ONGC ‘in Tanzania hunt’

ongc12 May 2014, News Wires – India’s ONGC Videsh is reportedly poised to bid on deep-water blocks being offered under Tanzania’s latest licensing round ahead of a bidding deadline this week.

The overseas arm of state-owned Oil & Natural Gas Corporation is currently considering whether to team up with a partner or go it alone as it pursues acreage off the prospective East African country, Indian publication Business Standard reported.

Tanzania is offering seven deep offshore blocks in water depths ranging from 2000 to 3000 metres and the 1500-metre deep Lake Tanganyika North Offshore block in its fourth round, with a closing date for bids of 15 May.

“We are examining the blocks on offer. Based on our evaluaton, we will decide to place bids for one or more blocks,” ONGC Videsh managing director SP Garg was quoted as saying.

He said Africa was one of the regions where the company is looking to expand its geographical footprint.

It currently has producing and exploration assets in Sudan, South Sudan, Nigeria and Libya.



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