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04-Jul2017

ONGC's overseas arm inks definitive binding pact with Tullow Namibia

Oil and Natural Gas Corporation's (ONGC) overseas arm - ONGC Videsh (OVL) has signed definitive binding agreements with Tullow Namibia (Tullow), a wholly owned subsidiary of Tullow Oil plc, to acquire 30 per cent participating interest in three blocks.

OVL will acquire 30 per cent participating interests under Namibia Petroleum Exploration Licence 0037 for Blocks 2112A, 2012B and 2113B and related agreements (Licence) out of Tullow's existing participating interest of 65 per cent in the licence.

Pancontinental Namibia with 30 per cent participating interest and Paragon Oil and Gas with 5 per cent participating interest are the other partners in the blocks. Tullow is the operator and shall continue to remain operator after acquisition by ONGC Videsh.

Oil and Natural Gas Corporation (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.


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