Oil and Natural Gas Corporation's (ONGC) wholly owned subsidiary - ONGC Videsh has completed the acquisition of 30% Participating Interest (PI) in Namibia Petroleum Exploration License U03/ for Blocks 2112A, 2012B and 2113B and related agreements (License), Offshore Namibia from Tullow Namibia (Tullow), a wholly owned subsidiary of Tullow Oil plc. Tullow with remaining 35% Participating interest shall continue to remain the operator of the License. Pancontinental Namibia with 30% Participating interest and Paragon Oil and Gas with 5% Participating interest are other partners in the License.
The completion of the present transaction marks ONGC Videsh entry in Namibian offshore and is consistent with its strategic objective of adding high impact exploration and production assets to its existing E&P portfolio.
ONGC is India's largest government-run corporation and produces about 70% of India's crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.