Financial Daily from THE HINDU group of publications
Thursday, May 25, 2006
Financial Daily from THE HINDU group of publications Thursday, May 25, 2006 |
|
|
|
|
|
|
|
Corporate
-
Alliances & Joint Ventures OVL gets Cuban Govt nod for 30 pc interest in 6 blocks Our Bureau
Top location The blocks are located in a very favourable geological set-up and are estimated to hold considerable reserve potential, the company stated.
Mr Subir Raha
New Delhi , May 24 The Government of Cuba has approved assignment of 30 per cent interest in six exploratory blocks to ONGC Videsh Ltd (OVL), the overseas arm of ONGC. According to a company statement, OVL had entered into an agreement with Repsil-YPF, Spain on September 15, 2005, to acquire 30 per cent participating interest in these six blocks located in the deep waters of the Cuba Exclusive Economic Zone. The other partners of the blocks are Repsol-YPF as the operator (40 per cent) and Norsk Hydro of Norway (30 per cent). The blocks spreading over an area of around 12,000 square kilometres are located in a very favourable geological set-up and are estimated to hold considerable reserve potential, the company stated. These blocks are in the third exploration period and currently 3-D seismic data of these blocks is being acquired, which is likely to be completed by June. Drilling of exploratory wells will be taken up after detailed geo-scientific evaluation. "Execution of agreements with the Government of Cuba for assignment of 30 per cent interest in the six blocks marks the entry of OVL in the country. "In addition, OVL has already initiated actions for increased participation in upstream hydrocarbon sector of Cuba through acquisition of additional acreages," said Mr Subir Raha, Chairman, ONGC group of companies.
More Stories on : Alliances & Joint Ventures | Petroleum | Oil & Natural Gas Corporation Ltd
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2006, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|