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ONGC Videsh Signs Sale Agreements With OMV Aktiengesellschaft, Austria

Source: www.GulfOilandGas.com 9/2/2003, Location: Africa

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On 2 September 2003, ONGC Videsh Ltd (OVL) signed the Sale Agreement with OMV Aktiengesellschaft of Austria for buying its 26.125 % and 24.5 % stakes in two onshore exploration blocks in Sudan. The sale price payable at closing of the transaction is about US $ 115 Million.

The exploration blocks 5A & 5B are located in the Muglad basin and are adjacent to the Greater Nile Oil Project, where OVL acquired 25% stake in March 2003 from Talisman Energy Inc, Canada. In block 5A, OVL will be partnering Malaysian national oil company Petronas and Sudanese national oil company Sudapet. In the exploration block 5B, OVL partners Petronas and the Swedish oil company Lundin Petroleum AB along with other partners. Currently drilling of the exploratory well TharJath-3 is in progress in the Block 5A.

Mr Atul Chandra, Managing Director of OVL said, "This is an important acquisition for OVL, as it consolidates our presence in a oil bearing region which continues to show high potential and also strengthens the company’s position as a major player in the global oil and gas market."

The transaction is subject to approvals from the Sudanese government and project partners.

OMV is one of Austria’s largest listed oil and gas companies, with exploration and production activities in 17 countries world-wide. OMV also owns oil & gas supply systems, retail networks and integrated chemical and plastic manufacturing units in Central and Eastern Europe.

ONGC Videsh is involved in a number of international petroleum ventures for securing equity oil for the country and has acquired ownership stakes in Sakhalin-I project in Russia, Vietnam Block 06.1 field, Greater Nile Oil Project in Sudan as well as exploration blocks in Iran, Iraq, Syria, Libya and Myanmar. Mr. Chandra added that OVL is pursuing some more opportunities in other regions of the world, to further strengthen the company’s current pipeline of assets.

The Sale Agreement for the Sudan exploration blocks were signed at Amsterdam by Mr. V. Ravindranath, Executive Director OVL and Mr. Paul Griggs, Vice President, Business Development, OMV in the presence of Mr. Atul Chandra, Managing Director, OVL and Mr. Helmut Langanger, OMV Executive Board member (Exploration & Production).



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