The Hindu Business Line : OVL eyes Transmeridian’s oilfield in Kazakhstan

New Delhi, July 23 ONGC Videsh Ltd (OVL), the overseas arm of ONGC, may acquireUS oil firm, Transmeridian Exploration Inc’ s oilfields in Kazakhstan. An OVL team abroad is said to be considering the proposal.

However, senior officials of ONGC and OVL declined to confirm the development. In June, Transmeridian had announced that it is continuing with its previously announced plan to obtain proposals for the acquisition of the company or its South Alibek field. The company, in an investor filing on June 18 said that it has received expressions of interest from potential bidders and entered into confidentiality agreements with selected parties.

Transmeridian Explorationhas projects in Kazakhstan and southern Russia and is pursuing additional projects in the Caspian Sea region. It is an independent energy company established to acquire and develop oil reserves in the Caspian Sea region of the former Soviet Union. The company primarily targets fields with proved or probable reserves and significant upside reserve potential.

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