Videocon wins oil prospecting license in Nigeria

Sep 20, 2005 02:00 AM

The Nigerian government has awarded oil prospecting licence (OPL) to Videocon Industries for exploring blocks in that country.
The consortium led by Videocon has been awarded OPL for block number 471 by the Nigerian ministry of petroleum resources under the Nigeria 2005 Licensing Round for Oil & Gas Exploration and Production, the company said.

Nigeria has put 14 new oil blocks on offer as part of the 2005 licensing round. This is in addition to 61 other fields it put up for bids in March to boost its oil output capacity. Videocon had applied for seven blocks in Nigeria. The company has already signed a memorandum of understanding with Jordan to develop four fields as part of its plans to invest in overseas oil assets.
Company officials said, “Videocon is looking at increasing its presence in the West Asian and African countries to tap the oil business. We have both the expertise and the finances to invest in the sector.”

Videocon has already signed an MoU with the government of Khartoum province in Sudan and expects to begin exploration work soon. The company plans to buy up to 76 % stake in an offshore Sudanese field located in the Red Sea, which it will explore along with a consortium of global partners.
The company is also exploring options to invest in Ukraine.

India, which now imports 70 % of its crude requirement, is aggressively looking for stakes in foreign oil and gas projects to secure energy supplies.
“As part of the long-term strategy, we would look at bringing this oil back home,” officials added.
Videocon owns 25 % of the Raava oil field in the Krishna-Godavari basin off the eastern coast and has bid for three blocks offered by the government.

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