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Indian investments in Sudan

Source: www.gulfoilandgas.com 8/24/2003, Location: Africa

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State-run Oil and Natural Gas Corporation (ONGC) received on 23, August 2003 the Indian government's approval to pick up equity in two oil blocks in Sudan from the Austrian company OMV. 26.125 percent stake in exploration block 5A and 24.5 per cent stake in block 5B.

Financial terms of the deal with India's ONGC Videsh Limited (OVL), a wholly owned subsidiary of the state-run Oil and Natural Gas Corporation, were not disclosed.

Block 5A, with reserves of 149.1 million barrels in Sudan's Muglad basin, is operated by a subsidiary of Malaysia's national oil firm Petronas. The Petronas Carigali Overseas Sdn Bhd has a 68.875 percent stake in the block.

Petronas holds a 41 percent stake in Block 5B, which has estimated reserves of between 0.5 and one billion barrels. Sweden's Lundin Petroleum AB holds 24.5 percent, with another 24.5 percent being sold by Austria's OMV to the Indian firm.

India's OVL already has a 25 percent stake in Sudan's Greater Nile Petroleum Operating Company that it bought for 750 million dollars from Talisman Energy of Canada in last March. The Greater Nile Oil Project produces 260,000 barrels of oil per day.

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