The Hindu Business Line : Norsk may pick up stake in more ONGC blocks

The Norwegian company has already completed the first phase of visits in ONGC data room regarding all 32 offshore NELP blocks held by the PSU and may identify preliminary interests during the scheduled meeting between both the companies in October.

Norsk Hydro has already acquired 10 per cent stake in the KG-DWN-98/2 block where ONGC struck gas last year and entered into a technological co-operation pact with the Indian major for commercial exploitation of a “thin oil rim” discovered in the Vasai gas field Western offshore.

Though the ONGC Chairman, Mr R.S. Sharma, denied the possibility, sources said that Norsk has made enquiries on all 26 deepwater and six shallow water blocks under the company.

Among the possible blocks which may attract the foreign major’s attention are deepwater exploratory blocks in Mahanadi and NEC basin such as MN-DWN-98/3, MN-DWN-2002/1, MN-OSN-2000/2 and others.

ONGC has already struck gas in MN-DWN-98/3 and MN-OSN-2000/2 blocks. The last though not a deepwater block by definition, the discovery was made in deepwater.

“There is serious intent on the part of Norsk to participate in ONGC operated exploratory assets in India. We are expecting the negotiation (between ONGC and Norsk) to take further shape during the meeting in October,” a source said.

Norsk has entered into a pact with ONGC on July 2 this year to explore the possibilities of picking up participating interest in more NELP blocks held by ONGC. This was consequent to a “Protocol of Intent” signed between the company in 2005 in Oslo.

Related Stories:
Norsk Hydro takes 10% stake in ONGC’s KG block
Norsk Hydro inks pact with ONGC

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page