OVL to Acquire Stake in Overseas Oilfields

ONGC Videsh is planning to buy stakes in oil fields in more than a dozen countries including Myanmar, Libya, Australia, Indonesia, Saudi Arabia, Kuwait, Venezuela, Iran, Qatar and Bangladesh.

We are evaluating opportunities of acquiring stakes in oil and gas fields in several countries," OVL managing director Atul Chandra. OVL has been offered three offshore exploration blocks in Myanmar and the firm has zeroed in on Block A-2, which is adjacent to Block A-1 where OVL has 20 percent stake along with Daewoo International (60 percent), Kogas of Korea (10 percent) and Gail (10 percent).

A team of officials is visiting Tehran this month to evaluate Iranian offer of three producing oil fields of Parsi Reservoir (daily production of 100,000 barrels), Sarvak in North Azadegen (46,000 barrels per day production) and Cheshmeh Khush (31,000 barrels per day) and semi-developed oil fields of Abadan Plain and Saveh-Gartnsar, he said.

Besides, OVL is also negotiating taking stake in two producing oil fields in Libya. The firm already has acquired Block 188 and 189 in that country.

Chandra said OVL was also negotiating an oil field in Angola and would soon head for Australia where it has been offered an exploration block in western offshore. Also on the company radar are oil and gas acreages in Russia, West and North Africa, Indonesia and South America. OVL, to-date, has taken participating interests in oil and gas fields in nine countries -- Vietnam, Russia, Libya, Syria, Iran, Iraq, Sudan, US and Myanmar.