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ONGC’s overseas investment arm, ONGC Videsh Ltd (OVL) has acquired 15% stake in Namibia’s offshore Block 2012A from Tullow Oil.
OVL performed the deal through its subsidiary, ONGC Videsh Vankorneft Pte Ltd.
Further, the company in a statement said that, ONGC Videsh (OVL) has signed definitive binding agreements with Tullow Namibia Ltd (Tullow), a wholly owned subsidiary of Tullow Oil plc, for acquiring 15% participating interest in Namibia Petroleum Exploration License 0030 for Block 2012A and related agreements (License) from Tullow’s existing participating interest of 25% in the License.
