Financial Daily from THE HINDU group of publications
Saturday, Sep 04, 2004
Financial Daily from THE HINDU group of publications Saturday, Sep 04, 2004 |
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Mergers & Acquisitions Industry & Economy - Petroleum ONGC Videsh to buy stake in Ivory Coast block Our Bureau
Mumbai , Sept. 3 ONGC Videsh Ltd, wholly owned subsidiary of ONGC Ltd, has reached an agreement with Vanco Energy Company of US to buy 30 per cent stake in an exploratory block in offshore Ivory Coast. This will mark ONGC's first acquisition in Western Africa. The block is spread over an area of 4,156 square kilometres in San Pedro Basin. The hydrocarbon resource potential in the block is estimated to be in excess of one billion barrels. The acquisition will be completed after the Government of Ivory Coast approves it. ONGC told stock exchanges on Friday that it has negotiated 40 per cent stake in the block CI-112, of which 10 per cent has been offered to Oil India Ltd, according to agreement signed on September 1. The block will be in its second exploration period up to April 20, 2005. During this period, work commitment of one exploratory well is to be completed. OVL and OIL shall bear 39 per cent and 13 per cent respectively, against their participating interests of 30 per cent and 10 per cent respectively, in the cost incurred during exploratory phase comprising Geological & Geophysical work done in the past, drilling of one exploratory well and one appraisal well. In the event of successful discovery, both OVL and OIL will have recovery rights.
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