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Our Bureau

New Delhi, July 16

With the less than 48 hours to go before the closure of bid for discovery block in Angola belonging to US-based Devon Energy, the consortium of IOC and Oil India Ltd is yet to firm up views on whether to participate or not.

The last date for submitting the bids is July 18.

Sources said that the two companies are “reviewing the prospects.”

A decision to acquire stake in the 4,900-sq km block will be taken only after examining the financial consultant’s report on valuation, they told Business Line.

The consultant was asked to submit its report by July 16.

The technical and financial advisers to evaluate the block were appointed in June.

The block has a water depth of 200-1,500 m.

According to the sources, the technical evaluation has been completed.

As per reports in January, Devon had announced its plans to sell its assets in West Africa and to focus on operations in North America.

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