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OMV, ONGC close sale of Sudan exploration blocks
By siliconindia
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Thursday, 13 May 2004, 19:30 IST
VIENNA: Austrian oil and gas group OMV has closed the sale of two exploration blocks in Sudan to India's Oil and Natural Gas Corp (ONGC) for $115 million, OMV said on Wednesday.
The sale of exploration blocks 5A and 5B was agreed last year, when OMV decided to quit war-ravaged Sudan following strong criticism from human rights groups.
"The closing took place in New Delhi on Wednesday," OMV said in a statement, adding that Sudan's government had approved the sale.
"Commercially, the effective date is January 1, 2003. The sales price was $115 million," it said.
The blocks are in the Muglad Basin, 700 km (440 miles) southwest of Sudan's capital, Khartoum.
OMV reiterated that it would invest the proceeds in further expansion of its oil and gas production.