A consortium made up of India’s ONGC Ltd (OVL) and US-based IPR Transoil Corporation has been awarded an exploration block in Syria. OVL, the overseas arm of India’s state-owned Oil and Natural Gas Corporation (ONGC), holds a 60 percent stake in the joint venture, while the remaining 40 percent is owned by IPR.
OVL also recently entered a consortium with Turkey’s National Oil Company (TBAO) and expects a deal providing for a $35 million exploration project in Libya to be signed by month-end. Lastly, OVL is awaiting the decision of the Sudanese government before purchasing Canadian Talisman Energy's 25 percent stake in the Greater Nile Oil Project, through special purpose vehicle-Nile-Ganga Pte.
ONGC Videsh was formed to augment the hydrocarbon reserve base of ONGC through global activities and acquisitions. ONGC Videsh holds equity stakes in oil and gas fields in Russia, Iraq, Algeria and Vietnam. Its largest investment is its 20 percent stake in the Sakhalin field offshore eastern Russia, acquired for $1.7 billion. — (menareport.com)
© 2003 Mena Report (www.menareport.com )