ONGC Expects to Reach South Caspian Deal Soon

Responding to a recent article in the Business Standard daily of Mumbai, "ONGC jumps on block acquisition buzz," India's ONGC issued the following clarification to the Bombay Stock Exchange (BSE):

"With reference to the news item appearing in a leading financial daily titled "ONGC jumps on block acquisition buzz," Oil & Natural Gas Corporation Ltd (ONGC) has clarified to BSE as under:

"ONGC has been pursuing the opportunity in Caspian Sea for the past few years. South Caspian Basin (SCB) contains largest proven oil and gas reserves in Central Asian Region of the Caspian and encompasses the State of Azerbaijan, Iran and Turkmenistan, Block 11-12 is located in offshore Turkmenistan at northeastern margin of the South Caspian Basin and 35 Km northeast of giant Azeri-Chirag-Gunashli field, which is operated by British Petroleum. The block is contiguous with the proven fields in Kura-Karti Basin to the west, West Turkmen Basin in the east and Asppheron-PreBalkan Basin to the west.

"The block 11-12 is being operated by a consortium of Maersk 0il Turkmenistan BV Gas, a subsidiary of Maersk Oil a Denmark registered Company with 80% participating interest along with Wintershall having 20% participating interest.

"ONGC Videsh Ltd was invited by M/s. Maersk Oil to participate in the bidding of the proposed divesting of 30% of participating interest of Maersk Oil Turkmenistan B V Gas in this Block. Subsequently, OVL was short listed for further negotiation with the Maersk Oil. Pursuant to these negotiations, the agreements are likely to be signed in near future subject to the approval by the host Government / Government agencies."

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