New Delhi, Aug 23: The Cabinet Committee on Economic Affairs (CCEA) today cleared ONGC Videsh Ltd's (OVL) proposal to acquire stake in two oil blocks in Sudan. "The CCEA has cleared OVL's acquisition of 26.125 per cent stake in exploration block 5A and 24.5 per cent stake in block 5B from Austria's OMV," a senior government official said after the ccea meeting here.
OVL already owns a 25 per cent stake in the Greater Nile Petroleum Operating Company in Sudan that it bought from Talisman Energy of Canada earlier this year.
Block 5A, which contains the undeveloped Thar Jath field with gross proven and probable oil reserves of 149.1 million barrels, has Petronas Carigali Overseas SDN BHD of Malaysia as operator with 68.875 per cent stake. Austrian oil and chemical group OMV holds 26.125 per cent and Sudan's national oil company Sudapet the remaining 5 per cent. In block 5B, Petronas has 41 per cent, Sudapet 10 per cent, OMV 24.5 per cent and Swedish oil concern Lundin Petroleum AB 24.5 per cent. Bureau Report