India’s ONGC Videsh Ltd. is to acquire 30% in an exploration license offshore Namibia from a unit of Tullow Oil PLC.
The definitive binding agreements with Tullow Namibia Ltd. are for Blocks 2112A, 2012B, and 2113B in Namibia petroleum exploration license 0037. The interests would come from Tullow’s existing 65%.
Other partners are Pancontinental Namibia (Pty.) Ltd. with 30% and Paragon Oil & Gas (Pty.) Ltd. with 5%. Tullow would remain operator (OGJ Online, Apr. 14, 2014).
The acquisition requires approvals from regulatory authorities and joint venture partners. Completion would mark ONGC Videsh entry in Namibia’s offshore.