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ONGC’s arm acquires 15% stake in Namibian oil block

22 Nov 2017 Evaluate

Oil and Natural Gas Corporation’s (ONGC) wholly owned subsidiary - ONGC Videsh has acquired 15% stake in a oil block in Namibia. The 15% participating interest in Namibia Petroleum Exploration License (PEL) 30, covering Block 2012A from Tullow Oil of UK, is OVL’s second acquisition in the African nation in as many months.

OVL’s indirect subsidiary ONGC Videsh Vankorneft (OVVL) has signed binding agreements with Tullow Namibia, a wholly owned subsidiary of Tullow Oil plc, for the stake buy.

Oil and Natural Gas Corporation (ONGC) is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.

Peers
Company Name CMP
ONGC 221.65
Oil India 452.60
Jindal Drilling&Inds 597.50
Deep Industries 793.40
Asian Energy Service 483.20
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