Financial Daily from THE HINDU group of publications
Tuesday, Feb 24, 2004
Financial Daily from THE HINDU group of publications Tuesday, Feb 24, 2004 |
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Corporate
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Mergers & Acquisitions ONGC Videsh close to buying stake in Angola field Our Bureau
Mumbai , Feb. 23 ONGC's overseas arm, ONGC Videsh Ltd, is close to buying multinational oil major Royal Dutch Shell's 50 per cent stake in an oil field in Angola. The company is among the three shortlisted for buying the stake in the Greater Plutonio project (also known as block 18) in Angolan deepwaters. Bids open this month-end, said a senior OVL official. If the deal comes through, it will add 280,000 barrels of oil per day or seven million tonnes a year to the company's 10 million tonnes annual overseas production, he added. The company hopes to invest $1 billion by 2010 for acquiring oil equity abroad. OVL has set itself targets of achieving 20 million tonnes of oil and gas reserves from properties abroad by year 2020. The company is eyeing exploration properties in the west coast of Africa, Central Asia and Russia, Mr Atul Chandra, Managing Director, said. "We need to have the whole world as our backyard to ensure oil security for India. We cannot depend on production within the country alone," he added. Seismic surveys have begun to evaluate semi-discovered oil fields in Iran. OVL, Indian Oil and Oil India will be partners in the project.
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