OVL loses bids in Myanmar and Nigeria

Dec 19, 2004 01:00 AM

ONGC Videsh Ltd, the foreign arm of Oil and Natural Gas Corporation, has lost a coveted gas block in Myanmar and an oil block in Nigeria. China National Offshore Oil Corporation (CNOOC) and its partners, China Hanoi Contracting and Engineering Corp and Singapore's Golden Aaron, have been awarded two A-4 and M-10 blocks off Myanmar, industry sources said.
"OVL and GAIL were also pursuing the prospective block A-4, which is near to Daewoo's A-1 and A-3 blocks, where they already have equity," an official said. Block A-1 contains at least 10 tcf of gas and there are similar expectations for the adjacent A-3, where exploration will soon begin. OVL has 20 % in A-1 and A-3 blocks, and GAIL 10 %.

Separately, OVL has made a losing bid for an oil block in the Gulf of Guinea. OVL made the bid for joint development zone (JDZ) block 2 with Equator Exploration. However, its bid of $ 65 mm was way short of the highest bid of $ 135 mm from Vintage Oil and Gas.
It also fell short of Concoil's bid worth $ 120 mm, and Hatman's $ 80 mm and Foby Engineer's $ 73 mm.

The Joint Development Authority, set up by Nigeria and Sao Tome, manages the allocation of acreage in the joint development zone (JDZ) in the Gulf of Guinea.
It had invited bids for five exploration blocks in the second licensing round. In Nigeria, the blocks put on offer included blocks-2, 3, 4, 5 and 6. OVL bid only for block-2.

OVL has intensified its efforts for acquiring a stake in oil blocks in west Africa, Latin America and the Caspian region, following its failure to acquire Shell's 50 % stake in the block 18 off Angola. It is now looking at other blocks in Angola. Also on its radar are exploration blocks in Libya, Yemen, Qatar, Ivory Coast, Cuba, Sierra Leone, Bangladesh, Kazakhstan and Russia.
It is also looking at properties in Nigeria, Ivory Coast, Ghana and Congo.

Source: HindustanTimes
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