Business

OVL in talks to acquire stake in Tullow's $3.5-bn project

ONGC Videsh Ltd., the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), and Indian Oil Corporation (IOC) are in talks to acquire a stake in Tullow Oil's Lokichar oil field in Kenya.

Kenya's Cabinet Secretary in the Ministry of Energy Monica Juma in a tweet confirmed the talks.

"Received and held a meeting with H.E. Dr. Virandar Paul, Indian High Commissioner to Kenya alongside representatives from Indian Oil Corporation Limited, Mr. Hridesh Baindail- Executive Director Indian Oil Corporation Ltd, Mr. Sanjeev Tokhi - Executive Director - OVL," she tweeted.

Tullow also confirmed the talks.

"Tullow confirms that the Ministry of Petroleum and Mines hosted a meeting with Tullow and OVL in Nairobi as part of Tullow's ongoing process to secure a strategic investor for Project Oil Kenya. The meeting was positive and the parties agreed to hold further discussions," it said in a tweet.

Besides Tokhi of OVL and Baindail of IOC, Tullow CEO Rahul Dhir was also present in the meeting, the pictures tweeted by the two showed.

Tullow holds a 50% stake in the south Lokichar field and is looking to give up operatorship in favour of a strategic partner. TotalEnergie of France and Africa Oil Corporation holds 25%.


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Printable version | Jul 30, 2022 7:22:19 pm | https://www.thehindu.com/business/ovl-in-talks-to-acquire-stake-in-tullows-35-bn-project/article65703398.ece