OVL and Equator Exploration to bid for joint development zone blocks

Dec 29, 2004 01:00 AM

ONGC Videsh Ltd., or OVL, has entered into an agreement with Equator Exploration to jointly bid for oil blocks in West Africa.
These oil blocks are in the Joint Development Zone of three countries -- Nigeria, Sao Tome and Principe, which was created in 2001.

OVL, the overseas investment arm of Oil and Natural Gas Corp, ONGC, and Equator have already placed bids for blocks 2 and 4 in the region, the company said.
OVL has been designated as the operator for the venture. An announcement on the award of the bids and acreage allocation will be made in early 2005.

The London Stock Exchange-listed oil and gas exploration company, Equator, was formed in 2000 to mainly focus its initial efforts on West Africa.
Revenues from the zone are to be shared in a 60:40 ratio with Nigeria receiving the major chunk.

Source: Moneycontrol.com
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