Dec 26, 2006

ONGC updates


ONGC through its 100% subsidiary, ONGC Videsh (OVL) has been awarded a block for oil exploration in Libya by the country's National Oil Corporation. As a matter of fact, OVL was the lone bidder for the said block. Exxon Mobil and Inpex Holdings (Japan) are the other two companies that have bagged blocks in this North African country. OVL already has a presence in Libya (it had signed an agreement with Turkish Petroleum Overseas Company in August 2002 for the acquisition of 49% participating interest in NC-188 and NC-189 onland exploration blocks).

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