGC Videsh Ltd (OVL), the overseas investment arm of the country's top explorer Oil and Natural Gas Corp ONGC.NS, said on Tuesday it had acquired a 15 percent stake in Namibia's offshore Block 2012A from Tullow Oil TLW.L.

OVL executed the deal through its subsidiary ONGC Videsh Vankorneft Pte Ltd, it said in a statement.

Tullow Namibia Ltd had a 25 percent stake in the block in Namibia’s Petroleum Exploration License area (PEL)0030.

Eco Oil and Gas Namibia (Pty) Ltd, with a 32.5 percent stake, is the operator of the block.

ONGC Videsh last month bought a 30 percent stake in PEL 0037 from Tullow Oil.

Reporting by Nidhi Verma; Editing by Gopakumar Warrier

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