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ONGC bids for acquiring First Calgary Petroleum
By agencies
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Tuesday, 10 May 2005, 19:30 IST
NEW DELHI:State-owned Oil and Natural Gas Corporation has bid for acquiring Canadian oil and gas firm First Calgary Petroleums Ltd, which owns high potential oil and gas blocks in Algeria.
ONGC, through its overseas arm ONGC Videsh Ltd, has made out two bids - one for acquiring Calgary-based FCP as a whole and the other for acquiring its interest in Ledjmet and Yacoub exploration blocks in Algeria's Berkine Basin, industry sources said.
FCP is listed on the London and Toronto Stock Exchanges.
OVL faces competition from European and Chinese firms. At least two European majors have also bid.
A top company official confirmed having bid for FCP but refused to give details. "All I can confirm is that we have put in our bid." As on October 31, 2004, independent engineering firm DeGolyer and MacNaughton has estimated the gross proved, probable and possible recoverable reserves to be approximately 13.5 trillion cubic feet of natural gas equivalent (TCFe), consisting of 8.4 trillion cubic feet of natural gas and 860 million barrels of oil, condensate and LPG.
The deal is worth $2.5 billion and if successful, this will make ONGC one of the largest oil and gas company in Asia.