ONGC Mittal acquires stake in Turkmenistan block

Tuesday, 23 October 2007, 07:00 Hrs
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New Delhi: ONGC Mittal Energy (OMEL), a joint venture between ONGC Videsh and Mittal Investment Sarl, has acquired 30 percent participating interest in an exploratory offshore block in the Central Asian nation of Turkmenistan.

The offshore block 11-12 in the Caspian Sea covers an area of 5,663 sq km and adjoins areas with oil discoveries.

According to an ONGC press release, the Turkmenistan block, the fourth asset of OMEL, was acquired by a consortium, in which OMEL holds 30 percent participating interest, German company Witnershall 34 percent and Danish company Maersk Oil 36 percent.

Earlier, the block was awarded to Maersk Oil in December 2002. Winterstall and Maersk Oil have already drilled a well in the block, which indicated presence of hydrocarbons. The new consortium will drill another well in 2008.

The JV earlier acquired interest in a producing asset in Syria, currently producing about 130,000 barrels of oil per day.
Source: IANS
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