ONGC is eyeing new energy blocks in Ghana, in a bid to expand it presence in
Africa.
ONGC Videsh Ltd (OVL), ONGC's foreign investment arm, is in discussions with
Ghana's national oil company to bid for Kosmos Energy's stake in the giant
offshore Jubilee field of the region.
Dallas based Kosmos Energy, holds a 30.8 per cent stake in the Jubilee oil
block.
According to sources, OVL has been studying the prospects of the block and is
likely to partner with Ghana National Petroleum Corporation (GNPC) to put in a
bid. GNPC currently holds a 10 per cent stake in Jubilee.
Meanwhile, Exxon Mobil has already put in a $4-billion (approx Rs 18,400
crore) bid for the block, Sinopec, too, may be putting in a bid soon.
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