Gulf Oil and Gas accountACCOUNT

ONGC Videsh Eyes Stake in Tullow Oil's Africa Assets

Source: Reuters 11/6/2014, Location: Africa

ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corp, is looking to buy a stake in the assets of Africa-focused exploration company Tullow Oil Plc, a source with direct knowledge of matter said.

India, the world's fourth biggest oil consumer, has charged state oil firms with acquiring assets overseas to improve the security of its energy supplies. The country imports about 80 percent of its crude needs.

ONGC Videsh aims to get 400,000 barrels per day (bpd) of crude from its overseas assets by 2018, compared with about 167,000 bpd produced from overseas holdings in the fiscal year to March 2014, ONGC's chairman said in October. To meet its objective the company is looking at acquisitions, preferably of producing assets, in politically less risky countries.

"ONGC is keen to buy a stake in the African properties of Tullow that includes assets in Ghana and Kenya," said the source, who declined to be identified because of the sensitivity of the issue. Tullow Oil declined to comment to Reuters when asked if it was in talks with ONGC or others on a stake sale.

ONGC Videsh wants to acquire assets in stable geographies like North America, Canada and Mexico, and expand its presence in Africa, Managing Director N. K. Verma said in an interview earlier this week.

London-listed Tullow has a number of oil assets in Africa, including its flagship Jubilee oil field offshore Ghana. ONGC in 2009 made an attempt to buy the Jubilee stake of private equity-backed company Kosmos Energy. Kosmos later shelved plans to sell its stake.

Acquisitions and Divestitures News in Ghana >>

South Africa >>  10/28/2020 - Impact Oil & Gas Limited, a privately-owned, African-focused, exploration company, is pleased to announce that its wholly-owned subsidiary, Impact Afr...
Nigeria >>  10/26/2020 - Canadian Overseas Petroleum Limited, an international oil and gas exploration and development company focused on sub-Sahara Africa, is pleased to ann...

United States >>  10/26/2020 - Mosman Oil and Gas Limited, the oil exploration, development, and production company, announces it has today executed contracts to acquire an addition...
Egypt >>  10/25/2020 - Dana Gas PJSC has entered into a binding agreement with IPR Wastani Petroleum Ltd, a member of the IPR Energy Group (“IPR”) for the sale of its onshor...

Australia >>  10/23/2020 - Terra Nova Resources Inc. has received notice from Armour Energy Limited that Armour intends to exercise its option right (the “Option Right”) to acqu...
Brazil >>  10/23/2020 - Petrobras has started the opportunity disclosure stage (teaser), referring to the sale of a set of eleven onshore production field concessions, with i...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Ghana Oil & Gas 1 >>  2 | 3 | 4 | 5 |

Oil & Gas Projects in Ghana >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.