ONGC Videsh in Talks to Acquire Stake in Sudan Blocks

ONGC Videsh is in negotiations with the Sudanese government for equity in four to five exploratory blocks. OVL is interested in taking a majority stake or operatorship in several blocks in Sudan. A final shape to negotiations on these blocks will emerge by the end of the year. On a conservative estimate, these blocks should bring about 3 million tons of oil per year to India. The company is also aggressively pushing its business interests for oil equity in Libya and Angola.

ONGC Videsh is also taking up two projects, an expansion project for a refinery and a 700 km-long pipeline project in Iran, for which ONGC is undertaking a detailed feasibility study. Apart from this, the company is helping Iraq to set up an oxygen plant for a hospital. It is also in talks with a US firm for taking up equity in an exploration field in Syria.

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