Indian company wins gas exploration bid in Trinidad

Indian company wins gas exploration bid in Trinidad

Friday, 28 December 2007, 08:00 Hrs
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Port of Spain: ONGC Mittal Energy (OMEL), a joint venture between Oil and Natural Gas (ONGC) and Lakshmi Mittal-promoted Mittal Energy, has won natural gas exploration rights here at a cost of $204 million.

OMEL has won a bid to explore two areas off Trinidad and Tobago's (T&T) southeastern coast with projected gas reserves of two trillion cubic feet (tcf).

The company beat Britain's Cenrica Plc to bag the offshore block, a company official said.

The government of T&T has informed OMEL that its revised bid had been successful. It has invited the company to negotiate the production-sharing contract (PSC) for the block.

"OMEL will hold 100 percent participating interest in the block," the official said.

The T&T government in January 2006 offered eight onshore and three shallow marine blocks for bidding.

This winning bid by OMEL comes in the heels of the company's winning rights to explore two blocks in Nigeria.
Source: IANS
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