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Monday, 08 September, 2008, 18:20 GMT | more prices >>

ONGC gets green light for Angola bids


News wires

Indian state-run Oil and Natural Gas Corporation (ONGC) has qualified to bid as an operator for Angolan deep-water blocks, now likely to be offered after elections in the African nation.

Indian Oil Minister Murli Deora met his Angolan counterpart, Desiderio Costa, on the sidelines of the World Petroleum Congress in Madrid today.

"Mr Costa informed that Angola is planning to offer more than 10 offshore exploration blocks, including deep-water blocks, for bidding by E&P (exploration and production) companies. The bids are likely to be invited after elections later this year," the oil ministry said in a statement according to Reuters.

It added Angola would consider a suggestion from Deora that ONGC Videsh, the overseas investment arm of ONGC, and Sonangol, Angola's national oil company, should jointly bid in the next Angolan licensing round.

Angola, now a member of Opec and Africa's largest producer, exports nearly all of its oil production, consuming only around 62,000 barrels per day domestically.


Friday, 04 July, 2008, 14:25 GMT  | last updated: Friday, 04 July, 2008, 14:35 GMT

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