The acquisition involves blocks 2112A, 2012B and 2113B.
The stake was purchased from Tullow Namibia Limited (Tullow), a wholly owned subsidiary of Tullow Oil plc. T
Tullow with continue to be the operator of the license and will a 35% interest in the property. Other participants are Pancontinental Namibia with 30% and Paragon Oil and Gas with 5%.
“The completion of the present transaction marks ONGC Videsh entry in Namibian offshore and is consistent with its strategic objective of adding high impact exploration and production assets to its existing E&P portfolio,” the government-owned company said.
ONGC Videsh is India’s largest international oil and gas company.
After this acquisition, ONGC Videsh now has 39 projects in 18 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Kazakhstan, Mozambique, Myanmar, Russia, South Sudan, Sudan, Venezuela, Vietnam and New Zealand.
It is currently producing about 267,000 barrels of oil and oil equivalent gas per day and has total oil and gas reserves (2P) of about 704 MMTOE as on 1st April.
India set up ONGC Videsh as the country does not have required oil and gas assets within the country.