Talisman Energy has delayed the transfer of its stake in Sudan’s Greater Nile Oil Project to India's Oil and Natural Gas Corporation. It was previously estimated that the sale could be completed by December 31, 2002.
"The delay is the result of a number of factors, including seasonal activities in various countries and complexities related to the consortium members' interests," Calgary-based Talisman said in a press release.
Talisman entered into a definitive agreement in November for the sale of its indirectly held interest in the project to ONGC Videsh Limited (OVL), a subsidiary of India's national oil company. As previously announced, the completion of the transaction is subject to certain conditions, including the obtaining of consents from the Government of Sudan and the other consortium members and the waiver or expiry of rights of first refusal.
Talisman is currently in discussions with the Government of Sudan and other consortium members and now anticipates that the sale will be completed prior to January 31, 2003 for the same consideration as previously announced. The delay is the result of a number of factors, including seasonal activities in various countries and complexities related to the consortium members' interests. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
