ONGC Videsh has signed a definitive binding agreement with Tullow Namibia Limited for the purchase of 30% participating interest in three blocks, offshore Namibia. 

The company will acquire 30% participating interests in Namibia Petroleum Exploration License 0037 for Blocks 2112A, 2012B and 2113B. This deal also covers related agreements out of Tullow’s existing participating interest of 65% in the 0037 licence. 

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Pancontinental Namibia (Pty) Limited has a 30% participating interest, while Paragon Oil and Gas (Pty) Limited has a 5% stake in the licence.

Tullow is the licence operator and will continue to remain so even after the purchase by ONGC Videsh.

"If the deal closes, it marks ONGC Videsh’s move into offshore Namibia."

The deal is subject to customary conditions, including approvals of Namibian regulatory authorities and joint venture partners.

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If the deal closes, it marks ONGC Videsh’s move into offshore Namibia and is in line with its strategic objective of adding exploration and production assets to its existing E&P portfolio.

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ONGC Videsh is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the national oil company of India.

Currently, ONGC Videsh has 38 projects in 17 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Kazakhstan, Mozambique, Myanmar, Russia, South Sudan, Sudan, Venezuela, Vietnam and New Zealand.

It produced about 285,000 barrels of oil and oil equivalent gas a day and had oil and gas reserves (2P) of about 704 million tonnes of oil equivalent as of 1 April.