ONGC Videsh to Spend $30 Million on Libyan Exploration

ONGC Videsh Ltd will spend $30 million to acquire a 40% stake in two exploration blocks, NC-188 and NC-189, in Libya from Turkish Petroleum Overseas Company. Block NC-188, covering an area of 6,558 square kilometers in the Ghadames Basin, is about 250 kilometers south of Libyan capital Tripoli, and Block NC-189 covers and area of 2,088 square kilometres and is located in Sirte Basin about 850 kilometers southeast of Tripoli.

OVL's share of expenditure towards fulfilling exploration work commitments in both the blocks is estimated to be around $30 million (Rs 141 crore) over a period of two years.