ONGC’S foreign arm ONGC Videsh (OVL) is all set to acquire around 33% stake in Shell’s high-prospective block in the Northeast Mediterranean deepwater (Egypt).
The Union Cabinet may approve OVL’s proposed investment of $380 million to pick up the stake in the block which has estimated gas reserves of around 14 trillion cubic feet (tcf). The size is stated to be approximately the same as Reliance’s approved gas find in the KG Basin. The block is expected to start production by 2012.
The block is currently held by Shell (84%) and Petronas of Malaysia (16%.
(Source: ET)
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