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Home > Business > PTI > Report

ONGC-Mittal JV bids for blocks in Trinidad

December 13, 2006 20:12 IST

ONGC-Mittal Energy Ltd, the joint venture between state-run Oil and Natural Gas Corp and NRI steel tycoon Lakshmi N Mittal, has bid for offshore blocks in Trinidad and Tobago and will shortly acquire stake in an oil block in Turkmenistan.

"OMEL is looking for various opportunities in Kazakhstan, Turkeministan, Azerbaijan, Indonesia, which are at different stages of progress," ONGC said in a press release in New Delhi.

ONGC said its joint venture agreement with Mittal lists out 10 countries where the two partners would participate on exclusive basis. It also provides another 17 countries where the two partners would work on projects identified by mutual consent on an exclusive basis.

OMEL had identified Kazakhstan, Turkmenistan, Azerbaijan, Uzbekistan, Congo, Angola, Trinidad and Tobago, Romania and Indonesia as priority areas for doing business.

Since incorporation, OMEL has been awarded two prosperous blocks in Nigeria - OPL-279 and OPL-285 - the production sharing contracts of which are expected to be signed shortly.

OMEL is also in the process of being awarded another prosperous exploration block in Nigeria (OPL-246).

ONGC Videsh Ltd's subsidiary, ONGC Nile Ganga BV acquired interest in a producing property in Syria along with China National Petroleum Corp, a part of which is held by OMEL.

"OMEL is also in an advanced stage of signing a farm-out agreement in respect of an exploration block in Turkmenistan. OMEL has also recently bid for an offshore block in Trinidad and Tobago," the release said.

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