Published on Tue, May 20, 2008 at 08:34 | Source : Business Line
Updated at Tue, May 20, 2008 at 08:51
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ONGC Videsh to relinquish block in Libya
ONGC Videsh Ltd (OVL) plans to relinquish its onshore exploration block in Ghadames basin, Libya, in favour of the National Oil Company of that country, as OVL and its partner Turkish Petroleum Overseas Company (TPOC) felt that the prospects were not very attractive commercially.
ONGC Videsh Ltd (OVL) plans to relinquish its onshore exploration block in Ghadames basin, Libya, in favour of the National Oil Company of that country, as OVL and its partner Turkish Petroleum Overseas Company (TPOC) felt that the prospects were not very attractive commercially.
Sources said that in Block NC 188, while OVL holds 49 per cent stake, TPOC, subsidiary of Turkish national oil company, held the remaining 51 per cent participating interest (PI) and is the operator. "After finishing the work programme commitments, the two partners have agreed to relinquish the asset as they felt that the block does not hold significant potential," sources told Business Line.
OVL has taken the approval of its board for the same. After completing the seismic surveys in the area as per the programme, two exploratory wells were drilled in Block NC-188 which were plugged and abandoned as dry wells. Subsequently, the exploration phase of the block has been extended till June 11, 2009.
