ONGC Videsh Ltd (OVL) has bid for Exxon Mobil's 25 per cent stake in an Angolan offshore oil block.
OVL has submitted a binding bid for an offer made by Exxon Mobil to participate in the sale process of its 25 per cent stake in Block 31 in Angol, an ultra-deep block with British Petroleum as an operator. BP has 26.7 per cent stake in the block. OVL is successful, would share of production, as per its stake, from production of oil expected to commence during 2012. The block is expected to produce 1,50,000 barrels of crude oil per day.
Besides, BP and Exxon, the other partners in the block are Angola's national oil company Sonangol (20 per cent stake), Norway's StatoilHydro (13.3 per cent), Marathon Oil Corp (10 per cent) and France's Total (5 per cent).crackcrack
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