ONGC Videsh Acquires Stake in Libyan Fields

ONGC Videsh has signed a farm-in agreement with Turkish Petroleum Overseas to acquire a 49% stake in two onshore exploration blocks in Libya. One of the exploration blocks is in the Sirte Basin and covers about 2,100 square kilometers. The other is in the Ghadames Basin and covers an area of 6,600 square kilometers. A seismic survey of both the exploration blocks will be completed shortly, and an exploratory drilling is scheduled to commence in 2003.