ONGC to acquire equity in second Sudan exploration block
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ONGC to acquire equity in second Sudan exploration block

Monday, 25 August 2003, 07:00 Hrs
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NEW DELHI: State-run Oil and Natural Gas Corporation (ONGC) Saturday received the Indian government's approval to pick up equity in a second Sudanese exploration block.

ONGC Videsh Limited, the overseas business arm of ONGC, will acquire the 26.13 percent stake of Austria's OMV in exploration block 5A in Sudan, said Parliamentary Affairs Minister Sushma Swaraj after a cabinet meeting.

Considerable exploration and drilling work has been carried out at the block and two of three prospects drilled have revealed major reserves in the Thar Jath and Jarayan fields, she told a press conference here.

In March, ONGC Videsh had acquired a 25 percent stake in the Greater Nile Oil Project in Sudan that produces 260,000 barrels of oil per day.

The exploration block 5A is located near the boundary of Greater Nile Oil Project and
also falls in the highly prospective Muglad basin.

Source: IANS
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