NEW DELHI: ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil and Natural Gas Corp. Ltd (ONGC), is likely to bid for deep-sea oil and gas blocks in Tanzania as it looks to expand its presence in energy-rich Africa.
Tanzania is offering eight blocks in its fourth Offshore Licensing Round, bids for which close on 15 May.
“We are examining the blocks on offer. Based on our evaluation we will decide to place bids for one or more blocks,” OVL managing director S.P. Garg said.
The bidding round includes seven deep offshore blocks and the Lake Tanganyika North Offshore Block. The Lake Tanganyika North Block is located in water depth of up to 1,500 metres along the western arm of the East African Rift System that is proven prospective for commercial liquid hydrocarbons. The blocks offered exclude offshore Blocks 1B and 1C which are reserved for the government and the Tanzania Petroleum Development Corporation (TPDC) who will look to gain a strategic partner to explore these areas through a competitive process.
Asked if OVL would bid alone or take a partner, Garg said, “We have not decided on that. We will do that before the bid closes.”
Africa, he said, is one of the focus geographies where OVL is looking to expand its footprint. —PTI