Exxon and Total Seeking Exit from Angola Block 31

Source: Reuters 11/1/2010, Location: Africa

Indian state-run explorer Oil and Natural Gas Corp is examining a proposal to buy U.S. energy major Exxon Mobil's holding in an oil block in Angola, a top official said.

"The proposal has come to us. We keep getting such proposals and we are examining," said R.S. Butola, managing director of ONGC Videsh, the overseas investment arm of ONGC. "Definitely, we are interested."

Butola said the talks were at initial stages and declined to comment on the valuation of the deal.

Analysts said the Angolan field stake buy would be a welcome acquisition for India, which has been lagging China in the hunt for natural resources as both countries seek to feed their fast economic growth.

Global petroleum firms Exxon Mobil and Total want to exit from Block 31 in Angola, Angolan Oil Minister Jose Botelho de Vasconcelos said separately at an energy conference in the Indian capital.

He did not give any reason for the planned stake sale by Exxon and Total.

"In Block 31, some of the companies are leaving the block. Our state oil company Sonangol has the responsibility to find other partners," the minister said, without commenting on the likely deal size.

Earlier, the Economic Times reported that ONGC was in talks with the Exxon's Angolan arm, Esso Exploration, to buy the U.S. energy major's 25 percent stake in Block 31 for about $2 billion.

The block will produce 300,000 barrels of crude oil per day at its peak by 2012, the paper said, citing the website of the United States Energy Information Administration.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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