ONGC Acquires Stake in Oman and Sudan Fields

ONGC Videsh Ltd, the overseas arm of ONGC, is likely to acquire stakes in two producing fields, one in Sudan and one in Oman. OVL has partnered with Indian Oil Corporation to negotiate for a 25 percent stake in Great Nile offshore block in Sudan and an onshore block in Oman.

China National Petroleum Corporation holds 40 percent interest in the field in Oman. Petronas has 30 percent in stake in the Sudan offshore field with Talisman holding 25 percent and Sudan's National Oil Company holding the remaining five percent. Agreements for the two blocks are likely to be finalized next month.