Indian company presents proposal to acquire oil stake in Angola

14 December 2010

New Delhi, India, 14 Dec – Indian company ONGC Videsh Ltd has put itself forward to buy the 25 percent stake that Exxon Mobil owns in a block in ultra deep waters off the coast of Angola, the Indian government said in New Delhi.

The junior oil Minister, Jitin Prasada, told the lower chamber of the Indian parliament that the operating company of the block was BP Plc, which has a 26.7 percent stake.

The remaining partners in block 31 are Angolan state company Sonangol, Norway’s Statoil, US company Marathon Oil Corp, and France’s Total.

Production at the block is due to being in 2012 and it is estimated that it will produce 150,000 barrels of oil per day, Prasada said.

ONGC Videsh is a subsidiary of state Indian company Oil & Natural Gas Corp. (macauhub)