The Hindu Business Line : ONGC Mittal acquires 30% in exploratory block in Turkmenistan

New Delhi, Oct. 22 ONGC Mittal Energy Ltd (OMEL), the joint venture between ONGC Videsh Ltd (OVL) and Mittal Investment Sarl (MIS), has acquired 30 per cent participating interest (PI) in an exploratory block in offshore Turkmenistan in Caspian Sea. This is the joint venture’s fourth asset abroad.

In a statement issued here, the company said, Block 11-12, covering an area of 5,663 square km, is located close to discovered and producing fields, and contains a number of prospects with significant reserve potential.

The block was earlier awarded by the Turkmenistan Government to Maersk Oil in December, 2002. The consortium now comprises of OMEL, Wintershall, a German company and Maersk Oil of Denmark with 30 per cent, 34 per cent and 36 per cent participating interest respectively. Earlier, Wintershall and Maersk had acquired seismic data and drilled one exploratory well in the block. The well had provided indications of hydrocarbons, significantly gas, sources said.

Another well is planned to be drilled by the new consortium during 2008, the statement said. Discoveries have been made in adjoining areas of the block such as Ashrafi and Karabakh.

Turkmenistan block is the fourth asset of OMEL. OMEL had earlier acquired interest in a producing asset in Syria, currently producing about 130,000 barrels per day of oil. The joint venture was also awarded two highly prospective blocks in Nigerian deepwater – OPL 279, in which OMEL has 40 per cent participating interest and OPL 285 in which OMEL has 60 per cent participating interest, other partners being TOTAL, the French oil major and EMO, a local Nigerian company.

OMEL is pursuing hydrocarbon assets in certain other countries also, some of which are in an advanced stage of negotiations. OMEL’s constituent Mittal Investment Sarl is owned by Mr L.N.Mittal.

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