ONGC Videsh unit adds Namibian interest

ONGC Vankorneft Pte. Ltd. is acquiring a 15% participating interest in Petroleum Exploration License 0030 offshore Namibia under definitive binding agreements with Tullow Namibia Ltd.

ONGC Vankorneft Pte. Ltd. is acquiring a 15% participating interest in Petroleum Exploration License 0030 offshore Namibia under definitive binding agreements with Tullow Namibia Ltd.

The license covers Block 2012A, which operator Eco (Atlantic) Oil & Gas Ltd. calls the Cooper Block.

Eco Atlantic, with 32.5%, and partners are studying a prospect called Osprey in 500 m of water on the block.

After the acquisition by the ONGC Videsh unit, other interests will be AziNam Ltd., 32.5%, and National Petroleum Corp. of Namibia and Tullow, 10% each.

More in Exploration & Development