ONGC Videsh Given Approval to Purchase Stake in Sudan Field

ONGC Videsh Ltd. received approval from the Indian Cabinet to purchase Talisman Energy's 25% stake in the Greater Nile Project in Sudan for approximately $750 million, Petroleum Minister Ram Naik said. This acquisition will add approximately 3 million metric tons of crude every year from the field. ONGC expects to recover its investment in five to six years.

The Greater Nile oil project consists of four blocks in the Muglad Basin and a 1,500-kilometer pipeline from the producing fields to Port Sudan on the Red Sea.