NEW DELHI: L. N. Mittal’s joint venture with ONGC Videsh Ltd. has won a gas block in Trinidad and Tobago. The block is estimated to have reserves of two trillion cubic feet.
ONGC-Mittal Energy Ltd. won the offshore block NCMA-2 beating Britain’s Centrica Plc in Trinidad and Tobago’s latest bidding round, industry sources said.
The NCMA-2 block is gas bearing and is estimated to hold at least two trillion cubic feet of gas reserves.
Trinidad and Tobago had in January 2006 offered eight onshore and three shallow marine blocks for bidding. OMEL and Centrica were tied for NCMA-2 when bids came in April this year and Trinidad and Tobago’s Ministry of Energy and Energy Industries invited the two to submit new proposals.
OMEL edged out Centrica in revised bids, the sources said. This is OMEL’s second biggest success after Nigeria. — PTI
