Angola: Indian company wants 20 pct stake of Angolan oil bloc

9 September 2008

New Delhi, India, 9 Sept – Indian company ONGC Videsh Ltd (OVL), a subsidiary of the Oil and Natural Gas Corporation (ONGC), has presented a proposal to buy a stake in a recently discovered oil bloc in Angola, the Business Standard newspaper reported citing company sources.

The value of the proposal presented to the Angolan authorities is not known but it must be higher than the US$1.5 billion proposal jointly put forward by Chinese companies Sinopec and Chinese National Offshore OIl Corporation (CNOOC).

This is the second large oil assets deal in which the company has been involved after last month it emerged as a likely buyer of UK company Imperial Energy, for the sum of US$2.88 billion. (macauhub)