ONGC Mittal eyes blocks in central Asia
ONGC Mittal Energy (OMEL), the joint venture between ONGC and Mittal group, is in an advanced stage of signing a farm-out agreement for operating an exploration block in Turkmenistan.
By TNN |
NEW DELHI: ONGC Mittal Energy (OMEL), the joint venture between ONGC and Mittal group, is in an advanced stage of signing a farm-out agreement for operating an exploration block in Turkmenistan.
The company is also looking at various such opportunities in Kazakhstan, Turkmenistan, Azerbaijan and Indonesia. OMEL has also bagged two blocks in Nigeria and the production-sharing contracts for the same are expected to be signed shortly.
The joint venture recently bid for an offshore block in Trinidad & Tobago. ONGC Videsh (OVL), the overseas arm of ONGC, had entered into an agreement with Mittal Investment Sarl in October 2005 to form the joint venture.
The two partners have agreed to participate in the hydrocarbons business on an exclusive basis in 10 countries. In another 17 countries, the two partners have agreed to work on identified projects. ONGC has denied recent reports in a section of media, which raised doubts about the continuity of the JV between.
“Press reports which suggest that the ONGC-Mittal joint venture is not running well, are absolutely baseless,” the company said in a statement citing the success of ongoing projects and proposed ventures.
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