ONGC lost a bid to buy Exxon Mobil’s 25% stake in an Angolan oil field. ONGC had offered about $2 billion for the stake in Block 31 off Angola’s coast. British energy firm BP Plc is the operator of the ultra- deep sea block with 26.7% stake.
Block 31 is expected to produce 1,50,000 barrels of crude oil per day (7.5 million tons a year) and output is expected to start in 2012.In all 19 oil discoveries have so far been made in the block.French oil major Total SA's subsidiary TEPA hold 5% interest in the block.
OVL had in 2004-05 lost out on acquiring 45% stake in the giant Akpo oilfield in Angola. The government had rejected OVL proposal due to Akpo's ownership issues.After Indian government disallowed OVL to pursue the Akpo opportunity, China's CNOOC Ltd acquired the 45% stake for $2.268 billion.Sonangol is the concessionaire of Block 31.
In another development,Oil and Natural Gas Corporation (ONGC) has made a significant gas discovery in Tripura. On testing, one of its sand zone flowed gas at the rate of 1,13,400 cubic meter per day. crackcrack
| Company Name | CMP |
|---|---|
| ONGC | 283.35 |
| Oil India | 471.35 |
| Jindal Drilling&Inds | 542.35 |
| Deep Industries | 477.70 |
| Asian Energy Service | 315.25 |
| View more.. | |
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