ONGC-Mittal JV acquires 30 percent participating interest in Turkmenistan exploration blocNovember 14th, 2007 - 2:38 am ICT by admin
The block was earlier awarded by the Government of Turkmenistan to Maersk Oil, in December, 2002. The consortium now comprises of OMEL with 30 percent Participating Interest (PI); Wintershall, a German company with 34 percent PI and Maersk Oil, a Denmark company with 36 percent PI. Earlier, Wintershall and Maersk had acquired seismic data and drilled one exploratory well in the block. The well had provided indications of hydrocarbons. Another well is planned to be drilled by the new consortium during 2008.
Turkmenistan block is the fourth asset of OMEL. OMEL had earlier acquired interest in a producing asset in Syria, currently producing about 130,000 barrels per day of oil. OMEL was also awarded two highly prospective blocks in Nigerian deepwater - OPL 279, in which OMEL has 40 percent PI and OPL 285 in which OMEL has 60 percent PI; other partners being TOTAL, the French oil major and EMO, a local Nigerian company. OMEL is pursuing hydrocarbon assets in certain other countries also, some of which are in an advanced stage of negotiations. OMEL’s constituent Mittal Investment Sarl (MIS) is owned by Steel baron L.N.Mittal.
Both the promoter groups expressed satisfaction at the evolving growth of OMEL and stated that the investment in Turkmenistan shall open up in new opportunities for growth of OMEL in this hydrocarbon rich country.
The Chairman of ONGC Videsh Ltd. (OVL), R S Sharma, said that OVL is the growth vehicle of the ONGC Group and this exploration block in Turkmenistan is a significant milestone in that growth path. (ANI)
- Cabinet sanctions OVL's investment in 2 Nigerian blocks - Jan 14, 2010
- India seeks more crude oil imports from Nigeria - Mar 16, 2011
- Mittal exits Kazakh oil block exploration - Nov 18, 2009
- Latin America - Energising India (Comment) - Jun 21, 2012
- India, Kazakhstan to unveil roadmap for strategic ties - Apr 16, 2011
- OVL records highest production from foreign assets - Aug 19, 2010
- ONGC Videsh targets 20 mn tonnes output by 2020 - Aug 18, 2011
- India's interests growing in African oil, gas assets - Sep 04, 2011
- India has not withdrawn from Vietnamese oil block: Minister - Aug 18, 2012
- ONGC Videsh declares progressive 2009-10 financial results - May 22, 2010
- India asks Nigeria for more crude - Jan 26, 2010
- ONGC exploring for gas deposits in Mizoram - Aug 11, 2011
- India, Kazakhstan sign seven pacts - Apr 16, 2011
- India's ONGC gets stake in Kazakh oil block - Jan 24, 2009
- ONGC arm gets nod for more investment in Brazil - Nov 12, 2009
Tags: acquired, consortium, deepwater, exploration, french oil, german company, growth path, hydrocarbon, l n mittal, maersk, omel, ongc videsh, opl, pi, seismic data, steel baron, turkmenistan, wintershall