ONGC buys 15 per cent stake in Namibia offshore block

ONGC Videsh Limited (OVL), the overseas investment arm of the Oil and Natural Gas Corporation (ONGC), has acquired a 15 per cent stake in Namibia’s offshore Block 2012A from Tullow Oil. OVL executed the deal through its subsidiary ONGC Videsh Vankorneft Private Limited. Eco Oil and Gas Namibia (Pty) Limited is the operator of the block with a 32.5 per cent stake. Tullow Namibia Limited had a 25 per cent stake in the block in Namibia’s petroleum exploration licence (PEL) area 0030. Azimuth Namibia Limited (32.5 per cent) and National Petroleum Corporation of Namibia (Pty) Limited (10 per cent) are other partners in the licence area. In October 2017, OVL had bought a 30 per cent stake in PEL 0037 from Tullow Oil.