Indian Oil Corporation and Oil India
have jointly picked up stakes in oil blocks in Nigeria and Gabon.
In Nigeria, the two companies will buy
into an oil block by picking up a stake in Suntera Nigeria, which is the
Nigerian subsidiary of Russian oil and gas firm Suntera Resources. The strategic
deal will enable the two Indian companies to own 17.5 percent each in the block
and each company will have to shell out about $11 million for the stake. Summit
Oil, Nigeria is the licensor for the block. The product sharing agreement had
already been signed but the final agreement is yet to be inked.
In Gabon, IOC nad OIL have picked up
45 per cent stake each in an onshore oil block from Singapore Company Marvis.
Each partner will put in $36.5 million for the stake. Marvin had signed a
production sharing agreement with Gabon government in November 2005 for the
Shakti Block, which has estimated oil reserves of 588 million barrels.
Also See:
India
for stake in Gabon exploration block (11-Mar-06)