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ONGC Videsh seeks to look for oil in Angola
India's News.Net
Friday 4th July, 2008 (IANS)
ONGC Videsh Ltd (OVL) wants to ally with Angola's national oil company Sonongal to jointly bid for offshore exploration in that country, the government said here Friday.
According to a government statement, Petroleum Minister Murli Deora had made the proposal to his Angolan counterpart on the sidelines of the World Petroleum Congress in Madrid recently.
Deora also offered to train Angolan personnel, it added.
The statement said the Angolan oil minister, Desiderio da Graca Verissimo e Costa, was 'open to consider such a proposal'.
OVL, incidentally, is the only Indian company to be shortlisted for deep water exploration in Angola.
OVL had earlier made efforts to acquire stake in Angolan oil blocks, but had not managed to bag any in the face of intense competition from Chinese firms.
Deora was accompanied at the talks by Indian Ambassador to Spain Sujata Mehta, ONGC chairman R.S. Sharma, and OVL managing director R.S. Butola.
The Angolan minister told the Indian delegation that 10 offshore exploration blocks would be offered for bids after the general elections. The African country's first parliamentary elections after over two decades of civil war are slated to be held early September.
As per the figures of the Organisation of Petroleum Exporting Countries, Angola produced 1.87 million barrels per day in April, trumping Nigeria as Africa's top oil producer for the first time.
The country is going through a significant economic boom fuelled by its hydrocarbon industry, and has a GDP growth rate of 15 percent - one of the highest in the world.
In April, Angola had agreed to facilitate OVL's bidding of three offshore oil blocks as part of a consortium during a visit by Minister of State for Commerce Jairam Ramesh to that country and Namibia.
Angola also offered a 30 percent stake in a new refinery then.
In return, India promised to set up a centre of excellence in petroleum technology and a gas-based 300 megawatt power plant in Angola, apart from helping it to rebuild its railways and financial sector, and provide training in education and mining.
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