Processing .....please wait.. 
The article has been forwarded.... 
ONGC takes stake in Ivory Coast block
By siliconindia staff writer
|
Friday, 03 September 2004, 19:30 IST |
1 Comments
REUTERS: Oil and Natural Gas Corp has agreed to buy a 30 per cent stake in an offshore exploration area in Ivory Coast from Vanco Energy Co, USA, state-run ONGC said on Friday.
Overseas subsidiary ONGC Videsh Ltd (OVL) had negotiated the acquisition of 40 per cent of Block CI-112, before offering 10 per cent to smaller state-run exploration firm Oil India Ltd.
"Block CI-112 has a good potential. This acquisition is especially significant as OVL's entry in the West African hydrocarbon sector. OVL is now present in 10 countries." ONGC chairman Subir Raha said in a statement.
ONGC has bought stakes in oil and gas projects in Russia, Vietnam, Sudan, Myanmar and Australia, and plans to invest $1.6 billion in such investments in the fiscal year ending March 2005.
India imports 70 per cent of its crude oil, mostly from West Asia, and has aggressively sought opportunities to invest in overseas oil and gas projects as domestic output is shrinking.
On Wednesday, ONGC said it was evaluating an offer to invest in the exploration and development of oilfields in Venezuela, the world's number five oil exporter.
On Monday, the company said it had signed an agreement with Canada's Antrim Energy Inc to buy a majority stake in an offshore exploration block in Australia.