India’s ONGC bids for Exxon stake in Angola block-govt

NEW DELHI, Dec 9 (BestGrowthStock) – State-run explorer Oil and
Natural Gas Corp (ONGC.BO: ) has bid for a 25-percent stake that
the U.S. energy major Exxon Mobil (XOM.N: ) owns in an Angolan
offshore oil block, Junior Oil Minister Jitin Prasada said.

If successful, ONGC would get its share of equity oil from
Block-31, when it commences production in 2012, he told
lawmakers in a written reply on Thursday.

Prasada said the planned peak production from the block,
operated by BP (BP.L: ) with 26.7 percent stake, was estimated to
be 150,000 barrels per day.

Angola’s national oil company Sonangol owns 20 percent in
the block while Norway’s StatoilHydro holds 13.33 percent, with
Marathon Oil Corp (MRO.N: ) and France’s Total (TOTF.PA: ) owning
10 percent and 5 percent.

(Reporting by Nidhi Verma; editing by Malini Menon)

India’s ONGC bids for Exxon stake in Angola block-govt