ONGC Videsh to acquire 30 per cent petroleum participating interest in Namibia

ONGC Videsh has signed definitive binding agreements with Tullow Namibia Limited, a wholly owned subsidiary of Tullow Oil plc, for acquiring a 30 per cent participating interest in Namibia Petroleum Exploration License 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 (Pty) Limited with a 30 per cent participating interest and Paragon Oil and Gas (Pty) Limited with a 5 per cent participating interest are other partners in the licence. Tullow is the operator of the licence and shall continue to remain the operator after the acquisition by ONGC Videsh.