ONGC buys 15% stake in Namibia offshore block

ONGC Videsh Ltd, the overseas investment arm of the country’s top explorer Oil and Natural Gas Corp, said on Tuesday it had acquired a 15 percent stake in Namibia’s offshore Block 2012A from Tullow Oil.

OVL executed the deal through its subsidiary ONGC Videsh Vankorneft Pte Ltd, it said in a statement.

Tullow Namibia Ltd had a 25 percent stake in the block in Namibia’s Petroleum Exploration License area (PEL)0030.

Eco Oil and Gas Namibia (Pty) Ltd, with a 32.5 percent stake, is the operator of the block.

ONGC Videsh last month bought a 30 percent stake in PEL 0037 from Tullow Oil.