China National Offshore Oil Corporation (CNOOC) outdid ONGC, by acquiring the
oil fields in Uganda.
According to sources, OVL, the overseas investment arm of ONGC, was
interested in acquiring Heritage Oil’s 50 per cent share in Block 1 and 3A in
the Lake Albert Rift Basin of Uganda. Heritage, however, decided to sell its
stake to Eni, Italy’s energy producer, for about $1.5 billion (approx Rs 6,750
crore). But the deal wasn’t finalised as UK’s Tullow, which held the remaining
stake in the blocks, exercised its right of pre-emption to block Eni.
OVL teamed up with Oil India and Indian Oil and offered about $2.1 billion
(approx Rs 9,450 crore). But CNOOC offered as much as $2.5 billion (approx
11,250 crore) for the 50 per cent stake.