ONGC Videsh plans to relinquish its
onshore exploration block in Ghadames basin, Libya, in favour of the National
Oil Co, as OVL and its partner Turkish Petroleum Overseas Co (TPOC) felt that
the prospects were not very attractive commercially.
In the proposed onshore exploration
block (Block NC 188), OVL holds 49 per cent stake and TPOC, subsidiary of
Turkish national oil co, is having the remaining 51 per cent participating
interest (PI) and is the operator.
OVL has taken the approval of its
board for the same. After completing the seismic surveys in the area as per the
programme, two exploratory wells were drilled in Block NC-188, which were plugged
and abandoned as dry wells. Subsequently, the exploration phase of the block has
been extended till June 11, 2009.