The OVL-Mittal joint venture had also bagged two blocks in Nigerian deepwater, OPL 279, in which OMEL has 40 per cent stake, and OPL 285, in which the company owns 60 per cent, the other partners being French oil major Total, and Nigerian EMO. The Turkmenistan block covers an area of 5,663 sq km and is located close to discovered and producing fields.
ONGC and Mittal had in July 2005 come together to form two joint ventures -- ONGC Mittal Energy Ltd and ONGC Mittal Energy Services Ltd.
India-born billionaire Lakshmi Mittal will pay Russia's Lukoil $980-million
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