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Mumbai: Oil and Natural Gas Corporation (ONGC) is in talks to acquire a
30 per cent stake in Sudan''s Block 8 from Malaysia''s Petronas, which holds 85
per cent stake in the Sudan oil block. ONGC
is also likely to acquire stake in a second exploration block in the African country.
The state-run
oil and gas explorer was also seeking to acquire a share in Block B, in which
European oil major Total has a stake, Sudan oil minister Award Ahmed al-Jaz said,
adding, "ONGC has three blocks and they are on their way to joining a fourth."
The minister
was speaking to reporters after a meeting with Indian officials. "Besides
the three blocks ONGC already has in Sudan, it has shown interest in two more
blocks. The doors are open for Indian investment in Sudan," Jaz said. ONGC
Videsh Ltd. (OVL), the overseas arm of ONGC, has sought to purchase the stakes
in Block 8 and Block B, R S Butola, managing director of OVL, said after a meeting
between officials of the two countries. Petroleum
minister Murli Deora and his Sudanese counterpart Ahmed Al-Jaz discussed OVL''s
investment plans in Sudan ahead of the two-day India-Africa Hydrocarbon Conference.
"India
needs affordable access to energy to insulate our economy from the vagaries of
the international oil market,'''' Deora said at the start of the two-day meeting
with visiting oil officials from African countries. The meeting was aimed at discussing
oil co-operation between India and Africa. ONGC,
which is already a major producer in Sudan, is trying to increase its share of
overseas business.
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